The ‘Global LNG Market 2019 – 2023’ report has been added to ResearchAndMarkets.com’s offering. A summary of the report’s findings can be found below.
The LNG market is forecast to register a CAGR of approximately 6% by 2023.
The increase in the global supply of coalbed methane, shale gas, and tight gas has made natural gas one of the fastest growing fossil fuels. Hence, the global oil and gas industry will experience a significant increase in the unconventional oil and gas resources.
With the growth in both domestic demand in the US and the production of natural gas, it is expected that more than half of the additional natural gas produced will be converted into LNG for export to the countries where domestic natural gas production is nil or insufficient to meet the demand.
The opportunities for the growth of natural gas production in Russia are primarily expected to be driven by the export of LNG as domestic demand has remained stagnant. Hence, the increase in natural gas production has led to a rise in the production of LNG which is likely to boost the growth of the global LNG market during the forecast period.
Growth in LNG liquefaction capacity
The factors such as the increase in offshore natural gas production and the increasing focus on reducing the costs of transporting natural gas by carrying out liquefaction are expected to lead to an increase in the number of new liquefaction capacities coming online during the forecast period, which will contribute to the growth of the global LNG market.
Fluctuations in global oil and gas prices
The steep price reductions impact the financials of companies involved in the upstream oil and gas sector and have a negative impact on their profit margins. Hence, the oil and gas sector has been unable to attract substantial investments, thus resulting in the loss of significant market potential. Hence, fluctuations in global crude oil prices affect the pricing of natural gas and thereby LNG, which is likely to pose a challenge to the growth of the global LNG market.
The market appears to be fragmented with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Read the article online at: https://www.lngindustry.com/lng-shipping/07022019/lng-worldwide-market-opportunity-assessment-2019-2023-report-released/