Rising investments, utility projects, and growing demand of distributed power are the major factors driving the market for the forecast period.
According to TechSci Research report, “India LNG Market– By Region, Competition, Forecast & Opportunities, 2028”, India LNG Market driven by the rising demand for electric power produced from sustainable energy sources. Over the next eight years, market growth is predicted to be aided by an increased focus on distributed power & utility projects. Demand for Liquefied Natural Gas (LNG) is set to increase across several nations as a result of the anticipated increase in natural gas usage in the power generation industry.
In the following years, it is anticipated that several LNG projects and development plans will be put forward, supported by the rising LNG demand. This will create numerous opportunities for market participants in the African region, creating a burgeoning LNG industry.
The India LNG Market is divided into LNG infrastructure, application, and region. Based on LNG Infrastructure, the market is segmented into LNG Liquefaction Plants, LNG Regasification Facilities, and LNG Shipping. Based on Application, the market is segmented City Gas Distribution, Petrochemicals, and other applications. Based on region, the market is segmented into north, south, east & west. City Gas Distribution segment is expected to dominate the Market in the forecast period. Additionally, PNG connections and CNG stations are included in the City Gas Distribution proposal. While CNG stations are established to access natural gas for transportation, PNG connections are offered for residential, commercial, and industrial uses.
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Up until 2021, 11 CGD bidding rounds have been completed, and 215 districts in 19 states and one union territory now have access to natural gas. According to information released by PNGRB, there were roughly 72.47 lakh residential PNG connections in India as of December 2020. Throughout the projection period, growth is anticipated. Additionally, India had more than 4,500 CNG stations as of January 2022. The Petroleum & Natural Gas Regulatory Board in India has announced plans to increase the share of natural gas in the energy mix by 20% in 2025 as opposed to 11% in 2010, which may increase the number of PNG connections and CNG stations in the nation. These plans are part of the Natural Gas Infrastructure in India “Vision 2030” plan. Thus, it is anticipated that the market under study over the forecast period will be driven by such government efforts. Nearly 71% of India’s total population is represented by the 215 districts that make up the 11th CGD bidding round (212 complete and 3 partial), which are spread across 19 states and a union territory.
In terms of LNG Infrastructure segment, the India LNG Market is segmented into LNG Liquefaction plants, LNG regasification facilities, and LNG shipping. Liquefaction sector to dominate the market. The capacity of the world’s liquefaction is predicted to nearly increase in the future. North America (599.6 MTPA) accounts for most of the projected capacity expansions, with 350.5 MTPA in the United States, 221.8 MTPA in Canada, and 27.4 MTPA in Mexico. Africa (93.3 MTPA), Asia Pacific (72.4 MTPA), and the Middle East follow (93.3 MTPA), however, due to the COVID-19 pandemic’s shown detrimental effects, wherein the world’s LNG shipments decreased by almost 22% between January and June 2020, with supply reductions brought on by nations like the United States, Malaysia, Oman, Trinidad, Egypt, and Indonesia. The second half of 2020 saw a notable improvement as LNG export quantities increased, lockdowns in importing nations eased, and industrial activity returned to pre-COVID levels. The IEA estimated a 25% rise in the global LNG supply between June 2020 and December 2020.
Key market players in the India LNG Market include:
- Petronet LNG Limited
- GAIL(India) Limited
- Royal Dutch Shell plc
- Adani Ports and Special Economic Zone Limited
- Indian Oil Corporation Limited
- H-Energy Private Limited
- Total S.A.
- GSPC LNG Limited
- Bharat Petroleum Corporation Limited
- JSW Group
- Essar Ports Ltd.
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The increase in LNG bunkering infrastructure can be ascribed to ship builders anticipated growing preference for LNG over other fuels. Additionally, many ports nationwide are attempting to build an infrastructure for LNG fueling. The usage of LNG as a marine fuel in the shipping industry is projected to increase due to the country’s increased demand for natural gas because of the clean emissions. In 2021, there was a 62.2 billion cubic meters usage of natural gas. It is anticipated that rising natural gas consumption would fuel the market better.
“With around 22 MMT of LNG imports in 2022, India ranked fourth in the globe. The India LNG market is anticipated to be driven by expanding LNG ship number and rising demands for gas-powered electricity generation. Government policies aimed at reducing reliance on fossil fuels and promoting the use of natural gas, growing adoption of LNG as a transportation fuel, growing demand for goods and services due to economic growth, and rising crude oil prices are all contributing factors. and many more factors will drive the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India LNG Market Segmented by Component (Hardware, Software, Services), By Technology (Machine Learning, Natural Language Processing, Others), By Deployment (Cloud, On-premises), By Industry (IT & Telecom, Healthcare, Retail & E-Commerce, Logistics and Transportation, Manufacturing, Consumer Electronics, BFSI, Others), By Region, Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, has evaluated the future growth potential of India LNG Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the India LNG Market.
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