Visiongain has published a new report entitled Liquefied Natural Gas (LNG) Infrastructure Market Report 2023-2033: Forecasts by Distribution (Pipeline Networks, Virtual Pipeline Solutions), by Regasification (LNG Import Terminals, Floating Storage and Regasification Units (FSRUs), Onshore Regasification Facilities), by Production (Liquefaction Plants, Natural Gas Processing Facilities, LNG Storage Tanks, Other), by Transportation (Large-Scale LNG Carriers, Floating LNG Ships, Small-Scale LNG Carriers, LNG Bunkering Vessels, LNG Trucking and ISO Containers), by Type (Production Infrastructure, Transportation Infrastructure, Regasification Infrastructure, Distribution Infrastructure, Storage Facilities, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global liquefied natural gas (LNG) infrastructure market was valued at US$190.2 billion in 2022 and is projected to grow at a CAGR of 2.2% during the forecast period 2023-2033.
Shale Gas Revolution: Abundant LNG Supply
The shale gas revolution, particularly in the United States, has unlocked vast reserves of natural gas. This abundance of natural gas has fuelled the growth of LNG production and export. The U.S. has emerged as a major LNG exporter, supplying LNG to international markets.
To capitalize on this abundant supply, investments have been made in liquefaction plants, export terminals, and LNG infrastructure. The shale gas revolution has transformed the LNG landscape, making LNG a more accessible and affordable energy source for many countries.
Remote and Off-Grid Energy Solutions: LNG for Remote Regions
LNG infrastructure is playing a vital role in providing energy solutions to remote and off-grid regions where access to traditional energy sources is challenging. In these areas, small-scale liquefaction and regasification facilities are developed to provide a reliable source of energy for power generation, heating, and industrial applications.
The versatility of LNG makes it suitable for use in locations that were previously underserved. These small-scale LNG facilities enable remote communities to access energy resources efficiently, improving their quality of life and promoting economic development. The development of LNG infrastructure for small-scale applications is driven by the need to energize remote and off-grid areas.
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How has COVID-19 had a significant negative impact on the Liquefied Natural Gas (LNG) Infrastructure Market?
The pandemic led to a global economic downturn, which, in turn, reduced energy demand, including natural gas. As businesses shut down, industrial activity slowed, and travel restrictions were imposed, the demand for LNG dropped. This caused a demand shock in the LNG market, resulting in price volatility. Spot LNG prices fell sharply due to oversupply and reduced demand. The economic uncertainty caused by the pandemic led to delays and cancellations of several LNG infrastructure projects. Some companies postponed investment decisions, while others cancelled or scaled down their projects. Financing difficulties and concerns about future demand weighed heavily on these decisions, impacting the growth of LNG infrastructure.
The LNG industry relies on a complex global supply chain for equipment, technology, and skilled labour. The pandemic disrupted supply chains, causing delays in the construction and maintenance of LNG infrastructure. Delays in the delivery of critical components, equipment shortages, and workforce restrictions affected project timelines and increased costs. LNG facilities faced operational challenges due to the pandemic. Strict health and safety protocols, workforce shortages, and quarantine requirements affected the ability to operate and maintain LNG terminals, liquefaction plants, and regasification facilities. This led to potential disruptions in LNG supply chains.
The pandemic altered demand patterns for natural gas and LNG. While demand for LNG in some sectors, such as transportation, declined significantly due to reduced mobility, there was an increased focus on the use of natural gas for power generation in some regions as a cleaner alternative to coal. The pandemic accelerated the convergence of international gas prices. With reduced demand and oversupply, spot gas prices in Asian, European, and US markets became closely aligned. This convergence had implications for LNG exporters and importers, as it affected the competitiveness of LNG in various regions.
How will this Report Benefit you?
Visiongain’s 437-page report provides 131 tables and 216 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global liquefied natural gas (LNG) infrastructure market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Liquefied Natural Gas (LNG) Infrastructure. Get financial analysis of the overall market and different segments including distribution, regasification, production, transportation, typeand capture higher market share. We believe that there are strong opportunities in this fast-growing liquefied natural gas (LNG) infrastructure market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Government Support and Policies: Incentivizing LNG Adoption
Government policies and incentives significantly drive LNG infrastructure development. Many governments worldwide offer tax incentives, subsidies, and favorable regulatory frameworks to promote LNG as a cleaner energy source. These policies encourage investments in LNG terminals, pipelines, and transportation infrastructure, fostering market growth.
Incentives can take various forms, including tax credits for LNG infrastructure development, grants for research and development in LNG technology, or regulations that mandate the use of cleaner fuels in specific industries. Government support plays a pivotal role in creating a conducive environment for LNG infrastructure investments.
LNG in Transportation: Expanding LNG Vehicle Fueling
The use of LNG as a transportation fuel, especially in heavy-duty and long-haul trucking sectors, is gaining momentum. LNG offers cost savings and emissions reductions compared to diesel. To support this shift, the expansion of LNG refueling infrastructure, including LNG filling stations along key transport routes, is underway, promoting the adoption of LNG as a transportation fuel.
As the transportation sector seeks cleaner and more cost-effective alternatives, LNG infrastructure for vehicle fueling is expanding. The availability of refueling stations and the development of a robust supply chain are critical factors in encouraging the use of LNG as a transportation fuel.
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Where are the Market Opportunities?
Construction of new LNG Terminals to Meet the Growing Demand for LNG
The construction of new LNG terminals presents a significant opportunity in response to the increasing global demand for LNG. As natural gas gains recognition as a cleaner alternative to traditional fossil fuels, particularly in power generation and transportation, there's a growing need for infrastructure to import, store, and distribute LNG. Expanding LNG terminal capacity can help meet this demand and support the development of new markets. This includes not only large-scale import terminals but also regasification facilities that can handle different types of LNG sources, including small-scale and distributed LNG production.
Furthermore, strategic geographic placement of new LNG terminals can unlock additional opportunities. For example, locating terminals near industrial centres, ports, or regions with limited access to traditional gas pipelines can improve energy security and open up new markets for LNG as an energy source. These new terminals can also offer flexibility in sourcing LNG from various suppliers and regions, contributing to supply diversification in the LNG market.
Improved Storage Technologies Opportunities for the LNG Infrastructure Market
The development of advanced storage technologies represents a promising opportunity within the LNG infrastructure market. Efficient and innovative storage solutions can enhance the flexibility, safety, and reliability of LNG infrastructure. One such opportunity is the advancement of cryogenic storage technologies, including double-walled tanks and materials with enhanced insulation properties. These technologies can help reduce LNG evaporation rates, minimize energy losses, and improve the overall efficiency of LNG storage facilities.
Moreover, the integration of energy storage technologies, such as LNG-to-power solutions, can create additional value. By combining LNG storage with power generation capabilities, companies can offer reliable and flexible energy solutions, which are particularly beneficial in regions with unstable or unreliable power grids. This approach can attract new customers and diversify revenue streams for LNG infrastructure operators. Overall, the development and adoption of improved storage technologies can enhance the competitiveness and sustainability of the LNG infrastructure market.
Competitive Landscape
The major players operating in the liquefied natural gas (LNG) infrastructure market are BP PLC, Cheniere Energy, Chevron Corporation, ConocoPhillips, Eni S.p.A., Equinor ASA, Exxon Mobil Corporation, TotalEnergies SE, Mitsubishi Corporation, Petroleo Brasileiro S.A., Qatar Petroleum, Royal Dutch Shell, Santos Ltd., Sempra Energy, Tellurian Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 5 Sept 2023, BP has secured its third long-term liquefied natural gas (LNG) offtake contract from the Woodfibre LNG facility in British Columbia, Canada. This agreement, covering 0.45 million tonnes of LNG annually for 15 years on a free-on-board (FOB) basis.
- 10 Aug 2023, Cummins Inc. and Chevron U.S.A. Inc. have entered into a memorandum of understanding to enhance their collaboration in hydrogen, natural gas, and other low-carbon fuel sectors, aiming to promote commercial and industrial adoption of these technologies in North America.
- 27 March 2023, ConocoPhillips plans to become the upstream operator of Australia Pacific LNG (APLNG) and acquire up to an additional 2.49% shareholding interest in APLNG for $0.5 billion, pending the closing of EIG's transaction with Origin Energy.
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To find more Visiongain research reports on the energy sector, click on the following links:
- Liquified Natural Gas (LNG) Market Report 2023-2033
- Liquefied Natural Gas (LNG) Storage Tank Market Report 2021-2031
- Liquefied Natural Gas (LNG) Bunkering Market Report 2021-2031
- Floating LNG Power Vessel Market Report 2021-2031
- Small Scale Liquefied Natural Gas (LNG) Market Report 2021-2031
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