Dublin, Aug. 27, 2024 (GLOBE NEWSWIRE) -- The "China LNG Market, By Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
China LNG Market was valued at USD 9.53 billion in 2023 and is anticipated to reach USD 13.44 billion in 2029 with a CAGR of 5.74%
China has faced severe air pollution issues in many of its major cities, primarily caused by the burning of coal for power generation and industrial processes. This pollution not only affects air quality but also has detrimental health and environmental impacts. In response, the Chinese government has implemented stringent environmental regulations and set ambitious targets for reducing air pollution.
China's LNG sector has seen rapid growth as the country strives to diversify its energy sources and reduce its reliance on coal. As the world's largest importer of LNG, China has invested heavily in infrastructure such as regasification terminals and pipelines to support its burgeoning demand. This shift aligns with its broader goals of enhancing air quality and meeting its climate targets.
The Chinese government's policies, including subsidies for cleaner energy and strategic partnerships with major LNG exporters, have been instrumental in facilitating this transition. China's increasing focus on LNG is part of its broader strategy to ensure energy security while balancing economic growth with environmental sustainability.
Increased LNG Bunkering and Transportation
One prominent trend in the China LNG market is the increasing focus on LNG bunkering and transportation. LNG has gained prominence as a cleaner and more environmentally friendly alternative to traditional marine and road transportation fuels, such as heavy fuel oil and diesel. This trend aligns with China's broader efforts to reduce air pollution and greenhouse gas emissions in its transportation sector.
LNG Bunkering:
China has been actively promoting LNG bunkering infrastructure development, particularly in its major ports. This is in response to the International Maritime Organization's (IMO) regulations aimed at reducing sulfur emissions from marine fuels. Many coastal cities, including Shanghai, Shenzhen, and Ningbo, have established LNG bunkering facilities to support the transition of vessels to LNG as a cleaner and compliant fuel option. As a result, China is becoming a hub for LNG bunkering in the Asia-Pacific region. LNG bunkering is not limited to domestic shipping; it also caters to the growing international LNG-powered shipping market, making China a crucial player in the global LNG bunkering landscape.
LNG Transportation:
Beyond marine applications, LNG is gaining traction in the road transportation sector. LNG-powered trucks and buses offer a lower-emission alternative to diesel, with reduced particulate matter and greenhouse gas emissions. This trend is particularly significant in China's urban centers, where efforts to improve air quality and reduce urban pollution are a top priority. LNG refueling infrastructure is expanding to support the growing number of LNG-fueled vehicles. This is driven by government incentives, such as subsidies and favorable policies, to encourage the adoption of LNG as a transportation fuel. The trucking industry, in particular, is witnessing a significant shift towards LNG as a cost-effective and environmentally responsible fuel option.
As this trend continues, the China LNG market is likely to see increased investments in LNG bunkering and refueling infrastructure, including the construction of additional LNG terminals, storage facilities, and distribution networks. The transition to LNG in transportation aligns with China's goal of reducing emissions and contributes to a more sustainable and cleaner transportation sector.
Renewable LNG and Carbon Neutrality Initiatives
Another notable trend in the China LNG market is the growing emphasis on renewable LNG and carbon neutrality initiatives. As part of its broader commitment to environmental sustainability, China is exploring innovative ways to reduce the carbon footprint of its energy sources, including natural gas.
Renewable LNG:
Renewable natural gas, often referred to as "green" or "sustainable" LNG, is gaining momentum in China. This type of LNG is produced from organic waste sources, such as agricultural residues, food waste, and wastewater treatment plants. The process involves capturing and processing methane emissions from these sources, thereby reducing greenhouse gas emissions and turning waste into a valuable energy resource. The production of renewable LNG aligns with China's goals to reduce methane emissions and promote circular economy principles.
Carbon Neutrality Initiatives:
China has set ambitious targets for achieving carbon neutrality by 2060. To meet these goals, the country is actively exploring various strategies to reduce its carbon emissions, including in the energy sector. This includes efforts to decarbonize natural gas production and utilization. The trend of reducing the carbon intensity of LNG through technologies like carbon capture and utilization (CCU) or carbon capture and storage (CCS) is gaining momentum. These initiatives focus on capturing and storing or reusing the carbon emissions associated with LNG production and consumption.
As renewable LNG and carbon neutrality initiatives continue to grow, the China LNG market is expected to see increased investment in research and development to improve the sustainability of LNG production and utilization. Collaboration with international partners and organizations to share best practices and technologies will likely play a crucial role in advancing these trends. This will not only contribute to China's environmental goals but also position the country as a leader in sustainable LNG practices and technologies on the global stage.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $9.53 Billion |
| Forecasted Market Value (USD) by 2029 | $13.44 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | China |
Report Scope:
Key Market Players
- PetroChina International Jabung Ltd.
- Sinopec Group (China Petrochemical Corporation)
- CNOOC (China National Offshore Oil Corporation)
- Zhangjiagang Furui Special Equipment Co.,Ltd. (Furui Group)
- Beijing Enterprises Holdings Limited
- ENN Energy Holdings Limited
- Shell plc
- Total Energies SE
China LNG Market, By LNG Infrastructure:
- LNG Liquefaction Plants
- LNG Regasification Facilities
- LNG Shipping
China LNG Market, By End User:
- Residential
- Commercial
- Industrial
China LNG Market, By Region:
- East China
- South-Central China
- North China
- South-West China
- North-East China
For more information about this report visit https://www.researchandmarkets.com/r/9rdmgg
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
