Albany, NY -- (SBWIRE) -- 09/25/2017 -- A new report has been published by Transparency Market Research, titled "Liquefied Natural Gas Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019". TMR, a market intelligence company based in the U.S., states that the global liquefied natural gas market was estimated at US$161.4 million in 2012. Growing at a CAGR of 2.8% between 2013 and 2019, it is anticipated to reach 196.4 million by 2019.As per the TMR report, based on end user analysis, the global liquefied natural gas market is segmented into electric power, industrial, and others. The industrial sector is predicted to dominate the market on the basis of demand for LNG.Numerous industries, namely fertilizers, chemicals, and steel, use high amounts of LNG in the form of operational fuel. Distillate fuels are consumed in huge amounts by industrial processes. Due to a rise in demand for electricity and rising awareness on global warming, LNG's demand in the electric power sector is increasing. LNG's usage for power generation is much more environment-friendly and economical as compared to traditional fossil fuels such as diesel and coal, which is leading to higher demand.
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According to this TMR report, vehicle emission is the major factor that drives the usage of LNG in the sector of transportation. On combustion, petrol and diesel, which are the conventional fuels, release large quantities of carbon compounds. This raises the total carbon footprint. Countries such as Spain and France utilize LNG to lower the reliance on oil imports as well as to prevent pollution via combustion of fossil fuels. The TMR report states that LNG is highly in demand in the sector for electric power owing to the favorable heat rate and its cost friendly nature. Along with LNG being a preferred fuel, numerous policies implemented by the government make LNG's utilization compulsory in the industrial sector for the reduction of greenhouse gas emissions.
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High load is being supported by LNG-based electric power plants efficiently and effectively, amid peak hours. It is also a favored fuel in small-scale captive power plants specially designed for in-house power generation. Additionally, a load of about 100MW is easily supported by such small-scale power plants. Industries situated in remote areas are able to function easily through the installation of captive power plants, utilizing LNG as fuel.As per this TMR research report, this market is segmented into Europe, Asia Pacific, and Rest of the World (RoW).
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The global LNG market has been governed by Asia Pacific on the basis of volume, owing to high demand from South Korea, Taiwan, and Japan.The developing economies of India and China both import huge amounts of LNG, since domestic production is not sufficient to meet the requirements of these dynamic countries. In addition, Europe is also predicted to be a dominant market for LNG, due to the high import of LNG by nations such as the U.K, France, and Spain. Rest of the World (RoW) is predicted to experience a growth rate moderate in amount due to the huge quantities of gas reserves prevalent in the Middle East.Key participants in the liquefied natural gas market include BG Group Plc, Apache Corporation, ConocoPhillips, Cheniere Energy Inc, Kinder Morgan Inc, Dominion Resources Inc, Qatar Petroleum, Veresen Inc, Woodside Petroleum Ltd, and Sempra Energy.Asia Pacific dominated the global LNG market in terms of volume due to high demand from Japan, South Korea and Taiwan. Emerging economies such as India and China import large quantities of LNG as domestic gas production is not enough to cater to the domestic needs of these countries. Europe is also expected to be a booming market for LNG as countries such as Spain, the U.K and France are importing high quantities of LNG. Rest of the World (RoW) is anticipated to witness a moderate growth rate as large number of gas reserves exist in the Middle East.
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