Increased investments, utility projects, and the rising demand for distributed power are key drivers of the market during the forecast period.
According to a report by TechSci Research “India LNG Market– By Region, Competition, Forecast & Opportunities, 2028″, the India LNG Market is primarily propelled by the increasing demand for electricity generated from renewable energy sources. Over the next eight years, market growth is expected to be supported by a growing emphasis on distributed power and utility projects. The demand for Liquefied Natural Gas (LNG) is projected to rise across various countries due to the anticipated increase in natural gas utilization in the power generation sector.
In the coming years, it is anticipated that numerous LNG projects and development initiatives will be undertaken, driven by the growing LNG demand. This will create ample opportunities for market participants in the African region, leading to a flourishing LNG industry.
The India LNG Market is categorized into LNG infrastructure, application, and region. In terms of LNG Infrastructure, the market is segmented into LNG Liquefaction Plants, LNG Regasification Facilities, and LNG Shipping. Regarding Application, the market is divided into City Gas Distribution, Petrochemicals, and other applications. Regionally, the market is segmented into north, south, east, and west. The City Gas Distribution segment is expected to dominate the market during the forecast period. Additionally, the City Gas Distribution proposal includes PNG connections and CNG stations. While CNG stations are established to provide access to natural gas for transportation purposes, PNG connections are offered for residential, commercial, and industrial uses.
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Until 2021, 11 CGD bidding rounds had been completed, extending natural gas access to 215 districts across 19 states and one union territory in India. As of December 2020, there were approximately 7.25 million residential PNG connections in the country, with continued growth expected. Moreover, India boasted over 4,500 CNG stations as of January 2022. The Petroleum & Natural Gas Regulatory Board aims to increase the share of natural gas in the energy mix to 20% by 2025, up from 11% in 2010, as outlined in the “Vision 2030” plan for Natural Gas Infrastructure in India. This government initiative is expected to drive market growth during the forecast period. The 11th CGD bidding round, covering 215 districts across 19 states and a union territory, represents nearly 71% of India’s total population.
In the LNG Infrastructure segment, the India LNG Market includes LNG Liquefaction plants, LNG regasification facilities, and LNG shipping. The liquefaction sector is poised to dominate the market, with global capacity expected to nearly double. North America leads in projected capacity expansions, with significant contributions from the United States, Canada, and Mexico. While the COVID-19 pandemic initially disrupted LNG shipments, the second half of 2020 saw a significant rebound, with a 25% increase in global LNG supply estimated by the IEA between June 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 expansion of LNG bunkering infrastructure is attributed to shipbuilders’ expected preference for LNG over other fuels. Many ports nationwide are also striving to establish LNG fueling infrastructure. The usage of LNG as a marine fuel in the shipping industry is projected to rise due to the country’s increasing demand for natural gas, driven by its clean emissions. In 2021, natural gas consumption reached 62.2 billion cubic meters, indicating a growing market fueled by rising natural gas consumption.
“India ranked fourth globally with around 22 MMT of LNG imports in 2022. The India LNG market is expected to be fueled by the increasing number of LNG ships and growing demand for gas-powered electricity generation. Government policies aimed at reducing reliance on fossil fuels and promoting natural gas usage, along with the adoption of LNG as a transportation fuel, economic growth driving demand for goods and services, and rising crude oil prices are among the contributing factors,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India LNG Market Segmented by Component, Technology, Deployment, Industry, Region, Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, evaluates the future growth potential of the India LNG Market, providing statistics and insights to aid decision-makers. The report aims to deliver advanced market intelligence and support sound investment decisions, identifying emerging trends, drivers, challenges, and opportunities within the India LNG Market.
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