Global EditionASIA 中文双语Français
Home / Business / Industries

Natural gas market will continue to grow into 2040s

By Zheng Xin | | Updated: 2024-02-22 15:02
Share - WeChat
The Kunlun, one of the fourth-generation Changxing series LNG carriers built by Hudong-Zhonghua Shipbuilding (Group), is nearly 300 meters long, 45 meters wide and about 26 meters high. [PHOTO/CHINA DAILY]

The global liquefied natural gas (LNG) market will continue growing into the 2040s, mostly driven by China's industrial decarburization and the increasing demand in other Asian countries, according to a recently released report.

Global demand for LNG is estimated to rise by more than 50 percent by 2040, as industrial coal-to-gas switching gains pace in China, as well as in South and Southeast Asian countries, using more LNG to support their economic growth, according to Shell's LNG Outlook 2024.

"China is likely to dominate LNG demand growth this decade as its industry seeks to cut carbon emissions by switching from coal to gas," said Steve Hill, Executive vice-president for Shell Energy.

According to the report, China's gas infrastructure development has accelerated while the country's long-term gas and LNG demand outlook remains strong.

Relatively mild winter temperatures in countries that rely on gas for heating, combined with high gas storage levels, stronger nuclear power generation and a modest economic recovery in China, helped balance the global gas market in 2023, it said.

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349