25 February 2020
These days, with a call for cleaner, more affordable, and reliable natural gas solutions, the global liquified natural gas (LNG) market is booming. In fact, because of these reasons, LNG has become one of the fastest-growing commodities in the world. This means that stakeholders have a chance to make big returns in the years ahead.
As one of the world’s leading LNG market share and technology research firms, Visiongain has made it their business to keep stakeholders informed of the major changes taking place. Let’s look at five of the most important things to know in the LNG sector.
1. Rapid Growth
According to studies, LNG market shares grew approximately 8% from 2018, and more than 30% from 2015. The commodity now accounts for approximately 14% of natural gas sales worldwide, making it in extremely high demand globally.
2. Flexible Contract Styles
More and more LNG companies are now changing the ways they do business. LNG market share research shows that many markets, the U.S market, in particular, have favored more flexible contract styles to generate growth. For example, U.S. export firms are offering contracts that include shorter liquidity and short-term solutions to boost business; this, in turn, will help them turn LNG into more of a global commodity.
3. Asia Remains a Key Player
Recent LNG market share reports show that the Asia-Pacific region will remain a key player in the development of new micro and traditional LNG technologies, as well as overall global market share. LNG still accounts for a small amount of China’s energy demand but it’s looking to expand upon this in years ahead, as shown by its rapid growth since 2017.
4. Qatar will Likely Remain a Leader
Although other regions are coming to the forefront and carving out a higher LNG market share, Qatar will still likely remain a global leader in the industry. This is due in large part to its state-sponsored ship manufacturer Nakilat, which operates 70 LNG vessels around the world. Qatar has also announced it plans on investing more than $20 billion in energy projects throughout the U.S. in the coming years.
5. The U.S. is Poised to Become a Global Leader
In the coming years, the U.S. is poised to become a major LNG market share leader. This is due in large part to three export facilities being developed, which could make it a top player as early as 2024.
Let us provide you with the LNG market share info you need!
When it comes to insight into the LNG and micro LNG technology market, Visiongain has all of the up-to-date data to help you make the right decisions in the years ahead. To learn more about our market share reports and forecasts, contact us online today or call one of our representatives at +44 (0) 20 7549 9987.
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