According to a recent report from the US Energy Information Administration, compiled from several countries' statistical departments from Japan, South Korea, and China, the three largest importers of LNG in the world who account for more than half of global LNG imports in 2015, the days of string demand growth are over.

They imported a combined 18.2 billion cubic feet per day, a 5% decline from 2014 levels and the first annual decline in these countries' combined LNG imports since the global economic downturn in 2009.

But for Australia, which is due to top Qatar as the world's largest producer by the end of the decade thanks to a $200 billion investment splurge, the declines in traditional markets were partially offset by increasing LNG imports elsewhere in Asia.

Imports in India and Taiwan, the fourth and fifth largest LNG importers respectively, increased slightly in 2015, while there were larger increases in emerging markets such as Malaysia, Singapore, Thailand, and Pakistan.

With demand growth prospects limited in the more mature markets of Japan and South Korea, LNG demand in China, India, Taiwan, and emerging Asian markets is expected to continue to grow in the future.

Speaking at the Energy in Western Australia conference in Perth last week, Curtin University research fellow Roberto Aguilera said Australia would benefit from its proximity to Asia, and its lower shipping costs should help give it an edge over cheap North American gas that is set to flood an already oversupplied market.

However, Aguilera warned Australia can't rely only on dominating sales through its proximity to markets.

"In a low oil price environment companies are incentivised to lower costs, so for the LNG industry it's essential to work on better early stage planning, standardisation of equipment, simplification of construction activity and the introduction of more flexible technologies instead of the massive onshore installations typical of the past decade," he said.

"On the consumption side, floating vessels are also being discussed which would bring new consumers into the market like countries that previously didn't have the scale of financial capacity to enter into expensive long-term oil-indexed contracts.

"Despite low prices and current oil and LNG glut, long-term fundamentals for gas remain attractive, especially in Asia."

He expects that trend to continue, particularly in a post-COP21 world.

"This would be good news for Australia which is expected to remain competitive, but cost reductions and technological improvements will be an essential," he said.

The EIA expects that Asia will soon resume demand growth, primarily thanks to increasing use of natural gas for power generation.

In Thailand, the combined effects of declining domestic natural gas production near consuming centres and strong growth in natural gas demand are driving LNG import growth.

Although LNG imports provide a relatively small share of natural gas supply in Thailand, the country's LNG imports are projected to increase because of limited growth potential for domestic production and for pipeline imports from Myanmar, its two main supply sources.

Malaysia began importing LNG in 2013 and is expected to enjoy moderate growth, limited by competition from lower-priced coal and domestic natural gas prices.

Prospects for LNG demand growth in Singapore depend on the country becoming an LNG trading hub in the region. Singapore is increasing regasification capacity and launched the SGX LNG index in an effort to establish a regional Asian LNG hub.

Pakistan began importing LNG in March 2015 and is expected to see demand double in the next two years as it has declining domestic production and rapidly growing gas demand in the power generation and industrial sectors.

China, the big gas story of the past decade, is expected to increase its imports thanks to the environmental policies promoting use of natural gas in the power, industrial, and transportation sectors; the availability of imported global LNG supply at relatively low prices; and growing capacity of LNG regasification.

Japan's total electricity consumption has fallen for five consecutive years, and nuclear generation is gradually returning to service, likely reducing natural gas use for electricity generation.

In South Korea, government policies now favour the use of coal and nuclear over natural gas for electricity generation.

Asian spot prices for LNG have slumped by about 60% since September 2014, and buyers are increasingly refusing to sign contracts that lock them in over longer timeframes, and stop them selling on unwanted gas.

They are seeking to boost their share of supplies from the spot market, which now accounts for almost one third of traded LNG, up from 18.9% in 2010.