Portland, OR, Oct. 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global planned LNG market generated $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. The report offers an extensive analysis of changing market trends, key winning strategies, top players positioning, Porter’s Five Forces, and competitive scenario.
Increase in technological advancement and rise in demand for LNG from the Asia-Pacific region 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 different end users such as industrial and commercial create new opportunities in the coming years.
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Covid-19 scenario:
- The outbreak of coronavirus 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, in which, the demand for LNG is huge. The prime projects such as Soko Floating and Tangshan development (expansion) that were anticipated to get started in 2020 might get delayed due to the lockdown.
The report offers a detailed segmentation of the global planned LNG market based on technology, end use industry, and region.
Based on technology, the liquefaction segment contributed to the largest share in 2019, accounting for more than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, the same segment is expected to register the highest CAGR of 28.9% from 2020 to 2030.
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Based on end user, the industrial segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the commercial segment is estimated to portray the highest CAGR of 10.9% during the forecast period.
Based on region, North America contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 20.3% from 2020 to 2030.
Leading market players analyzed in the research include Chevron Corporation, Equinor ASA, Exxonmobil Corporation, Gasum OY, Lng Croatia LLC, Royal Dutch Shell PLC, Venture Global LNG, Cheniere Energy, Inc., Conocophillips Company, Energy Transfer Lp., Freeport LNG, Korea Gas Corporation, Petróleobrasileiro S.A. (Petrobras), and Sempra Energy.
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