Liquefied natural gas (LNG) is the liquid form of natural gas at cryogenic temperature of −161°C (−157°C). Liquefaction of natural gas shrinks its volume by a factor of approximately 600 hence, allowing easy and economical transport over long distances. The set of equipment aligned in series, designed to treat and liquefy natural gas are known as LNG train. With the increasing demand of LNG as the source of fuel, the global LNG liquefaction equipment market has grown steadily in the past few years. The LNG liquefaction equipment accounts up to total 30% total project cost of a liquefaction plant. Hence, LNG liquefaction equipment has been a key area in constant need of innovation and development to save cost, increase LNG plant capacity and improving pant efficiency. Natural gas is one of the world’s most needed feedstock and with the ever growing demand of clean energy source LNG demand is rising, hence driving the LNG liquefaction equipment market. The LNG liquefaction equipment market possesses pronounced growth opportunities for the growth of new as well as established players.
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Global LNG Liquefaction Equipment Market: Market Dynamics, Regional Outlook and Key Participants: Liquefied natural gas is widely recognized as a clean, safe and convenient form of energy. Owing to easy of transportation and increased storage capacity liquefaction processes has become increasingly diverse in recent years. Global consumption of LNG is expected to increase significantly during the forecast period driven by environmental requirement on emissions reductions and increasing energy demands. Hence, the demand of LNG liquefaction equipment is expected to rise significantly augmenting the LNG liquefaction equipment market. However, the LNG liquefaction equipment account for high installation cost as well as high operating cost, hence restraining the growth of LNG liquefaction equipment market. Moreover, depressed crude oil prices have caused many of Exploration and Production (E&P) companies to constraint their budgets hence, constraining the growth of global LNG liquefaction equipment market. Key players are focusing on developing new concepts and innovative methods to increase the capacity, efficiency and cost reduction. Companies are focusing on developing smaller and floating liquefaction trains. Moreover, increasing exploration & production activities from unconventional oil and liquids-rich basins such as shale, tight gas, and coalbed methane (CBM) and construction of large-scale onshore liquefaction and regasification terminals are some of the primary factor pertaining towards the growth of global LNG liquefaction equipment market.
Asia Pacific dominates the global LNG liquefaction equipment market and is expected to dominate the market during the forecast period owing to increasing demand in the countries such as, China, India, Pakistan, etc. Moreover, increasing demand of clean and green source energy for power generation in most of the Asian countries are driving the LNG demand hence expected to augment the LNG liquefaction equipment market in the region. With the increasing construction offshore and onshore construction activities in U.S. the LNG liquefaction equipment market is expected to grow with a steady rate in North American region. European LNG liquefaction equipment market is expected to grow with at a steady during the forecast period, the growth is driven by increasing exploration activity in the region. For instance the construction of LNG liquefaction facility, Yamal LNG Russia is expected to increase the market share of the region.
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General Electric, Atlas Copco Ltd, Wärtsilä Corporation, Air Products and Chemicals, Inc., Chart Energy & Chemicals, Inc., FIVES, Société Anonyme, Srisen Energy Technology Co.,Ltd, MITSUI & CO., LTD., Mitsubishi Corporation, IHI Corporation, The Linde Group, Liquefied Natural Gas Limited, ConocoPhillips Company,