North America and Asia expected to lead global LNG project growth
GlobalData reports that North America is expected to lead in LNG liquefaction capacity by 2023 and Asia will lead in regasification.
North America and Asia are expected to lead capacity growth in the global LNG liquefaction and regasification industries from planned and announced (new-build) projects, respectively between 2019 and 2023, according to GlobalData.
The company’s report reveals that North America is expected to account for 74% of the total global new-build liquefaction capacity in 2023. North America’s new-build liquefaction capacity is expected to grow from 26.1 million tonnes per annum (mtpa) in 2019 to 253.2 mtpa in 2023. The Middle East and the Former Soviet Union follow with the capacities of 32.0 mtpa and 27.1 mtpa, respectively, in 2023.
Ashwin Gupta, oil & gas analyst at GlobalData, said, “A total of 27 new-build LNG liquefaction projects are expected to start operations in North America during the outlook period. Of these, 13 represents the number of planned projects with identified development plans while the rest of the 14 represent announced, early-stage projects.”
On the regasification front, Asia leads globally in terms of capacity growth from planned and announced projects with 11.2 trillion cubic feet (tcf) of capacity expected to come online in 2023. The Middle East and Europe follow with capacities of 2.3 tcf and 2.1 tcf, respectively.
Of the 11.2 tcf of capacity additions in Asia in 2023, planned projects account for 3.3 tcf while early-stage, announced projects account for the remaining 8.0 tcf.
In terms of the largest liquefaction terminals in the outlook period by capacity, Qatar LNG terminal leads among all the terminals globally with a capacity of 32 mtpa. The announced terminal is expected to start operations in 2023.
As for the regasification terminals, the Al-Zour terminal in Kuwait is the top LNG regasification terminal globally in terms of capacity with 1.2 tcf. The planned terminal is expected to come online by 2020.
– Edited from a GlobalData press release by CFE Media.