Thegloballiquefied natural gas (LNG) market size is expected to grow at a CAGRof 6.07% during the forecast period. Based on the end-user, the global LNGmarket size has been segmented into power, industrial, and others.
Natural gas, including LNG, isexpected to play a key role in decarbonization and lowering the impact ofemissions in the power generation sector. Coal dominates the global power industry due to itsextensive use in developing and under-developed countries. However, with thegrowing focus on improving air quality, many coal-dependent countries such asChina are turning to natural gas for power generation. With the current shiftof the industry from conventional to unconventional gas resources, the abundantavailability of these resources has further spurred the demand for natural gasin the power sector.
The demand for LNG will be majorlydriven by Asian countries, as the electricity requirement in these countrieskeep on rising due to the rapid urbanization and increase in the standard ofliving. Additionally, countries like Japan and South Korea import high volumesof LNG to lower their dependence on nuclear energy and shift to alternatesources of energy, thereby contributing to the growth of the global LNG marketsize during the forecast period.
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