Liquefied Natural Gas Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019
Albany,NY (PRWEB) September 30, 2014
According to a new market report released by Transparency Market Research titled “Liquefied Natural Gas Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019” – the global liquefied natural gas market was valued at US$161.4 million in 2012. However, the market is further expected to reach US$196.4 million by 2019, expanding at a CAGR of 2.8% between 2013 and 2019.
This report analyzes demands and forecasts the liquefied natural gas market in terms of revenue and volume for the period from 2013 to 2019. It also provides an in-depth analysis of the overall global liquefied natural gas industry with dedicated end-user segments and estimates and forecasts for each end-user.
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Liquefied natural gas (LNG) is growing its global market share within the natural gas industry. Liquefied natural gas is expected to play an increasingly significant role in the global energy markets, as well as the natural gas industry over the next few years. As the world is constantly in the efforts to reduce CO2 emission levels, liquefied natural gas is the primary fuel of choice as compared to any other alternatives. It produces less harmful emissions and has low carbon intensity with more efficiency. Due to such factors, many parts of the world prefer using liquefied natural gas in various processes. LNG helps industries save substantial capital and reap all environmental and economic benefits which are useful for long-term planning.
The global liquefied natural gas market is expanding due to several advantages offered by this industry. These include, lesser pollution, cost- effectiveness, flexibility of trade and safety while use.
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Liquefied natural gas finds applications in generation of heat and electric power. Due to high demand for electricity and global warming awareness, the use of liquefied natural gas is high in the electric power sector. The liquefied natural gas market primarily comprises three end-users: electric power, industrial sector, and other segments such as commercial and transportation. In terms of demand for liquefied natural gas, the industrial sector is anticipated to become the most dominant sector over the forecast period. In 2012, the industrial segment was the largest across the globe accounting for around 43.0% of the total market share.
Similarly, large share of liquefied natural gas is consumed by industries such as petrochemicals, plastics and fertilizers. They are the largest consumers to use LNG to run various industrial processes. Also, the electric power sector accounted for an average share of the total liquefied natural gas market, which was then followed by various other sectors such as commercial and transportation.
Fundamentally, transporting liquefied natural gas over long distances or international borders by means of pipelines is inefficient and only inflates the risk involved with commercial and investment factors. Nevertheless, despite such challenges and global economic recession, the liquefied natural gas market is yet expanding and experiencing major growth on a global scenario. The market for liquefied natural gas is expected to continue over the forecast as a result of high-use of natural gas in various industry applications.
Liquefied natural gas (LNG) is environment-friendly and more economical to use than other traditional fuels such as diesel and coal. The liquefied natural gas market is also a value-added advantage to long-term fixed pricing structure.
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Some of the major geographies analyzed under this research study include Asia-Pacific, Europe, North America, and the Rest of the World (RoW). The global liquefied natural gas demand in Asian countries such as India, Japan, South Korea, and China is expected to grow at a healthy rate. Similarly, owing to high liquefied natural gas imports, the LNG market in the European countries such as France, Spain, and Italy is expected to rise in the forecast period, 2013 – 2019.
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