A new report from Transparency Market Research has been released which looks at the global LNG industry. The report focuses on the industry on the basis of end users and regions and provides outlooks to 2019. The report also analyses demand and supply characteristics within the market by providing a detailed forecast and analysis of volume and revenue.
The LNG market
The LNG market, according to the report, primarily comprises three end users: industrial sector, electric power and others. The industrial sector is anticipated to be one of the most dominant sectors in terms of demand for LNG. Various industries such as plastics, fertilisers and chemicals use LNG to run different processes. It is the preferred fuel for the industrial sector in many parts of the world due to low carbon intensity and negligible emissions as compared to coal and oil. Many countries have enforced strict regulations to use cleaner fuel and power sources in industries in order to reduce greenhouse gas (GHG) emissions, the report says. Transition from conventional fuels to LNG can help industries save significant capital and reap all the associated economic and environmental benefits. Demand for LNG in the electric power sector is high due to global warming awareness and high demand for electricity. LNG is more economical and environmentally friendly than traditional fuels such as coal and diesel. It also holds the added advantage of having a long term fixed pricing structure. LNG has established itself as a suitable alternative to diesel in the electric power generation market. High calorific value of LNG in comparison to charcoal and hard coal makes it a prominent fuel in the power generation market. Other sectors such as transportation and commercial are also the major consumers of LNG. Rising fuel prices and depleting natural gas and oil reserves are driving demand for cleaner and green fuels. Conventional fuels such as diesel and petrol emit high volumes of COx on combustion. This raises the overall carbon footprint. However, LNG is comparatively cleaner and emits less COx and SOx.
Geographically, the report looks at Asia Pacific, Europe and the Rest of the World. Each geographical area is then broken down further on a technological basis.
Overviews for companies such as BG Group Plc, ConocoPhillips, Kinder Morgan Inc., Qatar Petroleum and Woodside Petroleum. These companies are included as they are expected to dominate the LNG market.
Adapted for web by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/12062014/lng_market_forecast_2019_report/