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Energy Icon

Liquefied Natural Gas (LNG) Market – Trends Forecast Till 2030

Liquefied Natural Gas (LNG) Market, By LNG infrastructure (LNG liquefaction plants, LNG regasification facilities, and LNG shipping), By Application (Transportation Fuel, Power Generation, Others), Type (liquefaction, regasification), End- User (Residential, Commercial, and Industrial) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

  • Published Date : August 2023
  • Base Year Estimate : 2022
  • Report ID : D-EN-LNGM-1466
  • Format :
  • Number of Pages : 525
  • Domain : Energy
  1. Energy
  2. Liquefied Natural Gas (LNG) Market – Trends Forecast Till 2030
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REPORT SYNOPSIS
Market Snapshot Market Overview Delvens Industry Expert's Standpoint Market Portfolio Key Findings Regional Analysis Competitive Landscape Recent Developments Reasons to Acquire Report Scope
Table Of Content Frequently Asked Questions

Market Snapshot

Market Overview

The global Liquefied Natural Gas (LNG) market size was estimated at USD 98.6 billion in 2023 and is projected to reach USD 161.98 billion in 2030 at a CAGR of 7.35% during the forecast period 2023-2030.

LNG (Liquefied Natural Gas) is a type of natural gas that is cooled to a liquid for non-pressurized storage or transportation. The gas shrank 600 times after cooling, which makes it easy to store and transport. One of the advantages of gas liquefaction is that LNG does not ignite when burned in liquid form. Once the LNG has reached its destination, it is converted back into gas at regasification plants and re-supplied for residential, commercial and industrial use or for power generation. LNG is a transparent, harmless, odorless and non-corrosive gas that is competitive and provides a clean transportation fuel.

The growth of the global Liquefied Natural Gas (LNG) market is mainly driven by the growing demand for natural gas as a cleaner and more efficient source of energy, proliferation of LNG as a transportation fuel, and government policies to reduce dependence on fossil fuels and encourage the use of natural gas, harsh winters and summers, increased demand for goods and services due to economic growth and rising oil prices are some of the main factors influencing the global LNG market. In addition, the increase in the availability of LNG from new projects and the expansion of LNG export facilities also contributed to the growth of the LNG market.

The spread of the COVID-19 pandemic adversely affected the market, most of the LNG projects which were going to start in 2020 were postponed, the demand for LNG was negatively affected by the decrease in activity in the commercial and industrial sectors. The market has now reached the same pre pandemic scenario.

Delvens Industry Expert's Standpoint

The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Post-Covid, the LNG market is expected to grow significantly due to various factors such as technological advancements, growing demand for LNG in the Asia-Pacific region, and others. The LNG industry is changing as technology advances and new sources of demand increase. Technological development enables the production, liquefaction and storage of LNG gas in the offshore area. Flotation liquefaction is a relatively new technology compared to flotation regasification, which has quickly established itself in the market. However, the delay in the LNG project is one of the main factors hindering the planned growth of the LNG market. These factors have led to the expansion of the market and increased demand for Liquefied Natural Gas (LNG) solutions.

Market Portfolio

Key Findings

  • The application type segment is segregated into transportation fuel, power generation and others. The power generation applications segment accounted for most of the value. Growing demand for natural gas also helps reduce harmful greenhouse gases. The increased use of this fuel in the mining, industrial and power generation sectors has changed significantly over the historical period. Falling prices and low fuel switching costs are fueling industry growth in transportation and power generation applications. Currently, Power plants are shifting to liquefied natural gas to increase delivery and cost competitiveness and reduce pollution. Growth in usage of LNG into transportation fuel supported by Europe and China is expected to push the demand further.
  • The type segment is further bifurcated into liquefaction and regasification. The liquefaction type has garnered high share in the market in 2021. This is attributed to increase in new liquefaction terminals or expansion of liquefaction capacity in major exporting countries such as the U.S., Qatar, Australia, and others. In addition, an onshore regasification terminal accounted for the highest market share in 2021. This is attributed to factors such as longer-term supply security, greater storage capacity, less operating expenditure, and others.
  • The organization segment is further bifurcated into residential, commercial and industrial. The industrial sector has garnered highest market share in 2021. This is attributed to increase in demand for LNG from industrial sector, owing to rise in concerns regarding pollution. For instance, some of the countries in developed and developing region reduced its dependency on coal for power generation due to rise in pollution levels.
     
  • The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-pacific is estimated to account for the largest market share during the forecast period.

Regional Analysis

Asia-Pacific to Dominate the Market

  • North America is estimated to account for the largest market share during the forecast period. In Asia-Pacific Robust economic growth across the region is leading to higher consumption of gas-based power facilities which is expected to boost the Asia-Pacific market growth.

 

Competitive Landscape

  • Saudi Aramco
  • Sinopec
  • ADNOC
  • CNPC
  • Exxon Mobil
  • Reliance Industries
  • KNPC
  • Phillips66
  • Bharat Petroleum Corporation Ltd.
  • Pemex
  • Total Corp.
  • Qatar Petroleum
  • Equinor
  • BP Corp.
  • Gazprom Corp.
  • Chevron
  • ConocoPhillips Company
  • SHV Energy (NL)
  • Valero Energy
  • UGI Corporation
  • Royal Dutch Shell PLC