Liquefied Natural Gas Market Was Estimated To Be Worth US$ 8.8 Billion In 2021, Showing A CAGR Of 9.0% Over The Forecast Period (2022 To 2030)

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Liquefied Natural Gas Market
Liquefied Natural Gas Market

Natural gas is chilled to a temperature of -1620°C to create liquefied natural gas, which is an odourless and colourless liquid. Gas volume is reduced by 600 times during the liquefaction process, making storage and transportation easier. Liquefied Natural Gas Market is carried through pipelines and vessels to end users before being transformed back into gas by the regasification process once it reaches its destination. Because it burns cleaner than gasoline, diesel, and other fuels, liquefied natural gas is a newly popular fuel.

The Liquefied Natural Gas Market is anticipated to expand over the course of the forecast period due to key factors including rising end-user demand for clean energy in sectors such as transportation fuel, power generation, mining, and industrial, as well as government initiatives to strengthen gas pipeline infrastructure. The global nominal natural gas liquefaction capacity will rise to 378.67 million tonnes per year in 2022 from 336.7 million tonnes per year, according to a report by the International Gas Union.

Increased infrastructure development efforts are a direct outcome of the world's population expansion, particularly in developing nations like Brazil, China, and India. As a result, there is a greater need for energy production, which is predicted to increase demand for liquefied natural gas. Governments all over the world are concentrating on creating renewable energy sources, which is anticipated to increase demand for Liquefied Natural Gas Market in nations like India, China, and Brazil. Increased infrastructure development efforts are a direct outcome of the world's population expansion, particularly in developing nations like Brazil, China, and India. As a result, there is a greater need for energy production, which is predicted to increase demand for liquefied natural gas. Governments all over the world are concentrating on creating renewable energy sources, which is anticipated to increase demand for LNG in nations like India, China, and Brazil.

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