New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Liquefied natural gas Global Market Report 2023" - https://www.reportlinker.com/p06466440/?utm_source=GNW
, Shell PLC, Equinor ASA, China Petrochemical Corporation, and INPEX Corporation.
The global liquefied natural gas market is expected to grow from $121.94 billion in 2022 to $132.78 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The liquefied natural gas market is expected to reach $178.86 billion in 2027 at a CAGR of 7.7%.
The liquefied natural gas market consists of sales of propane, butane, and isobutane.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Liquefied natural gas refers to a fuel gas that is produced by purifying natural gas and transforming it to -260°F. It is natural gas that has gone through cooling to become liquid.
Asia-Pacific was the largest region in the liquefied natural gas market in 2022. The regions covered in liquefied natural gas report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main liquefied natural gas types are APCI liquefaction technology, cascade liquefaction technology, others.APCI liquefaction technology refers to multistage propane (C3) precooling system that involves liquefaction employing a nitrogen, methane, ethane, and propane MR system.
The various applications are power generation, transportation fuel, and others.
The rising demand for liquefied natural gas is projected to expand the growth of the liquefied natural gas market going forward.Liquefied natural gas is produced by purifying natural gas and transforming it to -260°F.
It is natural gas that has gone through cooling to become liquid.The rising demand for growing motor petrol use, and increasing big semi-urban and rural population will boost the demand for liquefied natural gas market growth.
For instance, in July 2022, according to Energy Information Administration, a US-based government agency, during 2021, an average of 49.0 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) was traded globally, a 2.2 Bcf/d (4.5%) increase from 2020. Therefore, the rising demand for liquefied natural gas is driving the growth of the liquefied natural gas market going
Technological advancements are a key trend gaining popularity in the liquefied Natural Gas market.Companies operating in the liquefied Natural gas market are adopting new technologies to sustain their position in the market.
For instance, in February 2023, New Fortress Energy Inc., a US-based energy infrastructure company, adopted Honeywell UOP technology to eliminate contaminants from natural gas. Honeywell UOP is the provider of gas processing technology. Its pollutant removal and hydrocarbon management technologies are employed in the production of about 40% of the world’s liquefied natural gas.
In March 2021, Total Energies, a French-based multi-energy company that produces and markets energies, acquired Engie’s Upstream LNG Business for $1.5 billion. Through this acquisition, Total Energies strengthen and expands the fast-growing and increasingly commoditized LNG market and build a position in the US LNG market. ENGIE SA. is a French-based energy and services group operating low-carbon electricity generation, energy infrastructures, and customer solutions.
The countries covered in the liquefied natural gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The liquefied natural gas market research report is one of a series of new reports that provides liquefied natural gas market statistics, including liquefied natural gas industry global market size, regional shares, competitors with a liquefied natural gas market share, detailed liquefied natural gas market segments, market trends and opportunities, and any further data you may need to thrive in the liquefied natural gas industry. This liquefied natural gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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