This prevents LNG from vaporization. Generally, cryogenic tanks are made up of materials such as concrete, steel and nickel. These tanks are well insulated and kept at a very low pressure. Large underground tanks are also utilized for storage; smaller quantities of LNG are stored above the ground in vertical or horizontal tanks.
Albany, NY -- (SBWIRE) -- 07/08/2016 -- The liquefied natural gas market report by Transparency Market Research provides an in-depth analysis of the global liquefied natural gas industry. The report segments the market on the basis of end-users and regions, and also provide forecasts and estimates for each end-user. The report analyzes demand and supply characteristics of the market by providing a detailed forecast and analysis of volume and revenue for the period from 2013 to 2019.
Liquefied natural gas market primarily comprises three end-users: industrial sector, electric power and others. The industrial sector is anticipated to be one of the most dominant sectors in terms of demand for LNG. Various industries such as plastics, fertilizers and chemicals use LNG to run different processes. It is the preferred fuel for the industrial sector in many parts of the world due to low carbon intensity and negligible emissions as compared to coal and oil. Many countries have enforced strict regulations to use cleaner fuel and power sources in industries in order to reduce greenhouse gas emissions. Transition from conventional fuels to LNG can help industries save significant capital and reap all the associated economic and environmental benefits. Demand for LNG in the electric power sector is high due to global warming awareness and high demand for electricity. LNG is more economical and environment-friendly than traditional fuels such as coal and diesel. It also holds an added advantage of having a long-term fixed pricing structure. LNG has established itself as a suitable alternative to diesel in the electric power generation market. High calorific value of LNG in comparison to charcoal and hard coal makes it a prominent fuel in the power generation market. Other sectors such as transportation and commercial are also the major consumers of LNG. Rising fuel prices and depleting natural oil and gas reserves are driving the demand for cleaner and green fuels. Conventional fuels such as diesel and petrol emit high amount of COx on combustion. This raises the overall carbon footprint. However, LNG is comparatively cleaner and emits less COx and SOx.
The global LNG demand is expected to grow at a healthy rate especially in Asia-Pacific countries such as India, China, Japan and South Korea. Japan, South Korea and Taiwan (JKT) are expected to remain the backbone of LNG market owing to high LNG imports. Countries such as Japan and South Korea are completely relying on LNG to cater to their domestic needs. European countries such as Spain, France and Italy are importing high quantities of LNG to reduce oil dependence and protect the atmosphere from harmful emissions. RoW countries such as UAE and Kuwait are importing high quantities of LNG to meet their demand-supply gap. In the future, demand for LNG market is expected to rise at a healthy rate.
Asia Pacific, Europe, and Rest of the World (RoW) are the major geographical areas covered in the report. Each geographical region has been segmented further on the basis of technology. Volume forecasts and estimates for each segment have been provided for the period from 2013 to 2019.
The report also provides thorough analysis and revenue of companies such as Apache Corporation, BG Group Plc, Cheniere Energy Inc, ConocoPhillips, Dominion Resources Inc, Kinder Morgan Inc, Qatar Petroleum, Sempra Energy, Veresen Inc and Woodside Petroleum Ltd. These companies are likely to dominate the liquefied natural gas market. The report provides a detailed analysis of various factors influencing liquefied natural gas industry with the help of Porter's five forces analysis. The analysis also helps understand the degree of competition prevalent in the market. The report also analyzes the value chain and various drivers and restraints of the liquefied natural gas market.