10-Aug-2021 | Market Research Store
Liquified Natural Gas Market By Application (Transportation Fuel, Power Generation, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2021–2026” states that the global demand for the liquified natural gas market in 2020 was approximately USD 137.8 Billion. The market is likely to grow at a CAGR of 4.8% and is anticipated to reach around USD 179.2 Billion by 2026.
Liquified natural gas (LNG) is a type of natural gas that is being cooled into a liquid form for ease and protection of transportation. This is then cooled to about -260 F, making a clear, colorless, and non-toxic liquid that is capable of transporting from areas with an enormous supply of natural gas to areas that demands more natural gas. Considering that world energy consumption is escalating, the experts forecasted that the liquified natural gas trade will expand drastically. The liquefied natural gas is known majorly as a transport tool, but it is starting to get common adoption.
The rising requirement for natural gas from downstream production industries, speedy escalation in pipeline infrastructures with encouraging government regulations, and the instability in oil expenditure are some key factors boosting the market growth of liquefied natural gas (LNG). Moreover, the demand for liquified natural gas is rising as the globe is turning to cleaner sources of energy, as it is an alternative source of fuel for automotive vehicles and other utilizes, quite than just a means of transport. In addition, the increasing focus on the advances of enough support for infrastructure is projected to fuel the demand for liquefied natural gas (LNG) in rising countries during the forecast period.
Furthermore, strong economic development worldwide is also driving towards high consumption of gas-based power facilities with a superior use range for the market. This, in turn, is anticipated to advance the demand for liquefied natural gas market across the globe. However, the unsatisfactory pipeline infrastructure in remote places can impede market growth in the future.
The global liquefied natural gas market is classified into five major regional segments North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Australia is one of the largest exporters of liquefied natural gas, followed by Qatar. The Asia-Pacific has accounted for the largest market share and will continue to grow over the forecast period. The U.S. was the third-largest exporter of liquified natural gas and is likely to build up into one of the largest exporters in the near future, beating Qatar and Australia. The largest requirement for liquified natural gas comes from China, mainly. The prospective demand growth will be emerging from the Asia-Pacific region since they are looking toward liquified natural gas as an exchange for coal-like energy sources. The largest importers of U.S. liquified natural gas were Japan, China, and South Korea in 2020. Also, India is possible to put in the largest growth in the Asia-Pacific during the forecast period due to the growth in infrastructure development.
MaChevron Corporation, ConocoPhillips Company, Petronet LNG Limited, Exxon Mobil Corporation, China National Petroleum Corporation, Petroliam Nasional Berhad (PETRONAS), PetroChina Company Limited, BP, Royal Dutch Shell, Equinor ASA, China Petroleum & Chemical Corporation, Gazprom, Eni SpA, and Snam SPA are key players leading in the global liquified natural gas market.
Browse the full “Liquified Natural Gas Market By Application (Transportation Fuel, Power Generation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026.” Report at https://www.marketresearchstore.com/market-insights/liquified-natural-gas-market-828613
This report segments the global liquified natural gas market as follows:
Global Liquified Natural Gas Market: By Application
Global Liquified Natural Gas Market: Regional Segmentation Analysis
About Us:
Market Research Store is a single destination for all types of industries, global, and regional reports. We feature large repository of latest industry reports and market statistics published by reputed private publishers and public organizations. Market Research Store is the comprehensive collection of market intelligence products and services available. Our vast database of reports enables our clients to benefit from expert insights on global industries, products, and market trends.
Contact Us:
Market Research Store
244 Fifth Avenue, Suite N202
New York, 10001, United States
US OFFICE NO +1-386-310-3803
US/CAN TOLL FREE +1-855-465-4651
Email: sales@MarketResearchStore.com
Website: https://www.marketresearchstore.com