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"Demand for the Liquefied Natural Gas Market is Anticipated to Expand at a CAGR of 5.4% During the Forecast Period."
The increase in the demand for LNG offerings is driven by the increase in the liquefaction capacities that are present in the market. The forces that are contributing to a rise in offshore natural gas production and efforts in the reduction of costs involved in transporting natural gas through carrying out the liquefaction process is accounted to drive the increase in new liquefaction capacities. This is mainly due to an increase in the demand among the end-users such as manufacturing and service an industry catering to a range of customers globally is contributing to the growth of the global LNG market share. Fluctuations in global oil and gas prices are another source influencing the demand of the Liquefied Natural gas market.
The prices of LNG are steeply fluctuating in the global market that is impacting the organizational finances and their operations. This is especially observed among the LNG companies that are involved in the upstream oil and gas sector which is witnessing a dip in the market value and profitability among the producers. The sector is experiencing a good adoption rate among various organizations that are involved in partnering and acquisitions globally. Such market forces are influencing the companies involved in the production of LNG in various countries. The political factors and governmental regulations are also influencing the demand for Liquefied natural gas market share. Fluctuations in crude oil prices have a substantial impact on the prices of LNG that is restraining the LNG market share worldwide.
Rise in the supply of coal-bed methane, shale gas, and tight gas globally has made the market of Liquefied natural gas as one of the rapidly growing fossil fuels worldwide. Therefore, the worldwide oil and gas industry shall observe a rise of unconventional oil and gas resources contributing to its growth. The rising demand by the domestic market of the US and the generation of natural gas, it is projected that around half of natural gas generated would be converted into LNG for exports to nations among which there is an insufficient generation of the domestic natural gas which needs to meet the demand. The chances of growth in natural gas generation in Russia are accounted to drive the export of LNG market but have a demand stagnant in the domestic market place. A rise in a natural gas generation is driving to a rise in the generation of LNG that shall propel the growth of the global Liquefied natural gas market.
The demand growth of Liquefied natural gas and gap widening of the Panama Canal has significantly decreased the lead time in supply of Liquefied Natural Gas across the US to various other nations of Asia-Pacific and South America, hence it is driving the global market of Liquefied Natural Gas supply. Advancement in the adoption of natural gas among different downstream industries because of the concerns in consideration of bad air quality, attributed to booming downstream advancements of infrastructures, propelling investments in oil & gas exploration and production activities. There are favourable environmental policies enforced by various countries especially that are developed and developing nations globally is contributing to the growth in demand for LNG worldwide.
Marine Segment had dominated the Global Liquefied Natural Gas Market in 2018
The adoption of Liquefied natural gas in the marine industry is observed to have a significant market share in their usage. The regions that are developed have a substantial growth rate for the liquefied natural gas due to the increased governmental norms in order to decrease the environmental pollutants. Such norms are contributing to higher demand for liquefied natural gas that shall decrease the environmental polluting agents. In recent years the marine industry has increased its consumption of liquefied natural gas that is fueling the market demand of these offerings.
The liquefied natural gas is lesser in the sulfur and particulates that are contributing to the higher demand in these products globally. LNG is highly utilized among cruisers, ferries, barges, and tugboats. The gas is already being used as fuel for vessels in inland waterways that constitute ferries in different countries. For instance, a company Gasnor is a supplier of LNG that is leading in catering to industrial and marine operators.
Asia Pacific Liquefied Natural Gas Market had dominated the Global Liquefied Gas Market in 2018:
An increase in the global liquefied natural gas market is observed especially in the Asia Pacific region in terms of consumption. The demand for the product is high in this region because of the developing nations that include India, China, and Indonesia, etc. These countries have a substantial growth in the demand of LNG due to huge imports made by these nations. As these nations have a lower or insufficient amount of production in their domestic markets encouraging the demand of these offerings to cater to the demand of these markets. Europe is yet another market having lucrative opportunities in the market of Liquefied natural gas among countries such as France, the U.K., and Spain. Other regions of this market shall observe a moderate growth rate contributing to large reserves of Liquefied natural gases in the Middle East region.
The demand increase for liquefied natural gas is projected to increase the competition among the production organizations. Thus the market has high competition among the players because the market is consolidated in nature and has a substantial demand among the end-users globally.
Prominent players in offering liquefied Natural Gas products are listed as follows: Woodside Petroleum Ltd., Apache Corporation, Kinder Morgan Inc, Cheniere Energy Inc, BG Group Plc, ConocoPhillips, Dominion Resources Inc, Qatar Petroleum, Veresen Inc, and Sempra Energy.
Key segments of Liquefied Natural Gas Market:
- Heavy-duty Vehicles
- Electric Power Generation
- Marine Transport
- North America
- Asia pacific
- Middle east and Africa
- Latin America