According to the report published by Allied Market Research, the global planned LNG market generated $102.2 billion in 2019, and is estimated to reach $58.9 billion by 2030, registering a CAGR of 9.9% from 2020 to 2030. The report offers an extensive analysis of changing market trends, key winning strategies, top players positioning, Porter’s Five Forces, and competitive scenario.
The global planned LNG market is witnessing significant growth, owing to increasing demand for LNG. The demand for LNG is increasing in Asia-Pacific, owing to factors such as the presence of emerging economies, growing populations, and rise in gas-fired power requirements and others. This increase in demand for LNG in Asia-Pacific correspondingly increases the regasification capacity at a considerable pace. Some of the countries where the liquefaction capacity is more in Asia-Pacific are Australia, Indonesia, and Malaysia. Moreover, U.S. is increasing its liquefaction capacity at considerable pace. Addition of liquefaction capacity in 2019 helped U.S. to become the third-largest LNG producer in world overtaking Russia, and Malaysia.
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The report offers a detailed segmentation of the global planned LNG market based on technology, end use industry, and region.
Based on technology, the liquefaction segment contributed to the largest share in 2019, accounting for more than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, the same segment is expected to register the highest CAGR of 28.9% from 2020 to 2030.
Based on end user, the industrial segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the commercial segment is estimated to portray the highest CAGR of 10.9% during the forecast period.
Based on region, North America contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 20.3% from 2020 to 2030.
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The analysis covers in-depth information of the major industry participants. The key players operating and profiled in the market include Royal Dutch Shell plc, Exxon Mobil Corporation, LNG Croatia LLC, Energy Transfer LP, Cheniere Energy, Inc., Freeport LNG, PETROBRAS, Sempra Energy, ConocoPhillips Company, Equinor ASA, Korea Gas Corporation, Venure Global LNG, and Gasum.
Other players in the value chain of the market include Tokyo Gas Co Ltd, Hitachi, Petronet LNG Ltd, Samsung C&T Corporation CTCI Resources Engineering Inc., and others.
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Covid-19 Scenario
- The outbreak of coronavirus (COVID-19) has negatively affected the LNG sector. The majority of the LNG regasification projects have stopped their operations during lockdown.
- These LNG regasification projects are based in countries such as India and China. These regions are among the major demand centers for LNG. However, China is the worst affected nation by coronavirus in Asia which may affect the global market.
- The prime projects such as Soko Floating and Tangshan development (expansion) that were anticipated to get started in 2020 might get delay because of the global lockdown.