VisionGain has published a new report Liquefied Natural Gas (LNG) 2023-2033. It includes Liquefied Natural Gas (LNG) profiles and (Value (US$ Billion), Volume (BCM)) Market Segment by Transportation Fuels (Heavy-Duty Vehicles, Passenger Vehicles, Marine Transportation, Other Transportation Fuels) Market Segment Forecasts is Segment by end-use (domestic use, industrial use, commercial use, transportation use, utilities and power use, other end-use) and COVID-19 impact analysis and recovery pattern analysis (“V” shaped, “W” shaped), “U”-shaped, “L”-shaped), profiles of leading companies, region and country.
The global liquefied natural gas (LNG) market was valued at US$ 275.0 billion in 2022 and is estimated to grow at a CAGR of 5.9% during the forecast period 2023-2033.
Fuel flexibility is aided by LNG infrastructure
Development of liquefied natural gas (LNG) infrastructure can provide opportunities for the LNG market and increase fuel flexibility. LNG is a versatile and clean-burning fuel that can be used in a variety of applications, including power generation, industrial processes, and transportation.
The infrastructure required for the production, transportation, and storage of LNG includes liquefaction plants, LNG carriers, regasification terminals, and storage tanks. Development of this infrastructure could provide LNG access for a wider range of customers, including those in remote areas or those without access to pipelines.
In the transportation sector, LNG can be used as a fuel for ships and trucks, providing a cleaner alternative to conventional diesel fuel. LNG-powered ships can reduce emissions of greenhouse gases (GHG) such as sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter (PM), as well as carbon dioxide (CO2).
Fuel flexibility provided by LNG infrastructure can also help improve energy security by diversifying available fuel sources and types. LNG can be obtained from many fields and is not subject to the same geopolitical risks as oil. This can help reduce dependence on oil and reduce the impact of oil price volatility.
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How has COVID-19 had a significant negative impact on the Liquefied Natural Gas (LNG) market?
The COVID-19 pandemic has had a significant impact on the global LNG market, leading to a drop in demand, delays in new projects, and price declines. However, the market is expected to recover in the coming years, driven by increasing demand for clean energy sources, especially in developing countries.
In terms of demand, the pandemic has had a significant impact on LNG importers, particularly in Asia. Slowing economic activity in China, the world’s largest LNG importer, and plant shutdowns have dampened demand. India, another major importer, has also seen a drop in demand as trade and transport systems shut down.
The pandemic has also affected LNG pricing. In the first half of 2020, LNG prices fell to record lows due to oversupply. However, prices have continued to rise due to recovering demand and supply disruptions caused by weather events and maintenance work at production facilities.
Despite the challenges posed by the pandemic, the LNG market is expected to recover in the coming years. The International Energy Agency (IEA) predicts that LNG demand will pick up again in 2021 and continue to grow in the coming years. Developing countries in Asia and Africa are expected to increase demand for LNG as they seek to meet their growing energy needs.
How will this report benefit you?
Visiongain’s 340-page report provides 165 tables and 209 charts/graphs. Our new study is suitable for anyone who needs a professional, in-depth analysis of the global liquefied natural gas (LNG) market, along with detailed segment analysis on the market. Our new study will help you assess the overall global and regional market for liquefied natural gas (LNG). Get financial analysis of the overall market and various segments, including market value, market volume, transportation fuel, and end-use, and capture higher market share. We believe there are strong opportunities in this fast-growing liquefied natural gas (LNG) market. See how to utilize existing and upcoming opportunities in this market to reap revenue gains in the near future. Furthermore, the report helps you improve your strategic decision-making, frame your growth strategies, reinforce your analysis of other market players, and maximize your company’s productivity.
What are the current market drivers?
High demand for small liquefied natural gas (LNG).
Growing demand for energy sources that are both affordable and efficient in terms of energy usage is one of the key factors fueling the market expansion. Additionally, wide acceptance of the product in the transportation sector is accelerating the market expansion. The demand for liquefied natural gas (LNG) has increased due to increased energy demand in LNG production (LNG). Demand for liquefied natural gas (LNG) has increased due to government initiatives to promote rural electrification and its abundance in remote areas without electricity. Due to rapid industrialization and strong demand for natural gas as a transportation fuel, the market for small-scale liquefied natural gas (LNG) will continue to grow. In addition, the rise in market prices will be fueled by the decline in natural gas prices and swings in crude oil prices brought on by overproduction.
Increase in demand for clean energy
The liquefied natural gas market is expected to expand over the forecast period due to key factors including increasing end-user demand for clean energy in sectors such as transportation fuel, power generation, mining, and industrial. Strengthening the gas pipeline infrastructure. Global nominal natural gas liquefaction capacity has increased, according to a report by the International Gas Association.
In both Europe and the United States, where energy production was stable between 2010 and 2019 before falling by 3% in 2022, economic recovery boosted energy production. This higher energy production in Europe and the USA was exceptionally supported by growing coal-dominated generation, a context of rising gas prices and strong growth in renewable energy production (despite lower wind production in the EU, which was higher). than offset by improved molecular availability).
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Where are the market opportunities?
Integrating technology and government policy
The integration of technology and government policy can certainly create opportunities for the LNG market. Here are some examples:
Increased use of technology in the LNG industry can improve efficiency and reduce costs. For example, the use of digital monitoring systems can help optimize LNG plant operations, reduce downtime and increase overall production. Government policies that encourage the adoption of such technologies can encourage innovation and investment in the industry.
Government policies promoting the use of LNG as a cleaner alternative to other fossil fuels could create new markets for LNG producers. For example, policies that encourage the use of LNG in transportation (such as in trucks and ships) may increase demand for the fuel.
Government policies that support the development of LNG infrastructure may create new opportunities for LNG producers. For example, policies that promote the construction of LNG import and export terminals can help create new markets for LNG producers and link supply and demand.
Improved economics support LNG market growth
As the economics of production, transportation and consumption of liquefied natural gas (LNG) continue to improve, the energy market is becoming increasingly competitive. Some of the key factors driving this trend include:
Cost reduction in liquefaction: The process of converting natural gas to LNG has become more efficient, thereby reducing costs for producers. This is partly due to advances in technology and engineering, which have made liquefaction plants more energy-efficient and streamlined.
Growing Economies of Scale: As global demand for LNG increases, producers are building larger liquefaction facilities to meet this demand. This results in a lower cost per unit of LNG produced, as the fixed costs associated with building and operating these facilities are spread over larger production.
Advances in Shipping: LNG can now be shipped more efficiently and cost-effectively than ever before. This is due to the development of special LNG carriers, which can carry large volumes of LNG and have improved energy efficiency. In addition, new shipping routes are being developed to connect LNG producers to new markets, reducing shipping costs.
Growing demand for natural gas: Natural gas is increasingly recognized as a cleaner and more environmentally-friendly alternative to coal and other fossil fuels. Consequently, the demand for natural gas and especially LNG is expected to increase in the coming years.
Competitive landscape
Major players operating in the Liquefied Natural Gas (LNG) market are BG Group plc, BP Plc, Chesapeake Energy Corporation, Chevron Corporation, ConocoPhillips Company, Eni SpA, Equinor ASA, ExxonMobil Corporation, Gazprom PJSC, INPEX Corporation, Petronas Da, Petronas Da Qatargas , Royal Dutch Shell Plc., TotalEnergies SE, Woodside Energy Group Ltd. These major players operating in this market have adopted various strategies including M&A, investments in R&D, collaborations, partnerships, regional business expansion, and new product launches.
Recent developments
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20 February 2023, Shell has acquired Europe’s largest producer of renewable natural gas (RNG), its portfolio of operating plants, associated feedstock supply and infrastructure, its pipeline of development projects, and its in-house expertise in design, construction. and the operation of innovative and differentiated RNG plant technology through the purchase of shares in Nature Energy
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08 March 2023, PETRONAS has launched an LNG bunkering business with long-term partner TIGER GAS under the PETRONAS Marine brand. This follows the completion of the first ship-to-ship LNG bunkering operation for the latter’s Tiger Manshan, the world’s largest dual-fuel deck cargo ship of around 500 tonnes of LNG. As a result, TIGER GAS became the first Chinese customer of PETRONAS LNG bunkering services.
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