Planned LNG Market to Reach $58.9 Bn, Globally, by 2030 at 9.9% CAGR Allied Market Research
Increase in technological advancement and rise in demand for LNG from Asia-Pacific drive the global planned LNG market
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.
Get detailed COVID-19 impact analysis on the Planned LNG Market: https://www.alliedmarketresearch.com/request-for-customization/2254?reqfor=covid
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.