New York
City, 24 January 2019: The global Liquefied Natural Gas (LNG) Market is
anticipated to reach USD 19.73 billion by 2026 according to a new study
published by Polaris Market Research.
Global demand for natural gas has risen
significantly and has experienced a premium annual growth of 1.6% between 2015
to 2040. Consumption of natural gas growth is increased from over 3.5
tscm in 2014 to almost 5.2 tscm in 2040. The World Gas Model has scheduled its
production dependent on the lowest cost, accounting the transportation to
market through LNG or pipeline as well as cost of production that are subject
to contractual obligations. Worldwide LNG capacity has increased by 50% from
2015 to 2020, with several new projects currently under construction and ready
to enter service influencing the Liquefied Natural Gas (LNG) market. Moreover,
another wave of upcoming LNG projects are planned between 2024 to 2030 and the
third part from 2035 onwards.
The U.S. has been a significant player
in increasing demand for this product, with anticipation of hosting six
projects up to 2020. Canada is also expected to launch three installation
projects for liquefaction all of them in the Pacific coast, two after 2020 and
one in 2035. Africa is also expected to play an important role in increasing
demand of LNG directly increasing the Liquefied Natural Gas (LNG) market. New
liquefaction capacities are planned for set up in Cameroon, Angola, Mozambique,
Equatorial Guinea and Tanzania by 2025. A offline capacity is projected to
re-enter into services by 2023.
 |
Power generation industry has been one
of the major demands creating sectors in the recent past with several
technology developments for using LNG as fuel. It is a direct alternative to
diesel for the power generation industry. Replacement of diesel fuel supply
with liquefied natural gas is safe, cost effective and an absolutely clean
option. Customers either convert the existing units to dual fuel or replace the
existing diesel generators with a gas generator. Industrial and mining
markets have been yet another potential application sectors in the Liquefied
Natural Gas (LNG) market. It is used as major energy source in many power
generation stations worldwide in fluid bed dryers, boilers, furnaces and rotary
kilns. Another is the transportation sector, including heavy duty vehicles,
ships and even rail. All of these types of locomotive means are great sources
of LNG applications. Apart from these, it is safe for transportation as in
liquid state it not explosive and cannot burn. In order to ensure safety and
the security of all the LNG facilities, safety requirements and industry
standards along with the best practices has been designed to mitigate the
worst. Liquefied Natural Gas offers the perfect opportunity for the maximum
economic transportation and storage of natural gas. As volume of LNG is 600
times smaller than the natural gas state, it can be more efficiently
transported over long distances. Hence with such advantages, application
segments of the product have been increasing significantly and are projected to
continue the growth of Liquefied Natural Gas (LNG) market over the forecast
period.
Competitive Landscape and Key Vendors:
The Asia Pacific market
is the most potential Liquefied Natural Gas (LNG) market currently with
increasing energy demand. Although, the region is a major natural gas consuming
market lacks a transparent and liquid LNG pricing benchmark like the one in
Henry Hub in the U.S. or the National Balancing Point in the UK. Several
projects are under way that will facilate the price discovery in the Asian
market. China, Singapore and Japan are currently the region’s developing
trading hubs and have also launched LNG pricing indexes to increase the
transparency in price formation.
Some of the leading industry
participants in the Liquefied Natural Gas (LNG) market include Gazprom,
ExxonMobil, China National Petroleum Corporation, Royal Dutch Shell, BP,
Chevron, Total, Statoil, ConocoPhillips, Eni, Freeport Liquefaction LLC, INPEX,
Kitsault Energy, Next Decade, NIOC, Novatek, Petronas, Rosneft, Sempra Energy,
Steelhead LNG, Stewart Energy, Veresen, Woodfibre LNG, and Woodside.
No comments:
Post a Comment