The global liquefied natural gas market was valued at US$ 7.23 billion in 2016 and is expected to reach US$ 21.27 billion by 2025, with a CAGR of 12.8% during the forecast period (2017–2025), according to a Global Liquefied Natural Gas Market Report, by Application (Power Generation, Transportation, Mining & Industrial, and Others).
Liquefied natural gas is the cleanest hydrocarbon and is a major source of energy. The global liquefied natural gas market is projected to witness a substantial growth over the forecast period, mainly owing to increasing demand for LNG from industrial and transportation sectors. Increasing integration of technologically advanced processes in liquefaction fuelled by continuous research, increasing awareness about advantages of use of natural gas as an alternative to fossil fuels, and rapid adoption of liquefied natural gas as a cleaner source of energy across the globe are some of the factors expected to augment growth of the global market. Some of the key factors fueling demand for LNG are increasing import and export activities across the region to meet rising demand for efficient energy from commercial and residential sectors. Factors such as high installation cost and feasibility of piping infrastructure in remote regions may hamper growth of global liquefied natural gas market over the forecast period.
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Key Trends and Analysis of the Liquefied Natural Gas Market:
Among application, power generation segment held a dominant position in 2016 and is projected to retain its dominance over the forecast period. This is owing to increasing use of liquefied natural gas in electricity generation. According to a survey conducted by Energy Information Administration, in the U.S., the electricity industry is expected to increase natural gas-fired generating capacity by 11.2 gigawatts (GW) in 2017 and 25.4 GW by 2018.
Key Takeaways of the Market:
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