Liquefied natural gas (LNG) is a type of natural gas that has been converted into liquid form for ease in use and for providing safety during transportation. Liquefaction is a process mainly used for removal of impurities such as acid gases, helium, dust, heavy hydrocarbons, and water from the natural gas. LNG constitutes of 90% methane, small amounts of ethane, butane, propane, some heavier alkanes, and nitrogen.
North America market accounted for largest market share in terms of revenue in the global liquefied natural gas market
A major factor driving growth of the global liquefied natural gas market is, growing demand for LNG from various end-use industries such as power generation, mining, and transportation. In addition, increasing use of liquefied natural gas as a clean energy source globally, and growing awareness regarding benefits of liquefied natural gas are some other factors anticipated to aid in growth of the global market over the forecast period.
High costs associated with installation and use of liquefaction process equipment is a key factor restraining growth of the global liquefied natural gas market. Additionally, costs associated with maintainance and handling of liquefied natural gas and its equipment are other factors expected to hinder growth of the market globally over the forecast period.
The global liquefied natural gas market is segmented on the basis of application, and region. On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market accounted for largest market share in terms of revenue in the global liquefied natural gas market, as compared to that of markets in other regions. This can be attributed to increasing number of natural gas exploration and production activities (E&P) in the region. Also, owing to rising demand for clean energy sources and increasing number of deep water drilling activities in emerging economies such and China, and India, the market in Asia Pacific is expected to register highest CAGR XX.X% over the forecast period. Moreover, increasing export of liquefied natural gas from countries such as United Arab Emirates (UAE), and Brunei, the market in Middle East is expected to witness moderate growth over the forecast period.
Prominent players in the global liquefied natural gas market include Apache Corporation, Cheniere Energy, Inc., ConocoPhillips Company, Dominion Energy, Inc., Kinder Morgan, Inc., Qatar Petroleum, Sempra Energy, Woodside Petroleum Ltd., China National Petroleum Corporation, and Chevron Corporation.