The LNG Infrastructure Market in US is being driven by Increase in LNG production
The LNG Infrastructure Market in US is expected to grow at a CAGR of 5.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1036.6 million. LNG bunkering, or the provisioning of LNG fuel to vessels, is gaining traction in the marine shipping sector due to the industry's increasing focus on reducing emissions. The International Energy Agency (IEA) reports that natural gas, including LNG, is becoming a vital alternative to traditional marine fuels, such as heavy fuel oil (HFO), as stringent environmental regulations take effect. In 2023, the IMO enforced regulations limiting sulfur content in marine fuels to 0.5%, further emphasizing the need for cleaner alternatives. This shift towards LNG is driving the development of LNG bunkering facilities at ports across the US. Despite HFO's continued presence in the marine fuel mix, the trend towards more sustainable fuels is undeniable.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Liquefaction terminal, Regasification terminal) End-user (Power generation, Transportation fuel, Others) Geography (North America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in LNG Infrastructure Market in US Research Report
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The LNG Infrastructure Market in the US is witnessing significant growth as natural gas emerges as a sustainable alternative to coal and oil for power generation, reducing carbon footprint. LNG, or Liquefied Natural Gas, is a cleaner energy source for marine vessels and heavy-duty vehicles, emitting fewer pollutants like sulfur oxides compared to traditional fuels. The power sector is shifting towards LNG imports to decrease carbon emissions and contribute to a cleaner environment. LNG projects, including liquefaction terminals, regasification terminals, and floating LNG terminals, are under construction to meet the increasing demand for natural gas consumption. The infrastructure market encompasses various terminal types, such as liquefaction and regasification, and the construction of these projects is crucial for the transition towards alternative energy sources, including renewable technology, nuclear energy, and natural gas imports.
The LNG infrastructure market in the US is experiencing significant growth due to the increasing demand for cleaner energy sources, such as liquefied natural gas (LNG), as a sustainable alternative to coal and oil. This shift is driven by the global energy market's expanding needs, fueled by population growth, economic development, and urbanization. The LNG infrastructure sector includes marine vessels and heavy-duty vehicles, which are crucial for LNG transportation and distribution. Technavio forecasts that the US LNG infrastructure market will continue to expand, driven by the demand for reducing carbon footprints in power generation and the global transition towards renewable energy sources.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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