Liquefied Natural Gas expanding at a CAGR of 2.8% between 2013 and 2019.Transparency Market Research
Liquefied Natural Gas Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019
The liquefied natural gas market was valued at USD 161.4 million in 2012 and is expected to reach USD 196.4 million by 2019, expanding at a CAGR of 2.8% between 2013 and 2019.
Key end-user segments analyzed in the study include industrial sector, electric power and other segments such as transportation and commercial. In terms of volume, industrial sector was the largest segment, accounting for around 43.0% of the total market share in 2012. Industries such as fertilizers and petrochemicals are major consumers of LNG as large share of LNG is consumed by these sectors. Electric power sector accounted for a moderate share of the total LNG market, followed by other sectors such as transportation and commercial.
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Asia Pacific dominated the global market for liquefied natural gas in 2012. The region constituted the highest percentage of the global LNG market in terms of volume. Asia Pacific is the leading market in terms of demand for LNG as compared to other regions such as Europe and RoW. This is mainly ascribed to high demand from Japan, South Korea, China and India. Asia Pacific is anticipated to exhibit the highest growth rate during the forecast period, led by developing economies such as India and China. Countries such as South Korea and Japan rely on LNG to cater to domestic needs. Europe and RoW accounted for substantial shares of the total LNG market in 2012. Import of LNG is anticipated to decline due to increase in renewable energy, which acts as a substitute for natural gas for power generation. The global liquefied natural gas market has witnessed significant growth over the last few years....