Large-scale LNG Terminals Market: Strong Demand for LNG in Commercial and Industrial Sectors Fuels Growth 2023

With increasing participation of oil and gas producing companies, competition in the global large-scale LNG terminals is predicted to up in the upcoming years, states Transparency Market Research (TMR) in a new report. The immense rise in the demand for LNG due to its clean fuel attributes is attracting hydrocarbon companies to make investments in LNG business. Natural gas companies currently in the market are planning to increase investments in LNG handling and distribution facilities, which will further intensify competition in the large-scale LNG terminals market.

Key companies currently operating in the global large-scale LNG terminals market are Petroliam Nasional Berhad, Royal Dutch Shell plc, Conoco Phillips Company, Exxon Mobil, and Nippon Gas Co. Ltd. among others.

As per the TMR report, the global large-scale LNG terminals market is likely to clock a CAGR of 3.9% for the forecast period between 2017 and 2023. Growing at this rate, the throughput of 3,687.7 MMTPA in 2017 is likely to become 4,664.7 MMTPA. In terms of technology, regasification terminals hold dominance over liquefaction technology segment. However, liquefaction terminals segment is anticipated to display an increased market share in the years ahead. Driven by the shale gas boom in the U.S., North America is a leading regional marker for large-scale LNG terminals market.

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Increasing Uptake of LNG as Transportation Fuel Benefits Market

At present, the demand for natural gas is on the rise as it is the cleanest burning fossil fuel. This is because combustion of natural gas is almost perfect, wherein very few byproducts are emitted into the atmosphere as pollutants. To cater to this, large hydrocarbon companies are participating in natural gas production and its handling and distribution to serve key end-use industries. Liquefied natural gas (LNG) and compressed natural gas (CNG) are increasingly being preferred by large long haul fleet owners as an alternative fuel. LNG contains nearly 2.4 times more energy per diesel gallon equivalent.

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The benefits of adopting LNG as a fuel source are not limited to long-haul trucks owners. With heavy-duty commercial vehicles traveling large distances annually, LNG converted vehicles can provide payback period as early as two years. With economic development in several parts of the world, growth of the transportation sector is leading to increasing use of LNG as a transportation fuel. This is attracting investments for construction of large-scale LNG terminals. Construction of large-scale LNG terminals are underway in developed countries to serve long haul fleet owners.