Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Liquefied Natural Gas (LNG) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global liquefied natural gas (LNG) market is expected to experience significant growth and surpass a valuation of over US$200 billion by the end of 2030.
This growth is driven by the increasing demand for clean energy alternatives in electricity production, with a growing emphasis on distributed power and utility initiatives.
Key Findings:
- The global LNG market is projected to exceed US$200 billion by 2030.
- Multiple industries are contributing to the accelerated demand for LNG, driving market growth.
- Asia Pacific is expected to maintain a leading position in the global LNG market.
- Key players in the market include Apache Corporation, BG Group Plc, Veresen Inc, Cheniere Energy Inc, ConocoPhillips, and Exxon Mobil Corporation.
Growth Drivers:
- Expanding LNG Production: The global LNG market is experiencing robust growth due to the increasing production of liquefied natural gas. Advancements in the global supply of coalbed methane, shale gas, and tight gas have made natural gas one of the fastest-growing fossil fuels. This surge in natural gas production, particularly in the United States with its shale oil and gas reserves, has resulted in increased LNG production. Natural gas is being converted into LNG for export to countries with limited domestic natural gas production, driving market growth.
- Commoditization of LNG: The growing number of LNG producers and consumers has led to the rise of floating liquefaction and regasification plants, along with increased LNG sales. This has resulted in the commoditization of LNG, creating a more open, efficient, and liquid market environment. The commoditization of LNG has made it a widely traded commodity, offering opportunities for stakeholders. The cost-effectiveness of LNG has prompted a shift from coal to natural gas, further accelerating trading activities and benefiting vendors. Improved interconnectivity and flexibility in LNG trading are expected to positively influence the market.
Key Segments:
- Power Generation: The power generation segment held the largest share of the global LNG market in 2021. The rising demand for natural gas in power generation meets energy needs while reducing harmful greenhouse gas emissions. The cost-effectiveness of natural gas has led to its extensive use in transportation and power generation sectors.
Regional Segment:
- Asia Pacific: This region is expected to have a major share in the global LNG market, with Australia as a prominent exporter. Significant LNG projects in Queensland and Western Australia have contributed to the region's position as a major LNG exporter. India is also anticipated to become an attractive destination for exporters and manufacturers due to increased LNG infrastructure development. New LNG supply capacity projects are set to commence operations by 2025, further driving the LNG market in the region.
- Europe: Europe, with the second-largest share in the global LNG market revenue, is influenced by increasing population and growing demand for power generation from clean energy sources.
Key Market Entities:
Prominent players in the LNG market include Apache Corporation, BG Group Plc, Veresen Inc, Cheniere Energy Inc, ConocoPhillips, Exxon Mobil Corporation, Dominion Resources Inc, Kinder Morgan Inc, Qatar Petroleum, Sempra Energy, Royal Dutch Shell PLC, and Woodside Petroleum Ltd. These players specialize in specific sectors to establish a robust presence in the market.
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