Large-scale LNG Terminals Market - Global Industry Analysis by 2024 Large-scale LNG Terminals Market

Strong Rise in LNG Consumption across
Industrial
and
Commercial
Sectors
Drive
Development in Large-scale LNG Terminals
With a host of natural gas producers and suppliers presently operating and an
increased number of companies planning to invest more in the sector, the global
large-scale LNG terminals market is expected to witness intense competition in the
next few years, points a report by TMR. Rising production volumes and significant
decline in prices of natural gas have further heightened the bargaining power of
buyers in the global market in the past few years. The market features intense
competition but also presents sustainable growth opportunities.
The vast surge in the global consumption of LNG, primarily owing to its
environmental benefits, has stimulated major oil and gas producers in venturing in
the large-scale LNG terminals market in the past few years. Some of the key
vendors operating in the highly fragmented market are Petroliam Nasional Berhad
(PETRONAS), Exxon Mobil Corporation, Royal Dutch Shell plc., Linde AG,
ConocoPhillips Company, and Nippon Gas Co. Ltd.
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Environmental Benefits of LNG to Encourage Consumption
The increased demand for LNG across the globe, and thus the need for development
of small- and large-scale LNG terminals, can be majorly attributed to the
environmental benefits of LNG over other fuels. LNG possesses excellent
replacement potential and can be used as a cleaner as well as a much economic
fuel across sectors such as industrial, automobile, and commercial. With the
demand for increased utilization of clean fuels gathering strength globally, LNG is
expected to occupy a major share in world’s primary energy mix in the next few
years. This will play a significant role in the expansion of the global large-scale LNG
terminals market.
The increased preference of long-haul vehicle fleet owners to LNG as an alternate
fuel owing to its economic and environmental benefits, especially in North and
South America, will also foster growth in the global market for large-scale LNG
terminals. However, challenges in infrastructure development and lack of persistent
demand from end users are some of the key factors limiting the widespread
expansion of large-scale LNG terminals on a global front.