Planned LNG Market Industry Insights, Outlook and Forecast up to 2024

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Liquefied Natural Gas (LNG) is a natural gas that can be converted into the liquid state by cooling it to below -163°C. Setting up an LNG chain entails investment in exploration and production, liquefaction, shipping, and storage and regasification. Planned LNG is a term associated with expansion of storage and regasification terminal capacities. The planned LNG market can be segmented into liquefaction terminal and regasification terminal. Liquefaction and regasification terminals are further categorized into onshore and offshore terminals. Planned LNG terminal helps lower transportation costs.

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LNG is a clean burning fuel; hence, it is used for long haul vehicles. It lowers emissions as compared to alternative fossil fuels. This has encouraged many fuel service providers to adopt LNG as alternate fuel. In turn, this is propelling the demand for planned LNG.

Development of unconventional gas sources, advancement in offshore liquefaction technology & offshore gas discoveries, and fluctuation in supply of crude oil are some of the factors driving the global planned LNG market. Development of planned liquefaction plants and increase in demand for LNG are also contributing to market growth. Rise in exploration of shale gas has lowered the dependence on natural gas imports and created surplus for LNG exports. This, in turn, is boosting the planned LNG market.

However, increase in number of domestic and foreign terminals that are already completed, rise in cost of building LNG terminals, and storage of LNG may hamper the planned LNG market. Introduction of floating terminals and floating production storage offloading (FPSO) platforms has provided immense opportunities to market players to limit the need of LNG storage tanks, undersea pipelines, and related construction. This has helped lower the cost of LNG production. Floating LNG production terminals can be stationed directly over an offshore field, and relocated once the field is depleted, or in case of bad weather. Hence, development of floating terminals is anticipated to augment the demand for planned LNG terminals.

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In terms of region, the planned LNG market has been segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America, Europe, and Asia Pacific are estimated to dominate the planned LNG market in the near future. Rise in demand for energy in countries such as India and China has led to the development of planned LNG terminals at various locations. Increase in demand for natural gas, rise in consumption of gas in power generation, and cold weather in Europe are some of the factors driving the planned LNG market.

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