New York, United States, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The Global Liquefied Natural Gas (LNG) Market Size is to Grow from USD 102.23 Billion in 2022 to USD 213.78 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.6% during the projected period.
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LNG is natural gas that has been cooled to liquid for the convenience and security of non-pressurized storage or transportation. LNG is odorless, colorless, and non-corrosive. Internal combustion engines can run on LNG. It is being evaluated and tested for off-road trucking, marine, and train applications. Liquefied natural gas is a growing fuel because it burns cleaner than petrol and diesel. Growing demand for a clean source of energy from a variety of end-use industries, government initiatives to improve gas pipeline infrastructure, and significant growth in global natural gas liquefaction capacity are expected to drive the global liquefied natural gas market over the forecast period. LNG trucks, buses, trains, and boats may be cost-effective in delivering LNG energy alongside general freight and passengers to smaller, isolated communities lacking a local gas source or pipeline. Furthermore, the LNG market was poised for oversupply in 2020 and 2021 as new projects continued to expand capacity far beyond steady demand growth. Because of the pandemic, reduced petrol demand has contributed to excess supply, causing market volatility. Moreover, a prolonged period of low oil prices, combined with increased competition among gas supply sources as new supply enters the market, has reduced margins, putting pressure on gas and LNG producers.
COVID 19 Impact
The unprecedented COVID-19 crisis in 2020 is still having a significant impact on the global workforce, industry, country, and economy. The pandemic has caused disruptions in the LNG supply chain. Businesses were forced to close due to the pandemic, resulting in an abundance of raw materials. The export or import of or raw materials had to go through an exhaustive sanitization process and had to stay at docks during the pandemic's peak, causing a supply chain disruption that hampered the market growth.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Liquefied Natural Gas (LNG) Market" Size, Share, and COVID-19 Impact Analysis, By Infrastructure (LNG liquefaction plants, LNG regasification facilities, and LNG shipping), By Application (Transportation Fuel, Power Generation, Mining & Industrial, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The LNG liquefaction plants segment dominates the market with the largest revenue share over the forecast period
Based on the Infrastructure, the global liquefied natural gas (LNG) market is segmented into LNG liquefaction plants, LNG regasification facilities, and LNG shipping. Among these, the LNG liquefaction plants segment is dominating the market with the largest revenue share over the forecast period. They are highly adaptable to site-specific requirements and can be configured as a single-unit terminal or as a multi-module terminal when linked to other units. Raw gas from the gas pipeline can be routed to the gas treatment module, followed by the liquefaction module all these factors are driving market growth in the forecast period.
The power generation segment is witnessing significant CAGR growth over the forecast period.
Based on application, the global liquefied natural gas (LNG) market is segmented into transportation fuel, power generation, mining & and industrial, among others. Among these, the power generation segment is witnessing significant growth over the forecast period. Rising natural gas demand also helps to reduce greenhouse gas emissions. Over time, there has been a significant increase in the use of this fuel in the mining, industrial, and power generation sectors. Price cuts and low fuel switching costs are driving market growth in power generation.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. Japan accounted for the greatest share of country-level demand and is expected to grow rapidly during the forecast period. China is expected to have the highest growth rate in the Asia Pacific region in the coming years. Petrol accounts for only 4%-5% of the country's prime energy consumption, leaving plenty of room for expansion. The country's robust economic growth is also driving up consumption of gas-powered power plants, which has broadened the market's application scope.
North America is expected to grow the fastest during the forecast period. The presence of shale gas reserves in the United States, as well as the government's increasing emphasis on developing clean energy sources in the country's energy mix, is driving the high demand for LNG. Shale gas reserves can be found in Alberta, British Columbia, Manitoba, Saskatchewan, Ontario, New Brunswick, Quebec, and Nova Scotia, among other places. several factors, including the presence of agencies such as the United States Environmental Protection Agency (EPA), which imposes stringent rules in North America.
Europe market is expected to register a substantial growth rate during the forecast period. The region's power generation market is being impacted significantly by the region's growing population. Population and GDP growth are expected to drive demand for power generation via clean energy sources, which will drive the region's LNG market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global liquefied natural gas (LNG) market are China Petroleum & Chemical Corporation, Eni SpA, Equinor ASA, Exxon Mobil Corporation, Gazprom Energy, PetroChina Company Limited, Royal Dutch Shell PLC, Total S.A, British Petroleum (BP) p.l.c., Chevron Corporation, Conoco Philips, Shell and Other Key Vendors.
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Recent Developments
- In October 2023, the liquefied natural gas (LNG) vessels 'Saint Barbara' and 'Ignacyukasiewicz' are the latest additions to the ORLEN Group's fleet. The ORLEN Group's capacity for natural gas procurement and thus improve Poland's energy security.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global liquefied natural gas (LNG) market based on the below-mentioned segments:
Liquefied Natural Gas (LNG) Market, Infrastructure Analysis
- LNG liquefaction plants
- LNG regasification facilities
- LNG shipping
Liquefied Natural Gas (LNG) Market, Application Analysis
- Transportation Fuel
- Power Generation
- Mining & Industrial
- Others
Liquefied Natural Gas (LNG) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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