DUBLIN, Nov. 28, 2023 /PRNewswire/ — The “India LNG Market Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
India LNG Market is anticipated to grow robustly in the forecast period 2024-2028
The expansion in LNG bunkering infrastructure can be ascribed to ship builders predicted increased preference for LNG over other fuels. Moreover, various ports in the nation are aiming to build LNG fueling infrastructure. The increased demand for natural gas in the country because of lower emissions is expected to increase the usage of LNG as a marine fuel in the shipping sector.
Additionally cooking, heating homes, and producing electricity are among the uses of natural gas in residential buildings, whereas heating, producing electricity, and manufacturing products like fertilizers, paints, and pharmaceuticals, as well as occasionally refueling commercial vehicles, serve as applications of natural gas in commercial buildings. In 2021, natural gas usage was 62.2 billion cubic metres. The rising demand for natural gas is projected to fuel the industry even more.
Growing Demand of Distributed Power
A growing emphasis on distributed power and utility projects is expected to drive market growth over the next eight years. The expected increase in natural gas demand in the power generating industry would also increase demand for liquefied natural gas (LNG) in various nations. Coal is the most common source of power generation; however, due to the depletion of coal supplies and the negative environmental effect, there has been an increase in the usage of natural gas and other renewable energy sources for electricity generation.
One of the primary causes for rising gas usage is growing awareness about the use of greener energy. Furthermore, transmission and distribution infrastructure development demand are expected to rise further in the future years. The government is focused on gas pipeline expansion as of February 2019, pipeline infrastructure stood at 16,200 km, with intentions to grow it to 27,400 km by 2025.
Rising Investments and Utility Projects in LNG Market
In the coming years, the country is likely to be one of the regional LNG hotspots. Petronet LNG operates from an operating port in Kochi, India. Furthermore, LNG Alliance announced an investment of around USD 290 million in January 2022 for the development of a significant LNG import terminal in Karnataka, which is expected to be India’s first dedicated LNG bunkering plant. The LNG import terminal will have a capacity of 4 million tonnes per annum (MTPA). As a result, such prospective projects are projected to propel India’s LNG market throughout the predicted period.
India presently operates four LNG receiving stations. All are shore-based facilities on the west coast of the nation. India’s ambition to expand the amount of natural gas in its energy mix to 15% by 2022 will need a significant increase in imports as well as the development of additional LNG facilities. Over the following seven years, the government intends to construct an additional 11 terminals. As a result, LNG purchases are expected to reach 30mta (million tonnes per year) by 2020, a 60% increase over 2016.
So far, Petronet, GAIL, and the Gujarat State Petroleum Corp (GSPC) have been India’s primary LNG players, signing long-term sale and purchase agreements (SPAs) with international suppliers. State-owned oil refiners such as Indian Oil Corp (IOC), Bharat Petroleum, and Hindustan Petroleum have positioned themselves for expanded engagement in the LNG market, while a slew of new terminal projects is bringing in yet another wave of newcomers.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India LNG Market.
Petronet LNG Limited
GAIL(India) Limited
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
Report Scope:
India LNG Market, By LNG Infrastructure:
LNG Liquefaction Plants
LNG Regasification Facilities
LNG Shipping
India LNG Market, By Application:
City Gas Distribution
Petrochemicals
Other applications
India LNG Market, By Region:
West India
North India
South India
East India
For more information about this report visit https://www.researchandmarkets.com/r/gi1dto
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SOURCE Research and Markets
