Liquefied Natural Gas (LNG) Market Size, Share, By Infrastructure Type (Liquefaction Terminals, Regasification Terminals, Chemical & Petrochemicals, and Others), By Trade Type (Spot Trade, Long- Term Contracts and Others), By Application (Power Generation, Industrial, Transportation, Commercial, Residential and Others), By End User (Energy & Power, Mining, Chemical & Petrochemicals, Marine, Automation & Transportation and Others), and By Region - Trends, Analysis, and Forecast till 2034

Report Code: PMI37319 | Publish Date: April 2024 | No. of Pages: 180

Global Liquefied Natural Gas LNG Overview

Liquefied Natural Gas (LNG) market size was valued at USD 110 Billion in 2024 and is expected to reach USD 224.6 Billion by 2034, growing at a CAGR of 8.2%

Natural gas, when refrigerated and turned into a liquid form, is called liquefied natural gas (LNG). Natural gas that is cooled to a fluid state roughly -260°F—for storage and shipment is known as liquefied natural gas, also known as liquefaction. Natural gas has an area that is approximately 600 times smaller in its liquid form than it is in its gaseous form. The natural gas is now able to travel to areas where pipes are inaccessible thanks to this technique.

With established gas facilities, the country's energy sector is expanding and manufacturing is on the rise, leading to a greater demand for natural gas for power generation and transportation fuels.

The increasing demand for LNG, or liquefied natural gas, is anticipated in various countries due to the expected growth in the use of natural gas in the power generation sector. Coal currently serves as the primary energy source for power generation worldwide, but as coal reserves diminish and the detrimental impact of coal on the environment becomes more evident, gas from underground and other renewable energy sources are being increasingly utilized as alternative fuels for power generation.

Liquefied Natural Gas (LNG) Market Report

Global Liquefied Natural Gas LNG Drivers & Restraints

Key Drivers of Target Market:

Growing Global Energy Demand

  • Requirement for energy is increasing as a consequence of increasing growth in the economy and population globally. In comparison to petroleum and coal, LNG produces electricity more effectively and produces smaller impurities. These qualities have been under examination as a potential source of energy. Consequentially, LNG becomes essential to satisfying the worldwide demand for energy, particularly for emerging economies like China and India that are interested in finding an equilibrium between preservation of the environment and economic development.

Restrains:

High Infrastructure Costs

  • Developing LNG ecosystem needs significant expenditures, such the price of floating locations, preservation, or special transport vessels. The substantial expenses related to constructing LNG devices are among the most significant challenges facing companies trying to enter the marketplace, which holds down the development of certain sectors.

Opportunities:

Energy Transition and Clean Energy Initiatives

  •  As more and more people look to gas plants and LNG as alternative fuels and renewable energy sources, the globe is working to combat climate change by lowering greenhouse gas emissions. Energy sources like coal and oil generate more carbon dioxide emissions than these types of fuels.

Global Liquefied Natural Gas LNG Segmentations & Regional Insights

The market is segmented based on Infrastructure Type, Trade Type, Application, End -User, and Region.

Infrastructure Type Insights:

  • Liquefaction Terminals: A business that supervises the purchase and/or exporting of LNG, or liquefied natural gas, is referred to as a port. It includes equipment for liquefying, re-gasifying, preserving, the pumping process, reducing, and measuring LNG and also for transportation of LNG cargo on and off of oceangoing tankers. The most efficient way to move natural gas over long distances is as a fluid, typically by water.
  • Regasification Terminals: If LNG is fluid, the amount it contains is 6 times smaller than if it is a gas. LNG therefore can be more efficiently carried as a liquid, particularly when travelling over long distances. But LNG must be in its liquid form for it to be used as a resource (for heating, cooking, generating electricity, etc.). Regasification processes is the process that transforms LNG into an oily substance into a gaseous.
  • Chemical & Petrochemicals: The liquefied natural gas (LNG) industry is inextricably connected to the chemicals and chemical sector and offers a dependable and easy to use source of energy across an array of purposes, including heating, cooking, and power production. LNG is becoming more prevalent in the petrochemical sector as it reduces operating costs and carbon emissions, which takes the place of the industry's capacity to balance and improve efficiency.
  • Others: The liquefied natural gas (LNG) market is supported by infrastructure such as liquefaction terminals, where natural gas is converted into liquid form for transportation, and regasification terminals, where LNG is returned to its gaseous state for distribution. Key sectors driving demand include chemical and petrochemical industries, which use LNG as a feedstock and energy source. Other significant applications include power generation, residential heating, and transportation, highlighting the versatility of LNG in various market.

Trade Type Insights:

  • Spot Trade: The LNG, or liquefied natural gas, industry within the immediate market is growing as a result of economic growth, a rise in the production of LNG globally, and the simplicity with which customers can secure a contract for a brief period. The spot market is anticipated to have a significant role in the worldwide LNG market since it allows more dynamic pricing and quick changes to changing demand and supply dynamics.
  • Long- Term Contracts: Suppliers and consumers are bound and anticipated through contracts with long terms, forming the main structure of the LNG market. These contracts will ensure an ongoing supply of LNG, reduce volatility in prices, and offer reliable over time infrastructural investment all of that is essential for major construction and worldwide LNG trading.
  • Others: The LNG marketplace stands out by a blend of spot exchange and contracts with long terms, giving both buyers and sellers Report Phrase a great deal of versatility. Contracts for a long time guarantee price as well as supply security, but immediate trading presents chances for profit from volatile markets.

Application Insights:

  • Power Generation: The marketplace for liquefied natural gas, also referred to as or LNG, plays a critical role in the production of energy since it provides petroleum and coal a purifying chance, assisting nations in lowering their carbon emissions. LNG is an excellent way to balance intermittent renewable energy sources and ensure a steady and reliable supply of energy in a fast reducing carbon emissions power landscape due to its adaptability and rapid ramp up or down ability.
  • Industrial: The market for liquefied natural gas (LNG) is strongly influenced by commercial demand, as various sectors, including manufacturing, chemical, and heavy industry, increasingly include LNG for its advantages. This move is also supported by the government's incentives to promote clean electricity sources, the development of LNG infrastructure, and the growing need for reliable energy supply in the industrial sector, leaving LNG as a critical part of the transition to future industrialization.
  • Transportation: The demand for liquefied natural gas, also known as or LNG, has been significantly impacted by its application in travel, its replacement of bulky and marine vessels by LNG, and lastly, the reduction of greenhouse gas emissions. Pollutants in addition to adherence to ecological laws. The market grows and LNG's standing as a green power option has been reinforced by the growth of LNG warehouses and the rise in purchases of Gas-powered vehicles.
  • Commercial: The marketplace of natural gas (LNG) has been more concentrated on commercial, electricity creating, and transportation as businesses. LNG's characteristics, such as its lower emissions of greenhouse gases compared with conventional fuels, its versatility, and its ability to meet the growing energy needs of emerging markets, will render it an appealing choice for companies.
  • Residential: In the house industry, natural gas (LNG) is growing more and more popular because consumers seek more environmentally friendly options for cooking, heating, and hot water. LNG's use will be helped by its ease of distribution & lower emissions of carbon compared with conventional fuels, especially in Report Phrase areas without natural gas pipe hookups.
  • Others: LNG, or liquefied natural gas, is a marketplace that provides an environmentally friendly replacement for traditional fossil fuels in a number of sectors, such mining, chemical and chemical, energy and power. Its uses in transport and robots boost output and reduce emissions, and increasing demand in newly developed regions promotes the development of multiple companies investigating alternative power resources.

End User Insights:

  • Energy & Power: The marketplace for liquefied natural gas (LNG) is essential to the energy and power-related sectors as it offers an environmentally friendly alternative for warming and generating power than traditional petroleum and coal. The need for security of energy, the move to sources of clean energy, as well as LNG's ability to ensure an ongoing supply of energy through its flexible transport and storage capabilities are the main factors operating the rising demand for LNG as well as establishing it as an important player in the global power structure.
  • Mining: The mining sector is experiencing an increase in the utilization of LNG, or liquefied natural gas that serves as a more environmentally conscious option to traditional fuels for machinery and equipment operations. As LNG offers the ability to lower emissions, lower operating costs, and improve the utilization of energy, it is growing increasingly common among miners. This can be especially true in faraway places where access to traditional electrical sources may be limited.
  • Chemical & Petrochemicals: Because liquefied natural gas (LNG) is a crucial feedstock in the production of ammonia, methanol, and other chemicals, the market for LNG has an intimate connection to the petrochemical and chemical sectors. The growing need in these industries for more efficient and greener sources of energy is driving up LNG usage, helping businesses shift to lower-emission methods of manufacture, while encouraging long-term development.
  • Marine: The liquefied petroleum gas (LNG) market perceives an increase in focus from nautical uses due to the marine industry's commitment to employing renewable energy sources in order to minimize pollution and comply therewith environmental regulations. Because LNG has a lower sulphur level and produces less particles as heavier petroleum-based goods, switching to it is easier and it has become recognized as an option for sea uses.
  • Automation & Transportation: Robotics and developments in technology for transport are having a more significant impact upon the LNG field. While advances in travel, such as specialize LNG providers and enhanced logistics, facilitate global trade and transportation, ensuring reliable supplies and decreasing expenses for LNG manufacturers and customers alike, robotics enhances both productivity and security in LNG production and the garage facilities.
  • Others: The target market serves various sectors, along with strength and power, in which it helps cleaner electricity generation; mining, for gasoline and strength needs; and chemical substances and petrochemicals, in which its miles used as a feedstock. Additionally, the marine sector is increasingly adopting LNG as a gasoline for shipping, while automation and transportation benefit from LNG`s efficiency and lower emissions, enhancing its appeal throughout more than one industries. Other packages consist of residential and business heating, contributing to an assorted marketplace landscape.

Regional Insights:

  • North America: This region is experiencing extensive growth due to abundant natural gas supplies, advances in extraction technologies, and growing export capabilities.
  • Asia Pacific: The target market  is witnessing extensive growth due to increasing demand, especially in countries such as China and India, which are transitioning to cleaner fuel sources.
  • Europe:  Experiencing a rapid growth as an outcome of the region's initiatives to expand its sources of energy and reduce its dependence on traditional sources of energy. The growth of LNG import facilities which enhances reliability of supply and allows wider use of worldwide LNG assets, political problems pushing a shift toward alternatives to petroleum and coal, and the rising demand for energy from renewable sources represent a few of the main causes of this increase.
  • Latin America: Latin America is growing because of its plentiful supply of gas, increasing demand for more sustainable power, and infrastructural investment performed to enable LNG export and import terminals. Government initiatives promoting diversification of energy & the need for increased energy security are additionally having a bearing on LNG's growth as an essential part for the region's energy strategy.
  • Middle East and Africa: Natural gas reserves, increasing regional and global demand, and investments in LNG facilities mean that the regions have excellent growth prospects. The advantageous position of the region increases its global trading potential, and attempts to explore alternative energy sources and reduce carbon emissions further encourage the growth of LNG as an alternative fuel for industrial and electrical power generation.

Liquefied Natural Gas (LNG) Market Report Scope:

Attribute

Details

Market Size 2024

USD 110 Billion 

Projected Market Size 2034

USD 224.6 Billion

CAGR Growth Rate

8.2%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Infrastructure Type - Liquefaction Terminals, Regasification Terminals, Chemical & Petrochemicals, and Others.

By Trade Type - Spot Trade, Long- Term Contracts and Others

By Application - Power Generation, Industrial, Transportation, Commercial, Residential and Others

By End User - Energy & Power, Mining, Chemical & Petrochemicals, Marine, Automation & Transportation and Others

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Infrastructure Type, Trade Type, Application, End -User, and Region.

Segmentation:

By Infrastructure Type:

  • Liquefaction Terminals
  • Regasification Terminals
  • Chemical & Petrochemicals
  • Others

By Trade Type:

  • Spot Trade
  • Long- Term Contracts
  • Others

By Application:

  • Power Generation
  • Industrial
  • Transportation
  • Commercial
  • Residential
  • Others

By End User:

  • Energy & Power
  • Mining
  • Chemical & Petrochemicals
  • Marine
  • Automation & Transportation and Others

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Global Liquefied Natural Gas LNG Competitive Landscape & Key Players

The key players operating in the Liquefied Natural Gas (LNG) Market include BP Plc, Royal Dutch Shell plc, Chevron Corp., Exxon Mobil Corp, Total S.A., PetroChina Co. Ltd., Equinor ASA, Sinopec Ltd., Gazprom Ltd., Canadian Natural Resources Ltd., Cheniere Energy, Inc., Qatar Petroleum, Woodside Petroleum Ltd., ConocoPhillips, Eni S.p.A. and Novatek.

Liquefied Natural Gas (LNG) Market Players

Global Liquefied Natural Gas LNG Recent News

  • In March 2023, Sempra reported that Sempra Infrastructure Partners LP (Sempra Infrastructure), its 70%-owned subsidiary, reached a positive very last investment decision (FID) for the development, construction, and operation of the Port Arthur LNG Phase 1 project in Jefferson County, Texas.
  • In April 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.five million metric tons per 12 months from the modern 17.5 million metric tons.

Global Liquefied Natural Gas LNG Company Profile

  • BP Plc.*
  • Royal Dutch Shell plc.
  • Chevron Corp.
  • Exxon Mobil Corp.
  • Total S.A.
  • PetroChina Co. Ltd.
  • Equinor ASA
  • Sinopec Ltd.
  • Gazprom Ltd.
  • Canadian Natural Resources Ltd.
  • Cheniere Energy, Inc.
  • Qatar Petroleum
  • Woodside Petroleum Ltd.
  • ConocoPhillips
  • Eni S.p.A.
  • Novatek

FAQs

Liquefied Natural Gas (LNG) Market Size was valued at USD 110 Billion in 2024 and is expected to reach USD 224.6 Billion by 2034 growing at a CAGR of 8.2%

The Liquefied Natural Gas (LNG) Market is segmented into Infrastructure Type, Trade Type, Application, End -User, and Region.

Factors driving the market include the growing global energy demand.

The Liquefied Natural Gas (LNG) Market's restraints include high infrastructure costs.

The Liquefied Natural Gas (LNG) Market is segmented by region North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. North America is expected to dominate the Market.

The key players operating in the Liquefied Natural Gas (LNG) Market include BP Plc, Royal Dutch Shell plc, Chevron Corp., Exxon Mobil Corp, Total S.A., PetroChina Co. Ltd., Equinor ASA, Sinopec Ltd., Gazprom Ltd., Canadian Natural Resources Ltd., Cheniere Energy, Inc., Qatar Petroleum, Woodside Petroleum Ltd., ConocoPhillips, Eni S.p.A. and Novatek.