Industry executives said at the gas technology summit recently that global demand for liquefied natural gas (LNG) is expected to increase steadily in the coming decades, driven by economic growth in Asia, and the epidemic is seen as a short-term setback.
"While the world is still struggling to cope with the severe impact of market demand and the impact of the epidemic, population growth and energy demand growth will support long-term fundamentals," said irtiza Sayyed, President of ExxonMobil's LNG market development company
The International Energy Forum predicts that global natural gas demand is expected to decline by about 3% this year and will recover strongly thereafter.
As the world seeks cleaner energy sources to reduce pollution and carbon dioxide emissions, natural gas and LNG are expected to provide a corridor to a net zero emission future.
"With the growth of the global economy, the LNG industry is and will continue to grow at a high speed, especially in Asia, where people are eager for safe, cheap and clean fuels," Douglas Wharton, vice president of marketing division of chenille energy, told GASTECH
Chenille energy, the largest LNG exporter in the United States, predicts that LNG trade demand will grow at an average annual rate of 3.4% from 2019 to 2040, and additional LNG supply is needed to achieve this growth.
Some executives at the summit said supply may not recover as quickly as demand because the epidemic has reduced investment in new production.
Two thirds of the increase in LNG demand in the next 10 years will come from China, India, Pakistan and Bangladesh, according to statistics released by wood Mackenzie.
Industry executives from India say their demand for LNG is increasing this year, and most speakers agree that China will be the main driver of global LNG demand growth in the coming decades.
Cai Ming, a natural gas and LNG consultant at poten & partners, said China's annual demand for natural gas is expected to exceed 600 billion cubic meters by 2040, compared with just over 300 billion cubic meters this year.