With increasing participation of oil and gas producing companies, competition in the global large-scale LNG terminals is predicted to up in the upcoming years, states Transparency Market Research (TMR) in a new report. The immense rise in the demand for LNG due to its clean fuel attributes is attracting hydrocarbon companies to make investments in LNG business. Natural gas companies currently in the market are planning to increase investments in LNG handling and distribution facilities, which will further intensify competition in the large-scale LNG terminals market.
Key companies currently operating in the global large-scale LNG terminals market are Petroliam Nasional Berhad, Royal Dutch Shell plc, Conoco Phillips Company, Exxon Mobil, and Nippon Gas Co. Ltd. among others.
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As per the TMR report, the global large-scale LNG terminals market is likely to clock a CAGR of 3.9% for the forecast period between 2017 and 2023. Growing at this rate, the throughput of 3,687.7 MMTPA in 2017 is likely to become 4,664.7 MMTPA. In terms of technology, regasification terminals hold dominance over liquefaction technology segment. However, liquefaction terminals segment is anticipated to display an increased market share in the years ahead. Driven by the shale gas boom in the U.S., North America is a leading regional marker for large-scale LNG terminals market.
The benefits of adopting LNG as a fuel source are not limited to long-haul trucks owners. With heavy-duty commercial vehicles traveling large distances annually, LNG converted vehicles can provide payback period as early as two years. With economic development in several parts of the world, growth of the transportation sector is leading to increasing use of LNG as a transportation fuel. This is attracting investments for construction of large-scale LNG terminals. Construction of large-scale LNG terminals are underway in developed countries to serve long haul fleet owners.
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The global large-scale LNG terminals market is characterized by high fragmentation and a rapid influx of new global vendors at a sustained pace. This has led to a substantial rise in production volumes and have brought the prices down, intensifying the competition and leveraging the bargaining power of buyers. Some of the major players operating in the market are Royal Dutch Shell plc, Exxon Mobil Corporation, Linde AG, ConocoPhillips Company, Petroliam Nasional Berhad (PETRONAS), and Nippon Gas Co. Ltd.