From 2013 to 2023, the import of liquefied natural gas (LNG) to South Africa fluctuated, with a notable dip in 2020 and a recovery period leading up to 2023. The most recent actual value in 2023 stood at 3.3476 billion kilograms, signaling a modest increase of 1.94% year-on-year from 2022. Over the last 5 years, the compound annual growth rate (CAGR) averaged approximately 1.98%, showcasing modest but steady growth.
Forecasts up to 2028 indicate a continued slow and steady growth rate, with the CAGR projected at 1.51%. This suggests consistent, albeit minimal, annual increases in LNG imports, with an estimated 7.77% cumulative growth by 2028.
Future trends to watch for:
- Shifts in global LNG prices and their impact on import volumes.
- Changes in South Africa’s energy policies and their influence on LNG demand.
- Developments in renewable energy and their potential to reduce reliance on LNG imports.
- Technological advancements in LNG storage and transportation.
