As Dropbox, Inc. continues to find ways to solve companies’ needs through our product solutions, there is one industry that we are very excited about getting involved with as it continues to move forward and grow. That industry is the Liquid Natural Gas (LNG) industry.
According to a leading marketing research company called Technavio, the global LNG market will be growing at a CAGR of 6%, and its year-over-year growth rate for 2019 is estimated to be 5.46%. From 2018 to 2023, the market is also expecting to see an incremental growth of $50.22 billion. With the market currently having only a few key players, many companies are eager to join this rising industry in order to succeed.
Some readers are probably asking themselves, “What is LNG, and why is it so prevalent?”
LNG is a non-toxic, non-corrosive, clear, and colorless liquid form of natural gas. Natural gas becomes liquefied when it is cooled to -260°F (-162°C). This allows the gas to be shrunken to 600 times its original volume so that it’s easier to ship and store. It’s also safer than its gaseous state because it’s unable to ignite while it’s liquefied unless it’s mixed with oxygen in a 5% to 15% ratio and combined with an ignition source of at least 1000°F. Once the LNG is placed where it needs to be, it’s turned back into gas through the process of regasification. Businesses and homes use natural gas for heat or to produce electricity.
The popularity of LNG is increasing because it’s not only cost-effective, but it’s environmentally-friendly as well. Transporting natural gas requires more space, and it can’t be stored in large quantities. LNG only takes up 1/600th of the volume of natural gas. Therefore, it would make more sense financially to liquefy natural gas because it can be shipped in larger quantities and makes shipping to long distances less expensive. Environmentally speaking, LNG is the cleanest fossil fuel compared to coal and oil because it produces less emissions and pollutants.
Dropbox Inc. offers modular labs that will provide LNG producers and consumers with the proper environments for upstream, midstream, and downstream energy services
Our customizable, modular labs are fully equipped to meet the specific needs of the producers and consumers of natural gas, LNGs, crude oil, refined products, and petrochemicals. Dropbox Inc. is currently working with top natural gas companies such as Enterprise Products Partners L.P. and Marcellus Shale Coalition by providing modular labs for natural gas treating/processing and hydraulic fracturing. As our company continues to modify the modular labs to support the LNG industry specifically, we look forward to the industry’s future successes and our opportunity to help contribute to that success.
For more information on DropBox Inc. and our modular labs, CONTACT US HERE or call us today at 740.532.7822.