Global LNG Regasification Market: Overview
Considered to be one of the cleanest forms of fossil fuels presently known to the humankind, natural gas is increasingly becoming one of the most preferred vehicle and power generation fuels globally. As the world’s appetite for power increases at a mammoth pace, and nearly 40% more energy expected to be consumed across the globe compared to the present consumption trend, the demand for natural gas is expected to see a massive rise in the next few years.
To be able to meet this rising demand for natural gas, import of liquefied natural gas (LNG), which is natural gas liquefied for the ease of transportation, by the means of regasification terminals is expected to gain increased attention across the globe in the near future. The field is already gaining significant traction with several LNG regasification terminals already operating in many countries worldwide, and many more under construction or awaiting approvals from regulatory bodies.
Global LNG Regasification Market: Scope of the Report
This report on the global LNG regasification market presents a detailed overview of the present state of the market and includes several projections regarding the growth prospects of the market and its core elements over the period between 2016 and 2024. The report assesses several LNG regasification terminals across the globe to present the reader a clear understanding of the technologies employed and the key challenged faced by the industry. A detailed analysis of aspects such as parameters considered while establishing an LNG regasification plant, energy systems employed, and strategies employed by companies to optimize the efficiency of LNG supply chain and enhance the utilization of the available sources of energy.
The report also presents detailed insights into several aspects such as growth drivers, restraints, regulatory framework across key regional markets, recent trends, growth opportunities, and level of competition in the global market. Detailed business profiles of some of the key vendors operating in the market are also included in the report, providing the reader an overview of the competition that the market features.
Global LNG Regasification Market: Drivers and Restraints
The vast rise in onshore and offshore natural gas exploration and production activities in the past few years, significant advancements in regasification technologies, the mounting global demand for natural gas for use across an increasing array of applications, and government regulations advocating the use of cleaner fuels are some of the key factors driving the market. The market is also driven due to the significant development of offshore LNG regasification units across several countries.
However, the market’s growth is expected to be restrained due to the high base cost of LNG regasification units and the additional costs incurred for maintenance and replacement. The increased focus on the development of reliable renewable energy sources and bio-fuels is also expected to hinder the overall growth prospects of the global LNG regasification market in the next few years.
Nevertheless, the continuous rise in LNG-powered vehicles, especially in emerging economies across Asia Pacific, such as India and China, is expected to act as a key growth opportunity for the market. Both India and China are large-scale importers of LNG and the increased demand for natural gas in these countries is expected to have a sizeable positive impact on the development of the LNG regasification market in the next few years.
Global LNG Re-gasification Market: Segmentation
The LNG regasification market can be segmented on the basis of criteria such as technology, plant location, end-use industry, and geography. Some of the key LNG regasification technologies are the use of submerged combustion vaporizers, open rack vaporizers, intermediate fluid vaporizers, ambient air vaporizers, and shell and tube vaporizers. On the basis of location of the regasification plants, the market can be segmented into onshore and offshore areas. Natural gas is widely used as a fuel for gas powered cars, buses and trucks. Besides that natural gas can also be used as fuel for power plants.
Some of the key vendors operating in the global LNG regasification market are Golar Management Ltd., KBR, Inc., Excelerate Energy, John Wood Group PLC, Höegh lng AS, and Wärtsilä, L.P.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.