Increase in technological advancement and rise in demand for LNG from Asia-Pacific drive the global planned LNG market
PORTLAND, Oregon, May 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Planned LNG Market by Technology (Liquefaction and Regasification) and End- Use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2030." According to the report, the global planned LNG market garnered $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.
Drivers, restraints, and opportunities
Increase in technological advancement and rise in demand for LNG from Asia-Pacific drive the growth of the global planned LNG market. However, postponement in LNG projects restrains the market growth. On the other hand, rise in demand from various types of end users create new opportunities in the coming years.
- 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.
Get detailed COVID-19 impact analysis on the Planned LNG Market: https://www.alliedmarketresearch.com/request-for-customization/2254?reqfor=covid
The liquefaction segment to maintain its lead status in terms of revenue throughout the forecast period
Based on technology, the liquefaction segment accounted for more than four-fifths of the total share of the global planned LNG market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to addition of liquefaction capacity by major exporting countries such as U.S., Qatar, and Australia. Moreover, this segment is estimated to portray the highest CAGR of 28.9% from 2020 to 2030.
The industrial segment contributed to the highest market share in 2019
Based on end use, the industrial segment contributed to the highest market share with nearly half of the global planned LNG market share in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to increased demand from industrial sector of developed and emerging regions. However, the commercial segment is estimated to generate the fastest CAGR of 10.9% from 2020 to 2030. This is due to growth of the commercial sector in region including Asia-Pacific.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/2254
North America, contributed to the highest market share in 2019
Based on region, North America accounted for the highest share based on revenue, holding for around half of the total share of the global planned LNG market in 2019. This is attributed to increase in natural gas production in this region. However, LAMEA is estimated to portray the fastest CAGR of 20.3% from 2020 to 2030.
Leading market players
- Cheniere Energy, Inc
- Conocophillips Company
- Energy Transfer Lp
- Freeport LNG
- Korea Gas Corporation
- Petróleobrasileiro S.A. (Petrobras)
- Sempra Energy
- Chevron Corporation
- Equinor ASA
- Exxonmobil Corporation
- Gasum OY
- Lng Croatia LLC
- Royal Dutch Shell PLC
- Venture Global LNG
Interested in Procuring this Report? Visit: https://www.alliedmarketresearch.com/planned-lng-market/purchase-options
Avenue Library Subscription | Request for 14 days free trial of before buying:
Pre-Book Now with 12% Discount:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: +1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter
SOURCE Allied Market Research