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June 18, 2020

Global liquefaction and regasification capacities to grow considerably by 2024

By GlobalData Energy

GlobalData’s latest report ‘Global LNG Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals’ says that global liquefaction capacity increased from 304.2 million tonnes per annum (mtpa) in 2014 to 437.1mtpa in 2019 at an AAGR of 7.3%. It is expected to further increase to 669mtpa in 2024 at an AAGR of 8.5%.

Australia, Qatar, US, Indonesia and Malaysia are the key countries globally, accounting for over 63.3% of the total liquefaction capacity of the world in 2019.

Badak (Indonesia), Nigeria (Nigeria) and Sabine Pass II (US) are the largest liquefaction terminals globally with capacities of 22.5mtpa, 22mtpa and 18mtpa respectively. These were commissioned in 1977, 1999 and 2016 respectively.

The total global regasification capacity in 2019 was 44,709.2 billion cubic feet (bcf). The regasification capacity increased from 36,445.5bcf in 2014 to 44,709.2bcf in 2019 at an AAGR of 4.1%. It is expected to increase further to 61,761.7bcf in 2024 at an AAGR of 6.5%.

Japan, US, South Korea, China and Spain are the major countries, accounting for 62.9% of the total global regasification capacity in 2019.

Incheon (South Korea), Pyeongtaek (South Korea) and Sodegaura (Japan) are the largest regasification terminals of the world with capacities of 1,855.8bcf, 1,721.8bcf and 1,461bcf respectively. These were commissioned during 1996, 1986 and 1973 respectively.

LNG Industry, Global, Regasification Capacity Share vis-à-vis Growth by Key Countries, 2014–2019

Globally, 57 countries participate in the liquefied natural gas (LNG) industry with a total regasification capacity of 44,709.2bcf and liquefaction capacity of 437.1mtpa in 2019. By 2024, 101 new LNG liquefaction and regasification terminals are expected to commence operations. In 2019, Australia had the highest liquefaction capacity at 87.8mtpa, while Japan had the highest regasification capacity at 9,915.2bcf.

By 2024, the number of countries in the global LNG industry is expected to increase to 72. Of these, 11 countries are expected to have both liquefaction and regasification operations.

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