LNG Market is expected to grow at a CAGR of 6.67% through 2029

LNG Market is expected to grow owing to stable pricing and abundant global supply throughout the forecast period.

 

According to TechSci Research report, “LNG Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029F”, the Global LNG Market was valued at USD 131.16 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.67% through 2029. Amid global concerns over climate change and air quality, there is a growing consensus on the imperative to mitigate greenhouse gas emissions. Natural gas, utilized for energy generation, emits considerably lower levels of carbon dioxide (CO2) and other pollutants in comparison to coal and oil. This environmental imperative has sparked heightened interest in natural gas and its derivative, LNG, as a cleaner energy alternative. The global effort to curtail greenhouse gas emissions and combat climate change presents a significant opportunity for LNG. Natural gas is acknowledged as a cleaner fossil fuel compared to coal and oil, positioning it as a transitional energy source as the world shifts towards a low-carbon energy future. LNG plays a pivotal role in this transition, particularly in regions heavily reliant on coal for energy generation.

 

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Based on LNG infrastructure, the LNG Regasification Facilities segment dominated the market in 2023. These facilities play a critical part in the LNG supply chain, facilitating the conversion of liquefied natural gas (LNG) back into its gaseous state for distribution and consumption. LNG regasification facilities are strategically positioned at key ports and terminals worldwide, serving as vital gateways for LNG imports. They are equipped with specialized infrastructure including storage tanks, vaporizers, and distribution pipelines, designed to ensure the safe and efficient handling of LNG. The growth of LNG regasification facilities in 2023 can be attributed to several factors. Firstly, increasing global demand for natural gas, driven by its role as a cleaner alternative to traditional fossil fuels, has spurred investments in LNG infrastructure. Regasification facilities are essential in meeting this rising demand by facilitating the importation of LNG from exporting regions to consuming markets.

Regulatory frameworks promoting cleaner energy sources and stricter emissions standards have further bolstered the development of LNG regasification infrastructure. Governments and regulatory bodies worldwide are incentivizing the use of natural gas, thereby encouraging the expansion of LNG regasification capacity to enhance energy security and sustainability. Technological advancements in LNG regasification technology have also contributed to the segment's dominance. Innovations in vaporization processes, cryogenic storage systems, and safety protocols have improved operational efficiencies and reduced environmental impacts associated with LNG handling and distribution. LNG regasification facilities support energy diversification efforts by enabling countries to access a more diverse range of energy sources. This flexibility is particularly advantageous during periods of fluctuating energy prices or geopolitical uncertainties, providing stability and resilience to national energy portfolios.

The strategic location of LNG regasification facilities near major urban centers and industrial hubs facilitates the efficient distribution of natural gas to end-users across various sectors. This infrastructure plays a crucial role in supplying clean energy for power generation, industrial processes, residential heating, and transportation fuels, thereby supporting economic growth and development. LNG regasification facilities contribute to regional energy security by reducing dependency on single-source energy imports. By diversifying energy supply sources, countries can mitigate risks associated with supply disruptions and geopolitical tensions, ensuring a reliable and stable energy supply for their populations.

Investments in LNG regasification infrastructure are often part of broader national and regional energy strategies aimed at achieving energy independence and sustainability goals. These facilities not only meet current energy demands but also position countries favorably for future growth in LNG consumption and production capacities. The expansion and modernization of LNG regasification facilities are expected to continue as global energy transitions towards lower-carbon alternatives accelerate. The resilience and adaptability of these facilities will play a crucial role in shaping the future landscape of the Global LNG market, supporting sustainable development and environmental stewardship on a global scale.

 

Key market players in the Global LNG Market are:-

• QatarEnergy
• Shell plc
• Exxon Mobil Corporation
• Chevron Corporation
• TotalEnergies SE
• BP International Limited
• Pao Novatek
• Woodside Energy Group Ltd
• PetroChina Company Limited  

 

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“The Global LNG Market in Asia Pacific is poised to be the dominant region in the industry. The Asia Pacific region is witnessing substantial investments in LNG infrastructure. This includes the development of LNG import terminals, expansion of regasification capacity, and the construction of LNG receiving vessels, such as Floating Storage and Regasification Units (FSRUs). These infrastructure investments are crucial for ensuring a reliable and diversified LNG supply”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“LNG Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By LNG Infrastructure (LNG Liquefaction Plants, LNG Regasification Facilities and LNG Shipping), By End-User (Residential, Commercial and Industrial), By Region, and By Competition 2019-2029F”, has evaluated the future growth potential of Global LNG Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global LNG Market.

 

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