Liquefied natural gas is an odorless and colorless liquid, which is formed by cooling natural gas to -1620C. When liquefied natural gas reaches to its destination, it is again converted into gas by regasification process and transported through vessels and pipes to end-use consumers. The liquefaction process shrinks the volume of gas by 600 times, making it easier to store and ship. Liquefied natural gas is an emerging fuel due to its cleanest burning nature as compared to petrol, diesel, and other fuels.
Based on end user analysis, the global Liquefied Natural Gas Market is segmented into electric power, industrial, and others. Numerous industries, namely fertilizers, chemicals, and steel, use high amounts of LNG in the form of operational fuel. The industrial sector is predicted to dominate the market on the basis of demand for LNG. LNG’s usage for power generation is much more environment-friendly and economical as compared to traditional fossil fuels such as diesel and coal, which is leading to higher demand. Distillate fuels are consumed in huge amounts by industrial processes. Due to a rise in demand for electricity and rising awareness on global warming, LNG’s demand in the electric power sector is increasing.
Numerous industries, namely fertilizers, chemicals, and steel, use high amounts of LNG in the form of operational fuel. Distillate fuels are consumed in huge amounts by industrial processes. Due to a rise in demand for electricity and rising awareness on global warming, LNG’s demand in the electric power sector is increasing. LNG’s usage for power generation is much more environment-friendly and economical as compared to traditional fossil fuels such as diesel and coal, which is leading to higher demand.
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