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.
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.
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.
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