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Grave Need for Environmental Friendly Energy Solutions to Surge Consumption of Liquefied Natural Gas

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Published on : May 18, 2017

Albany, New York, May 18, 2017: The research report offers an exhaustive outlook of the dynamics that are controlling the changes that are occurring in the global market and further assesses them painstakingly The effect of some progressive and regressive elements has also been taken into consideration with equal significance in the market intelligence report. It also delivers data on the marketing and publicity strategies, shares, and merchandises of the top drawer companies.

Natural gas is considered as one of the cleanest, safest, and most employed form of energy which provides both light and heat. Natural gas is a form of hydrocarbon, which suggests that it is made up of carbon and hydrogen and comprising 70% to 90% methane most of the times. It can also be employed as fuel in several sectors such as agricultural, industrial, transportation, and as a raw material in the petrochemical industry. Natural gas is available in three forms namely liquefied natural gas, natural gas for vehicle or NGV, and pipe natural gas. 

Liquefied natural gas is formed when natural gas is cooled to -260F or-162C. The process of cooling shrinks the volume of the LNG to 600 times, thus making it safer and easier for storing and shipping. Liquefied natural gas is manufactured at the liquefaction plants or facilities, thus after this it can be transported in superior quality cryogenic tanks, tanks cars, or sea tank ships. It enables a swift delivery of gas to the areas which are located comparatively far away from the gas trunk lines. 

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The global liquefied natural gas trade has gained momentum in the last few years and it has been projected that it will rise effortlessly and swiftly over the forecast period of 2017-2021. Primary factors that are influencing the trade of liquefied natural gas to rise are the advent of numerous new projects in Indonesia and Australia, growing demand for environment friendly and clean fuels, and robust economic growth in developing economies. 

Over the forecast period, the global liquefied natural gas is likely to grow exponentially supported by the rise in LNG exports across several parts of the world. The market is also likely to be driven by vendors gaining access to untapped markets, technological advancements, and low shipping cost. However, it is still expected that the market will face challenges in terms of imbalance between supply and demand, low price of LNG, threat from renewable energy and fossil fuels, and rise of regional trade. The leading players in the global LNG are ExxonMobil Corporation, Royal Dutch Shell, BP Global, and Chevron Corporation. 

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