The global liquefied natural gas market research report by Technavio predicts the market to post a CAGR of around 6% during the period 2019-2023.
A key driver for the global liquefied natural gas market is the increase in LNG production. Natural gas is one of the fastest growing fossil fuels due to the increase in the global supply of coalbed methane, shale gas, and tight gas. Hence, the global oil and gas industry will witness a significant increase in unconventional oil and gas resources. According to the US EIA, shale gas production in the US increased from 1,293 bcf in 2007 to 18,589 bcf in 2017. The increase in natural gas production has resulted in a rise in the production of LNG that will boost the growth of the global LNG market during the forecast period.
As per Technavio, the growing demand for LNG bunkering will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global liquefied natural gas market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth.
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Global liquefied natural gas market: Growing demand for LNG bunkering
The demand for more environmentally sustainable marine fuels such as LNG is increasing due to the need to cut emissions arising from shipping activities. This has encouraged ports to develop LNG bunkering facilities. Significant developments have been made to make LNG bunkering more efficient and convenient. For instance, the universal transfer system (UTS) was developed in October 2017 to allow the transfer of LNG from an LNG carrier to bunker tanks onshore.
The UTS substantially reduces the capital expenditure incurred on bunkering facilities and does not need any heavy infrastructure. It also allows the transfer of LNG at inaccessible locations and reduces the impact of infrastructure establishment on the environment and can be retracted when not in use. Such developments in LNG bunkering along with the implementation of stringent emission regulations will further boost the demand for LNG as a marine fuel, says a senior research analyst at Technavio.
Global liquefied natural gas market: Segmentation analysis
This liquefied natural gas market analysis report segments the market by end-user (power, industry, and others) and geography (the Americas, APAC, and EMEA).
The power segment held the largest liquefied natural gas market share in 2018, accounting for nearly 36% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The EMEA region led the market in 2018 with approximately 49% of the market share, followed by APAC and the Americas respectively. The EMEA region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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