The global LNG market research report by Technavio predicts the market to post a CAGR of around 6% during the period 2019 – 2023.
A key driver for the global LNG market is the increase in LNG production. Natural gas is one of the fastest growing fossil fuels due to the increase in the global supply of coalbed methane, shale gas, and tight gas. Hence, the global oil and gas industry will witness a significant increase in unconventional oil and gas resources. According to the US EIA, shale gas production in the US increased from 1293 billion ft3 in 2007 to 18 589 billion ft3 in 2017. The increase in natural gas production has resulted in a rise in the production of LNG that will boost the growth of the global LNG market during the forecast period.
As per Technavio, the growing demand for LNG bunkering will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global LNG market 2019 – 2023 research report also analyses other important trends and market drivers that will affect market growth.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23012019/global-lng-market-2019-2023-forecast-report-released-by-technavio/