Rising spotlight on shale gas generation has changed the interest supply statistic of a few vitality creating locales over the globe in the previous couple of years. The shale blast in the U.S. is nearly making North America, a significant shipper of raw petroleum and flammable gas in the previous years, an exporter of LNG. The direness to improve generation and supply foundation inferable from such changes is the key facilitator of development for the worldwide large-scale LNG terminals market..
The global consumption of LNG is also mounting owing to its cleaner nature compared to conventional petroleum-based fuels. With emission control norms becoming increasingly strict across the globe, domestic, commercial, and industrial sectors will be compelled to switch to cleaner fuels such as LNG in the near future. This factor will also provide a big boost to the overall development of the large-scale LNG terminals market in the next few years. Transparency Market Research states that the global large-scale LNG terminals market will exhibit a 3.9% CAGR over the period between 2017 and 2023.
- Large-scale Regasification Terminals to Dominate
The segment of regasification terminals presently dominates the global large-scale LNG terminals market. The section accounted for a dominant share of nearly 56% in the global market in 2014. In the next few years, large-scale regasification capacities are expected to increase at a substantial rate across the globe, especially in Asia Pacific, North America, and Europe.
Countries across Asia Pacific, such as China and Japan are focusing on increasing the consumption of natural gas across the power generation, mining, and industrial sectors. This will lead to the increased need for floating and onshore large-scale LNG regasification terminals. In archipelagic topographies such as Indonesia, the rising consumption of LNG will boost the development of off-shore regasification terminals in the next few years. In terms of throughput, the market for large-scale LNG regasification terminals market will expand at over 5% CAGR from 2015 to 2023. In many countries in Asia Pacific, a continuous rise in the number of large-scale LNG terminals has enabled the easy access to natural gas at economic rates. This will facilitate the much needed shift from conventional fuels to natural gas in the transportation and power generation industries in Asia Pacific and encourage the increased adoption of natural gas.