GlobalData’s latest report, Global LNG Regasification Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Regasification Terminals, says that global liquefied natural gas (LNG) regasification capacity increased from 36,562.4 billion cubic feet (bcf) in 2014 to 45,103.6 bcf in 2019 at an AAGR of 4.2%. It is expected to increase from 45,103.6 bcf in 2019 to 59,996.0 bcf in 2024 at an AAGR of 5.7%.
Globally, among regions, Asia, North America, Europe, Middle East and South America were the significant contributors with capacities of 24,933.6 bcf, 7,727.3 bcf, 7,188.6 bcf, 2,776.8 bcf and 1,490.2 bcf respectively in 2019. All five collectively accounted for approximately 97.8% of the global total regasification capacity in 2019.
Japan, US, South Korea, China and Spain were the major contributors among the global countries with LNG regasification capacities of 10,071.0 bcf, 6,480.6 bcf, 5,135.2 bcf, 4,600.5 bcf and 2,231.6 bcf respectively in 2019. These key players accounted for 63.2% of the total global regasification capacity in 2019.
LNG Regasification Industry, Global, Contribution to Total Regasification Capacity by Region (%), 2019
Incheon and Pyeongtaek in South Korea were the largest regasification terminals globally with capacities of 1,855.8 bcf and 1,721.8 bcf respectively in 2019. Sodegaura in Japan, Sabine Pass I in the US followed with similar regasification capacities of 1,461.0 bcf and 1,460.0 bcf respectively in 2019.
Globally, 43 countries are part of the regasification industry with a total regasification capacity of 45,103.6 bcf. By 2024, 64 LNG regasification terminals are expected to commence operations globally.