The large-scale LNG terminals market hasbeen attracting sizable investments by hydrocarbon companies on the back ofrising demands for natural gas either as feedstock or as environmentallyfriendly energy sources, notes Transparency Market Research (TMR).Constructions of large-scale LNG terminals especially in developed nations arefast making strides, helped by favorable government regulations and severalother initiatives. In various developing and developed countries, particularlyNorth America and South America, the large-scale LNG terminals market hasgained a striking momentum with the policy catalysis in promoting LNG asreplacement of costlier petroleum-based fuels.
Numerous top players in the large-scale LNG terminals market have soughtleadership position by investment sizably in setting and consolidating handlingand distribution facilities. Rising volumes of natural gas transported aroundthe world has imparted a robust momentum to the expansion of the market. TMRobserves that as the trend is likely to continue, the intensity of competitionin the large-scale LNG terminals market is expected to increase further.
Some of the prominent names in the large-scale LNG terminals market areExxonMobil, Nippon, Conoco Phillips Company, and Royal Dutch Shell plc.
The global large-scale LNG terminals market was worth 3,687.7 MMTPA in2017 and is projected to clock a CAGR of 3.9% from 2017 to 2023. By the end ofthe period, the throughput will climb to 4,664.7 MMTPA.
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Strides in Natural Gas Industry in Developing andDeveloped Regions Support Growth
The reserves of natural gas is burgeoning in certain parts of the world,propelling the growth of the large-scale LNG terminals market. Mostprominently, the U.S. has over the past few years has been witnessing theburgeoning natural gas production, on the back of rising shale gas production.The natural gas industry has immensely benefitted from the boom in shale gasproduction. This is perhaps the most significant factor in catapulting NorthAmerica to acquire a major share in the large-scale LNG terminals market.
Advances in regasification systems have helped bolster import and exportof LNG, thus catalyzing prospects in the large-scale LNG terminals market. Thetechnology has been receiving considerable interest of stakeholders pertainingto LNG transportation and distribution.
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Large-scale LNG Terminals Attracting Investments byIndustries Adopting Emission Regulations
The growth in the global large-scale LNG terminals market has also beenfueled increasingly by the implementation of environmental regulations thatpromote reduction of emissions. These regulations are increasingly helping inbringing down the emission of NOX, SOX, and carbon dioxide from the energy andoil industries. The growing demand for LNG in hydrogen production in numerouscountries around the world is also boosting the market. The significantly lowfootprint associated with the burning of LNG has made it occupy a key positionas one of the cleaner fossil fuels of the globe.
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Increased Focus on Fuel Supply Security DrawAttention of Governments
Rising use of LNG as a fuel in heavy road transport is a key factordriving the large-scale LNG terminals market. Regions at the forefront in theuptake are North America, Europe, and Asia. Governments in these countries haveintensified their efforts to strengthen LNG infrastructures on improving theaccess and availability of the energy source. Another stimulating factorcontributing to the investments of these regions in large-scale LNG terminalsis the worldwide focus of fuel supply security. Moreover, the maritime industryin these and several other countries have started taking interest in LNG tomaintain their competitiveness.
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