DUBLIN, Oct. 9, 2023 /PRNewswire/ — The “Planned LNG Market by Technology, End Use Industry, and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global planned LNG market size reached US$ 46.28 Billion in 2022. Looking forward, the market is set to reach US$ 76.47 Billion by 2028, exhibiting a growth rate (CAGR) of 8.10% during 2023-2028
The surging demand for liquefied natural gas (LNG) as an eco-friendly and highly efficient energy source, its widespread adoption within the automotive sector, and the advent of floating LNG facilities are among the pivotal drivers propelling this market forward.
Planned LNG, often referred to as the strategic integration of regasification and liquefaction capabilities at LNG terminals, entails the storage and transport of LNG under high pressures. Upon arrival at its destination, the LNG undergoes regasification for various applications. The sophisticated technologies employed in planned LNG encompass compression, refrigeration, heat exchangers, and cryogenic tanks.
The utility of planned LNG extends across an array of sectors, including cooking, residential and commercial heating, electricity generation, agricultural machinery, automotive propulsion, maritime transport, and industrial processes. Notably, planned LNG plays a vital role in curbing market volatility, stabilizing prices, averting abrupt surges, and ensuring a consistent and dependable supply.
In addition to its cost-effectiveness, planned LNG boasts an environmentally friendly profile that contributes to energy security, diminishes reliance on oil, and promotes energy source diversification. Consequently, planned LNG finds extensive applications across a spectrum of industries, encompassing automotive, power generation, agriculture, mining, chemical manufacturing, transportation, maritime operations, and industrial production.
Moreover, the report offers a comprehensive analysis of the competitive landscape in the global planned LNG market, encompassing vital aspects such as market structure, key player market share, player positioning, successful strategies, competitive dashboard, and company evaluation quadrant.
Key Trends in the Planned LNG Market:
Escalating Demand for Clean, Cost-Effective, and Efficient LNG: The burgeoning need for LNG as an economical, eco-conscious, and high-performance energy source is a central catalyst fueling market expansion. Its wide-ranging deployment in residential and commercial settings for activities like cooking, heating, lighting, refrigeration, and backup power is a significant growth driver.
Proliferation of LNG in the Automotive Industry: The increasing adoption of LNG as an alternative fuel to power passenger cars, buses, trucks, and heavy commercial vehicles in the automotive sector is fostering market growth.
Diversified Industrial Applications: LNG is gaining traction across diverse industries, including power generation, mining, manufacturing, agriculture, and more, where it serves as a fuel for electricity generation, machinery operation, and the production of chemicals, fertilizers, glass, and steel.
Advancements in Floating LNG Facilities: The introduction of floating LNG facilities, enabling offshore production and easier access to remote gas reserves while eliminating the need for extensive onshore infrastructure, is positively influencing market growth.
IoT Integration for Optimization: The integration of Internet of Things (IoT) technology to enhance LNG production, monitor storage tank and cargo conditions, and prevent potential issues like leaks and equipment failure is a favorable factor supporting market growth.
Government Initiatives and Energy Consumption: Government initiatives aimed at boosting LNG production and supporting exploration for new reserves, coupled with rising energy consumption and substantial R&D activities, contribute to market expansion.
Key Questions Answered in This Report:
- How has the global planned LNG market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global planned LNG market?
- What is the impact of each driver, restraint, and opportunity on the global planned LNG market?
- What are the key regional markets?
- Which countries represent the most attractive planned LNG market?
- What is the breakup of the market based on technology?
- Which is the most attractive technology in the planned LNG market?
- What is the breakup of the market based on the end use industry?
- Which is the most attractive end use industry in the planned LNG market?
- What is the competitive structure of the global planned LNG market?
- Who are the key players/companies in the global planned LNG market?
- Cheniere Energy Inc
- Chevron Corporation
- ConocoPhillips Company
- Energy Transfer LP
- Equinor ASA
- Exxon Mobil Corporation
- Freeport LNG
- Gasum Ltd (Gasonia Oy)
- Sempra Energy
- Shell Plc
- Venture Global LNG
Key Market Segmentation:
According to the report, liquefaction represented the largest segment.
End Use Industry Insights:
According to the report, industrial accounted for the largest market share.
- United States
- United Kingdom
- South Korea
For more information about this report visit https://www.researchandmarkets.com/r/p9pksc
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SOURCE Research and Markets