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.
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