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).
Liquefied Natural Gas (LNG) 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.
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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.
- 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.
Liquefied Natural Gas (LNG) Market 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.
Liquefied Natural Gas (LNG) Market 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
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Liquefied Natural Gas (LNG) Market Recent Developments
- March 2023: Sempra reported that Sempra Infrastructure Partners LP (Sempra Infrastructure), its 70%-owned subsidiary, reached a positive final investment decision (FID) for the development, construction, and operation of the Port Arthur LNG Phase 1 project in Jefferson County, Texas.
- Apr 2022: Petronet LNG announced the development of a floating LNG terminal in Odisha by 2025 at a cost of USD 195 million. Furthermore, Petronet is likely to invest USD 73 million in raising the capacity of the Dahej LNG import terminal to 22.5 million metric tons per year from the current 17.5 million metric tons.
Reasons to Acquire in the Liquefied Natural Gas (LNG) Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Liquefied Natural Gas (LNG) Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Synopsis:The global Liquefied Natural Gas (LNG) Market is projected to reach US$ 20.6 billion by 2025 with a CAGR of 12.7% during the completion of the prediction period.
Liquefied Natural Gas implies a collection of gases, largely of methane and additional gases for example Nitrogen, Propane, Butane, and Ethane.
It is stored at a temperature of approx.
When the ship reaches at the delivery harbor, liquefied natural gas is relieved of into finely protected storing tanks, and then again gasified for entering into the grid of pipeline circulation.It can, likewise be transported in lesser capacities, frequently over smaller marine distances.
There is an increasing use of lesser scale deliveries of liquefied natural gas.
These are, most frequently, completed utilizing the similar vessels on trucks and in transnational trade, particularly prepared with cryogenic containers.This natural gas is utilized in a number of businesses comprising rotary kilns, manufacturing, fluid bed dryers, construction, sector of power generation, mining, food processing, furnaces, and dairy products.
Global Liquefied Natural Gas (LNG) Market: Trending in 2021 New York, NY 28 May 2021: The global Liquefied Natural Gas (LNG) market is anticipated to reach USD 19.73 billion by 2026 according to a new study published by Polaris Market Research.
The World Gas Model has scheduled its production dependent on the lowest cost, accounting the transportation to market through LNG or pipeline as well as cost of production that are subject to contractual obligations.
Request For Sample Copy @ https://www.polarismarketresearch.com/industry-analysis/liquefied-natural-gas-market/request-for-sample Power generation industry has been one of the major demands creating sectors in the recent past with several technology developments for using LNG as fuel.
Customers either convert the existing units to dual fuel or replace the existing diesel generators with a gas generator.
Another is the transportation sector, including heavy duty vehicles, ships and even rail.
All of these types of locomotive means are great sources of LNG applications.
