LNG is fastest growing segment fueling the growth of Liquefied Natural Gas Market
Liquefied Natural Gas or LNG is natural gas (predominantly methane, CH4) that has been converted temporarily to liquid form for the ease of storage or transport by cooling it to approximately −162 °C. LNG takes up about 1/600th the volume of natural gas in the gaseous state. It is odorless, colorless, non-toxic and non-corrosive. The global Liquefied Natural Gas Market is estimated to be valued at US$ 8.8 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: LNG has emerged as one of the fastest growing segments in the natural gas market owing to increasing demand and focus towards cleaner sources of energy. The favourable properties of LNG like ease of transportation over long distances through ocean-going tankers and relatively compact size of storage tanks make it a convenient way to trade natural gas between regions, and an alternative to pipelines. T...