The global large-scale LNG terminals market already covers a large number of natural gas producers and suppliers. Besides this an increasing number of companies are planning to increase their investment in the sector, which as per Transparency Market Research (TMR) will give impetus to the global large-scale LNG terminals market. Given the scenario, the market is expected to witness higher degree of competition in the coming years.
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“Rising production volumes and the declining prices of natural gases have boosted the bargaining power of buyers. While this will result in intense competition in the future, it will also present sustainable opportunities for the enterprises operating in the global large-scale LNG terminals market,” observed the TMR report’s author. The competition prevailing in the market is forecast to get fiercer as major oil and gas producers venture into the market encouraged by the rising global consumption of LNG and policies supporting eco-friendly fuel. Some of the key vendors who are likely to gain from the aforementioned trends are Exxon Mobil Corporation, Linde AG, Petroliam Nasional Berhad (PETRONAS), ConocoPhillips Company, Royal Dutch Shell plc., and Nippon Gas Co. Ltd.
TMR forecasts the global large-scale LNG terminals market to exhibit a CAGR of 5.78% between 2015 and 2023. At this pace, the market is projected to rise from 2,684.8 MMTPA in 2014 to 4,664.7 MMTPA by the end of 2023. By technology, the regasification terminals segment held the dominant 56% of the global large-scale LNG terminals market in 2014. The consumption from this segment is projected to rise further in the coming years.
Europe’s Effort towards Building Strong LNG Infrastructure to Aid Growth
Regionally, the market is expected to witness the highest CAGR of 10% in Europe between 2015 and 2023. The large-scale LNG terminals market will gain traction in Europe as the region has various stringent emission control regulations in place. Besides this, governments from across Europe are taking considerable steps in building a strong LNG infrastructure, which is expected to enable the large-scale LNG terminals market witness an accelerated pace of gains in the region.
LNG Application across Diverse Industries to Fuel Demand for Large-scale LNG Terminals
The market will chiefly gain from the increasing demand for LNG across the world. Besides this the rising need for the development of small- and large-scale terminals for LNG is supporting the market’s growth worldwide. With nations realizing the benefits of LNG over other fuels, and the fact that it can be put to diverse uses as an alternative of fuel derived from non-renewable sources, will help the market gain pace in the coming years. Due to environmental benefits it provides, LNG has emerged as an excellent replacement used as a cleaner and more economic fuel across industrial, commercial, and automobile sectors.
In response to the rising use of cleaner fuels across diverse application, the demand for LNG is projected to increase. This in turn will boost opportunities for the global large-scale LNG terminals market. In addition, long-haul vehicle fleet owners have started preferring LNG more as a more economical alternative fuel. Because the trend has gained pace in North and South America, the market will witness considerable opportunities in these regions.
Despite exhibiting robust growth, challenges commonly faced during infrastructural development, especially across emerging nations and the absence of adequate demand from end users are a few of the restraints posing threat to the global large-scale LNG terminal market.
This review if based on a TMR study, titled “Large-scale LNG Terminals Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.”
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The report segments the global large-scale LNG terminals market as:
Large-scale LNG Terminals Market: By Technology
Large-scale LNG Terminals Market: By Region
-Rest of North America
-Rest of Asia Pacific
-Rest of Europe
-Rest of South America
-Middle East & Africa
-Rest of Middle East & Africa