What we own is in great demand25 Jun 2022 20:36
The global LNG market was valued at USD 30.34 billion in 2020, and is expected to reach USD 66.13 billion by 2027, at a CAGR of 6.92% during 2022-2027. The outbreak of COVID-19 has disrupted the logistics and supply chain industry, resulting in major losses to the transportation sector, including the shipping industry. For instance, in 2020, LNG storage tanks at Asian regasification terminals (particularly in China and India) reached “tank-top” a number of buyers claimed force majeure, citing that they were physically unable to receive any more LNG, thus negatively impacting the market. Factors such as increasing demand for gas power generation and rising number of LNG-fueled fleet are expected to drive the global LNG market during the forecast period. However, LNG oversupply and trade tension is expected to hamper the market growth during the forecast period.
The liquefaction sector is expected to be the largest market during the forecast period, owing to the increasing investment by LNG exporting countries.
A high number of LNG projects/development plans are expected to be proposed in upcoming years, underpinned by the growing LNG demand, leading to the creation of several opportunities for the market players in African region, thus, making an emerging LNG market.
Asia-Pacific is expected to be the largest market during the forecast period, with majority of the demand coming from countries like China, Japan, etc.