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Liquefied Natural Gas (LNG) Market Analysis Report 2030: Industry Size, Share, Growth, Key Players
Liquefied Natural Gas (LNG) market has witnessed significant growth as it reached 390 million tonnes in 2020 and is anticipated to achieve a healthy global CAGR of 5.00% in the forecast period until 2030.
Liquefied Natural Gas (LNG) is a liquid form of natural gas which is cooled down at approximately -162ºC in temperature. It is extensively used for the transportation and storage purposes. Liquefied Natural Gas is generally colorless, odorless, non-corrosive, and significantly non-toxic by nature. The natural gas liquefaction process involves the removal of certain components including hydrogen sulphide, helium, dust, benzene, water, heavy hydrocarbons, carbon dioxide, and other components that can freeze under the low temperatures, which is then condensed into liquid by cooling it to −260° Fahrenheit.
The Advancements made in the cryogenic storage, production processes, and transportation effectively created the opportunities to commercialize NG into the market across the globe. Furthermore, the developments in the Liquefied Natural Gas storage and shipment, also introduced a reliability in connections and networks which was once impossible. The arrival of large-scale cryogenic storages made it possible to create long term gas storage reserves. These reserves of Liquefied Gas have become a crucial means for networks to handle local peak requirements. Liquefied Natural Gas is widely used to heat homes, run highly efficient electric power plants, manufacture chemicals and fertilizers, and fuel trucks, cruise ships, cargo vessels, and others.
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