Liquefaction is a process that produces liquid from gas and solid compounds. It occurs both artificially and naturally. For instance, the major commercial application of this liquefaction process is the liquefaction of air which allow the separation of elements such as nitrogen, oxygen, and noble gases.
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Data Bridge Market Research analyzes that the Global Liquefaction Market is expected to grow at a CAGR of 5.8% in the forecast period of 2023 to 2030 and is expected to reach USD 1,215,343.20 thousand by 2030.
Key Findings of the Study
Increasing LNG Demand in Bunkering, Road Transportation, and Off-Grid Power
In the last decade, there has been a significant rise in industrialization and urbanization, which has resulted in a surge in carbon and greenhouse gases worldwide. Thus, to reduce carbon and greenhouse gas emissions, governments are promoting the utilization of natural gas in power generation and fuel in vehicles.
Thus, governments are developing various supportive policies to increase the adoption of CNG and LNG-based vehicles, including providing subsidies and tax exemptions to automobile manufacturers and consumers, resulting in increased natural gas consumption in the last decade across the globe. Thus, increasing demand for LNG in bunkering, power generation, and road transport is driving the market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2020 - 2015)
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Quantitative Units
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Revenue in USD Thousand
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Segments Covered
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By Mode of Supply (Bunkering/Ship, Pipeline, Truck, and Rail), Application (Chemicals and Petrochemicals, Power Generation, Industrial Feedstock, and Others).
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Countries Covered
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U.S., Canada, Mexico, U.K., Russia, France, Spain, Italy, Germany, Turkey, Netherlands, Switzerland, Belgium, rest of Europe, Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, Hong Kong, Taiwan, rest of Asia-Pacific, Brazil, Argentina, rest of South America, Egypt, Saudi Arabia, United Arab Emirates, South Africa, Israel, and rest of Middle East and Africa.
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Market Players Covered
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Linde plc (U.K.), Air Products and Chemicals (U.S.), Inc., Baker Hughes Company, Shell plc (U.K.), Honeywell International Inc. (U.S.), Siemens Gas and Power GmbH & Co. KG (Germany), ENGIE (France), Excelerate Energy, Inc. (U.S.), Eni SpA (Italy), and Kunlun Energy Company Limited (China) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis
The global liquefaction market is segmented into two notable segments based on mode of supply and application.
Based on mode of supply, the market is segmented into bunkering/ship, pipeline, truck, and rail. In 2023, the bunkering/ship segment is expected to dominate the market because bunkering impacts directly freight rate and the profitability of shipping companies with bunker fuel cost accounting for more than 60% of total voyage costs.
In 2023, the chemicals and petrochemicals segment of the application segment is anticipated to dominate the global liquefaction market.
In 2023, the chemicals and petrochemicals segment is expected to dominate the market because it mainly focuses on liquefying natural gas and petroleum gas, and other chemicals. The chemicals and petrochemicals segment is expected to reach the highest CAGR of 6.0% in the forecast period of 2023-2030.
- Based on mode of supply, the market is segmented into bunkering/ship, pipeline, truck, and rail. In 2023, the bunkering/ship segment is expected to dominate the market with a market share of 44.03% because bunkering impacts directly the freight rate and profitability of shipping companies with bunker fuel cost accounting for more than 60% of total voyage costs.
- Based on application, the market is segmented into chemicals and petrochemicals, power generation, industrial feedstock, and others. In 2023, the chemicals and petrochemicals segment is expected to dominate the market with a market share of 41.64% because it mainly focuses on liquefying natural gas and petroleum gas, and other chemicals.
Major Players
Data Bridge Market Research recognizes the following companies as the major global liquefaction market players in global liquefaction market that include Linde plc, Air Products and Chemicals, Inc., Baker Hughes Company, Shell plc, Honeywell International Inc., Siemens Gas and Power GmbH & Co. KG, ENGIE, Excelerate Energy, Inc., Eni SpA, and Kunlun Energy Company Limited among others.
Market Developments
- In January 2023, according to Statista, over the last two decades, global natural gas consumption has increased. Natural gas consumption globally is expected to reach 4,037.5 billion cubic meters in 2021, up from 3,319.4 billion cubic meters in 2012.
- In December 2021, according to Financial Express, cleaner alternatives to gasoline and diesel, such as vehicle LPG when compared to the excessive prices of gasoline and diesel, vehicle LPG is 40% to 50% less expensive. Then, with a GWP of 0, as opposed to carbon dioxide's 1 and methane's excessive 25, vehicle LPG is significantly less polluting for our transportation needs. A comparison of petrol and vehicle LPG emissions indicated that the former generated 52% less carbon monoxide and 47% fewer total hydrocarbons than petrol.
- In February 2020, according to International Energy Agency, in 2019, almost USD 65.00 billion in investment choices in Liquefied Natural Gas (LNG) liquefaction plants were made, laying the way for worldwide capacity to expand by more than 16%. Much of this investment has been fueled by contract structure trends that allow developers to meet project milestones at a faster rate than in the past.
Regional Analysis
Geographically, the countries covered in the global liquefaction market report are U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, rest of Europe, China, Japan, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Egypt, Saudi Arabia, UAE, Israel, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the global liquefaction market during the forecast period 2023 - 2030.
In 2023, Asia-Pacific is expected to dominate the global liquefaction market due to increasing LNG demand in bunkering, road transportation, and off-grid power in the region
North America is estimated to be the fastest-growing region in the global liquefaction market in the forecast period 2023 - 2030.
North America is expected to grow during the forecast period due to the presence of major market players and the rapid development of medical facilities in emerging economies in this region. In addition to this, the rising level of healthcare expenditure and increasing per-capita income are expected to propel the market growth rate in this region.
COVID-19 Impact Analysis
The outbreak of COVID-19 has disrupted the supply chain and declined markets of liquefaction globally. The COVID-19 pandemic has been a long-term supply chain crisis that has revealed a lack of preparedness and insufficient recovery capabilities across numerous industries and sectors. Disruptions in the supply chain have led to lower access and supplies of liquefaction equipment or services. With the persistence of COVID-19, there have been restrictions on the transportation, import, and export of liquefaction equipment and instruments. Most of the market is in a supply chain crisis caused by the epidemic. Every market is facing significant struggles in logistics associated with product movement. The epidemic has caused an issue associated with global shipping. There is demand outstripping the supply. Thus sea freight prices are at an all-time high, and container capacity is extremely limited for supplying. Unfortunately, high shipping charges, lengthier lead times, and capacity bottlenecks will remain a challenge for the market.
Moreover, the restrictions and measures are likely to relax, which will help the market to witness a slight increment, as the manufacturers are focusing on various developments and innovations, market trends, and other expansion strategies. Thus, the global liquefaction market will grow at an accelerated pace post-COVID-19.
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