Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 131.16 billion

CAGR (2024-2029)

6.67%

Fastest Growing Segment

Commercial

Largest Market

Asia Pacific

Market Size (2029)

USD 194.96 billion





Market Overview

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. Natural gas, including LNG, offers economic advantages due to its competitive pricing and stable supply. Its environmental benefits, such as reduced CO2 emissions, sulfur dioxide (SO2) emissions, and nitrogen oxides (NOx) emissions, make it an attractive choice for industries, power generation, and residential heating, particularly in regions with stringent environmental regulations.

Key Market Drivers

Growing Demand for Cleaner Energy Sources

The global LNG (Liquefied Natural Gas) market is being significantly driven by the increasing demand for cleaner energy sources. As the world grapples with the consequences of climate change and strives to reduce greenhouse gas emissions, natural gas, which is one of the cleanest fossil fuels, has emerged as a favored option for many nations. LNG, in particular, is gaining prominence due to its versatility and lower environmental footprint compared to other fossil fuels.

One of the primary factors fueling this demand is the transition from coal to natural gas for electricity generation. Natural gas power plants emit significantly fewer carbon emissions, making them a crucial component of countries' efforts to meet their emissions reduction targets. Furthermore, the flexibility of LNG as a fuel source for power generation allows it to complement intermittent renewable energy sources such as wind and solar power.

In addition to power generation, the use of LNG as a transportation fuel is on the rise. LNG-powered vehicles, especially in the shipping industry, are gaining traction as a more environmentally friendly alternative to traditional marine fuels. With stricter emissions regulations coming into effect, LNG offers a compelling solution to reduce air pollution and greenhouse gas emissions.

LNG is playing a pivotal role in the decarbonization of industrial processes. Various industries are adopting LNG as a feedstock for the production of chemicals and other energy-intensive operations, contributing to a reduction in carbon emissions.

To sum it up, the global LNG market is being driven by the growing demand for cleaner energy sources as countries and industries strive to transition away from more carbon-intensive fuels. This demand is expected to persist and even intensify in the coming years, making LNG a key player in the global energy transition.

Expanding LNG Export Infrastructure

The second key driver for the global LNG market is the rapid expansion of LNG export infrastructure. LNG is a global commodity, and its trade has surged due to the development of new liquefaction terminals and export facilities around the world.

One of the primary factors contributing to the expansion of LNG export infrastructure is the discovery and exploitation of new natural gas reserves. Countries with significant gas reserves are investing in the development of liquefaction plants to monetize their resources and tap into the growing global LNG demand. This trend has led to LNG export capacity growth in regions such as the United States, Australia, Qatar, and Russia.

Technology advancements have made it more cost-effective to transport LNG over long distances, enabling new entrants in the LNG export market. Floating LNG (FLNG) facilities and small-scale LNG plants are increasing the flexibility and accessibility of LNG trade. These innovations allow smaller gas fields to be economically viable for LNG production and export.

The liberalization of LNG markets and regulatory changes in many countries have also facilitated the expansion of export infrastructure. Market reforms and the removal of trade barriers have made it easier for countries to participate in the global LNG trade. Additionally, long-term supply contracts are being replaced by more flexible, short-term agreements, encouraging market liquidity and enhancing the attractiveness of LNG trade.

This growing LNG export infrastructure is not only changing the dynamics of the global LNG market but also increasing competition among LNG suppliers. It has the potential to enhance energy security, reduce price volatility, and offer more choices to LNG consumers worldwide.

The expansion of LNG export infrastructure is a critical driver for the global LNG market, creating new opportunities for gas-producing nations and fostering a more dynamic and competitive LNG market landscape.

Rising LNG Demand in Emerging Markets

The third major driver for the global LNG market is the rising demand for LNG in emerging markets. As economies in various regions of the world continue to grow, the need for reliable and cleaner sources of energy is driving increased consumption of LNG.

Asia, in particular, stands out as a major player in this trend. Countries like China and India are experiencing rapid industrialization and urbanization, resulting in a surge in energy demand. To meet their energy needs and reduce air pollution, these nations are turning to LNG as a cleaner alternative to coal and oil. Additionally, LNG is being used in the residential and commercial sectors for heating and cooking, further boosting its demand.

In Southeast Asia, LNG is gaining traction as a source of power generation, and the development of small-scale LNG infrastructure is making it more accessible to remote and off-grid areas. In Africa, LNG is being used to fuel power plants and drive economic development, with a focus on gas-to-power projects that leverage the continent's substantial natural gas resources.

The Middle East, traditionally known for its oil production, is also entering the LNG market. Qatar, for instance, has positioned itself as a major LNG exporter, and other Gulf countries are exploring LNG as a means to diversify their energy portfolios.

Latin America is witnessing growing interest in LNG for power generation and transportation, especially in countries like Brazil, Argentina, and Mexico.

This increasing demand in emerging markets is creating new opportunities and challenges for the global LNG industry. Infrastructure development, supply chain logistics, and market regulations are evolving to accommodate the needs of these regions. As a result, emerging markets are expected to be a significant driver of growth for the global LNG market in the coming years.

 


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Key Market Challenges

Volatile Price and Demand Dynamics

One of the significant challenges facing the global liquefied natural gas (LNG) market is the inherent volatility in both LNG prices and demand dynamics. The price of LNG is closely linked to the global energy market, and it can be subject to sharp fluctuations due to various factors, making long-term investments in LNG infrastructure and supply contracts risky.

LNG prices are influenced by factors such as supply and demand imbalances, geopolitical tensions, weather patterns, and fluctuations in oil prices. For instance, the oversupply of LNG due to increased production capacity and a warmer-than-expected winter can lead to price declines, affecting the profitability of LNG producers and exporters. Conversely, disruptions in supply caused by geopolitical conflicts or extreme weather events can lead to price spikes and supply shortages, impacting importers and consumers.

The volatility in LNG demand dynamics poses challenges. While LNG is recognized for its cleaner energy attributes and flexibility, demand can be influenced by economic conditions, policy changes, and technological advancements. Shifts in energy policies, such as government subsidies for renewable energy sources or stricter emissions regulations, can affect the demand for LNG. Additionally, the growing use of floating storage and regasification units (FSRUs) has increased the flexibility of LNG imports, allowing countries to adjust their LNG imports more rapidly in response to changing market conditions.

Managing these price and demand dynamics is a complex task, requiring LNG market participants to adapt quickly to changing circumstances. This challenge necessitates the development of innovative pricing mechanisms, risk management strategies, and long-term contracts that strike a balance between supplier and consumer interests while ensuring market stability.

Environmental and Regulatory Concerns

Environmental and regulatory concerns represent a significant challenge for the global LNG market. While LNG is considered a cleaner-burning fossil fuel compared to coal and oil, it is not without its environmental impacts, and addressing these concerns is critical to ensuring the industry's sustainability.

One of the primary environmental concerns associated with LNG is methane emissions. Methane, a potent greenhouse gas, can escape during the extraction, production, and transportation of natural gas, including LNG. Methane leakage can significantly offset the environmental benefits of using natural gas for power generation and other applications. Addressing these emissions requires comprehensive monitoring and mitigation measures throughout the LNG supply chain.

In addition to methane emissions, LNG projects often face regulatory challenges related to environmental permitting and safety. LNG facilities, including liquefaction terminals and export terminals, must meet strict safety standards and comply with environmental regulations, which can be complex and time-consuming to navigate. Obtaining the necessary permits and approvals for LNG projects can lead to delays and increased costs.

Local opposition to LNG infrastructure projects, including concerns about safety, land use, and the impact on nearby communities and ecosystems, can create challenges for project developers. Navigating these regulatory and environmental hurdles often requires substantial investments in compliance and community engagement.

To address these challenges, the LNG industry is increasingly focusing on improving its environmental performance by reducing methane emissions, enhancing safety measures, and engaging in sustainable practices. Additionally, policymakers are working to establish clearer and more consistent regulatory frameworks to streamline the development of LNG projects while ensuring environmental protection and safety.

Geopolitical Risks and Trade Disputes

Geopolitical risks and trade disputes present a substantial challenge to the global LNG market. The LNG trade is subject to the influence of geopolitical tensions and trade policies that can disrupt supply chains, increase costs, and impact market stability.

One prominent example is the ongoing trade tensions between the United States and China, two significant players in the global LNG market. Tariffs and trade restrictions can affect the flow of LNG exports, making it difficult for producers to access key markets and creating uncertainty for long-term supply agreements.

Geopolitical conflicts and regional disputes can also disrupt the supply of LNG. For instance, tensions in the South China Sea or the Strait of Hormuz can potentially impact shipping routes and the security of LNG transportation. Producers and consumers alike need to consider the political stability of their trading partners and the potential risks associated with their supply chains.

Moreover, LNG producers and exporters often operate in countries with complex political landscapes. Changes in government policies, legal frameworks, or taxation can impact the economics of LNG projects and the willingness of foreign investors to participate in these ventures.

To address these challenges, LNG market participants must adopt strategies that diversify supply sources and delivery routes, minimize geopolitical risks, and engage in diplomacy to navigate complex political landscapes. Additionally, international organizations and agreements play a crucial role in promoting stability and cooperation in the global LNG market, helping to mitigate the impact of geopolitical tensions and trade disputes.

Key Market Trends

Decarbonization and the Emergence of Carbon-Neutral LNG

One prominent trend in the global liquefied natural gas (LNG) market is the growing emphasis on decarbonization and the development of carbon-neutral LNG. As the world intensifies its efforts to combat climate change, the LNG industry is under increasing pressure to reduce its carbon footprint and align with global emission reduction goals.

Carbon-neutral LNG, also known as green LNG or blue LNG, is produced with significantly lower greenhouse gas emissions compared to traditional LNG. Two main approaches are driving the emergence of carbon-neutral LNG:

Blue LNG:

This involves capturing and storing or utilizing the carbon dioxide (CO2) emissions generated during the LNG production process. Carbon capture and storage (CCS) technology is used to capture CO2 emissions at the source, preventing their release into the atmosphere. Some LNG projects are also exploring carbon utilization techniques, where CO2 emissions are repurposed for industrial processes or to enhance oil recovery.

Green LNG:

This type of LNG is produced using renewable energy sources to power the liquefaction process. Green LNG projects aim to minimize the emissions associated with LNG production by relying on clean energy inputs, such as solar or wind power. This approach is aligned with the broader trend of using renewable energy for various industrial processes.

These developments in the LNG industry are driven by both market forces and government regulations. Buyers of LNG, especially in Europe and Asia, are increasingly demanding cleaner and more sustainable energy sources to meet their environmental targets. As a result, LNG producers are investing in carbon-reduction technologies and renewable energy solutions to meet this demand.

In addition, regulatory bodies and international agreements, such as the Paris Agreement, are putting pressure on the energy sector to reduce emissions. As a result, governments and policymakers in various countries are incentivizing or mandating the use of carbon-neutral LNG, providing further impetus for the industry to adopt these practices.

The emergence of carbon-neutral LNG is a significant trend in the global LNG market, reflecting the industry's commitment to sustainability and its alignment with global decarbonization goals. This trend is expected to continue to gain momentum as technology advances and environmental regulations become more stringent.

LNG as a Transportation Fuel

Another noteworthy trend in the global LNG market is the increasing use of LNG as a transportation fuel. LNG is gaining popularity as a cleaner and cost-effective alternative to traditional fuels, especially in the shipping and heavy-duty transport sectors.

Maritime Sector:

LNG is becoming a favored fuel for the maritime industry, driven by stricter environmental regulations aimed at reducing emissions from shipping. LNG-powered vessels, including container ships, bulk carriers, and ferries, are being developed and deployed worldwide. LNG not only reduces sulfur and particulate matter emissions but also offers a substantial reduction in CO2 emissions compared to traditional marine fuels. The International Maritime Organization's (IMO) sulfur cap regulations, which came into effect in 2020, have accelerated the adoption of LNG as a marine fuel.

Heavy-Duty Transport:

In the road transportation sector, LNG is being increasingly used in long-haul trucking and commercial fleets. Natural gas vehicles (NGVs) powered by LNG are considered an eco-friendly alternative to diesel, with lower emissions of nitrogen oxides and particulate matter. They also offer a cost advantage, as LNG prices are often more stable and competitive than diesel. In regions with abundant natural gas resources, the development of LNG refueling infrastructure is expanding to support the growth of NGVs.

The trend of using LNG as a transportation fuel is gaining momentum for several reasons. First, the environmental benefits, including reduced greenhouse gas emissions and improved air quality, align with global efforts to combat climate change and air pollution. Second, the availability and affordability of LNG are making it a compelling choice for transportation applications. Third, advancements in LNG fueling infrastructure, including small-scale liquefaction plants and refueling stations, are making it more accessible for both land and maritime transport.

While challenges remain, such as the need for a more extensive refueling network and concerns about methane leakage, the trend of using LNG in transportation is expected to persist and expand, further contributing to the growth of the global LNG market. It represents a practical and immediate step toward achieving cleaner transportation solutions in line with sustainability goals.

Segmental Insights

End-User Insights

The Industrial segment dominated the market in 2023. As industries strive to reduce their carbon footprint, enhance energy efficiency, and explore cleaner energy alternatives, LNG has emerged as a versatile and environmentally friendly solution.

The industrial sector is a significant consumer of LNG for power generation. Natural gas-fired power plants are chosen for their lower carbon emissions and operational flexibility. They can quickly respond to changes in electricity demand, making them ideal for ensuring grid stability, especially in regions with intermittent renewable energy sources like wind and solar. The growth in LNG use for power generation is driven by the need to reduce greenhouse gas emissions and air pollution, resulting in a transition away from coal and oil in favor of cleaner-burning natural gas.

In some regions, industrial facilities use LNG as a source of heating and cooling. LNG can be vaporized and utilized in industrial boilers and furnaces to provide high-temperature heat, making it suitable for a variety of industrial processes, including metal smelting, cement production, and glass manufacturing. Additionally, LNG can be employed in industrial refrigeration systems to provide cooling for cold storage warehouses, food processing plants, and other temperature-sensitive industries.

The chemical and petrochemical sector relies on LNG for feedstock in various processes. LNG can be used as a source of hydrogen and synthesis gas (syngas), which are essential for the production of a wide range of chemicals, including ammonia, methanol, and hydrogen. The increasing use of LNG in the chemical industry is driven by the desire to reduce emissions and energy costs while maintaining product quality and process efficiency.

As energy efficiency and emissions reduction become paramount concerns, the role of LNG in industrial processes is expected to continue to expand, contributing to the industry's overall growth and sustainability.

 


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Regional Insights

Asia Pacific emerged as the dominating region in 2023, holding the largest market share. The Asia Pacific region, with its thriving economies and expanding populations, has a surging appetite for energy. Many countries in the region depend on LNG to meet their electricity and heating needs. This is especially pronounced in countries like China and India, where urbanization and industrialization have fueled robust growth in energy demand.

Poor air quality and the need to reduce greenhouse gas emissions have led many Asian nations to transition from coal to natural gas for power generation. LNG is seen as a cleaner and more environmentally friendly alternative, which aligns with international efforts to combat climate change. This shift is driving the expansion of LNG infrastructure, including regasification facilities and natural gas power plants.

While many Asian countries are major importers of LNG, some are also emerging as LNG exporters. For instance, Australia and Papua New Guinea are significant LNG exporters in the region. The interplay of importing and exporting nations in Asia Pacific highlights the complex trade dynamics in the global LNG market, with the region being a key driver of these trade flows.

Asia Pacific is a hub for the adoption of LNG in transportation, particularly in the maritime sector. LNG is being used as a maritime fuel in response to tightening emissions regulations, like the International Maritime Organization's sulfur cap regulations. This trend is significant due to the region's dominant position in global shipping.

Asia Pacific nations are making efforts to reduce methane emissions and improve the environmental performance of their LNG infrastructure. Additionally, these countries are exploring green and blue LNG options to further reduce emissions from the production and consumption of LNG.

The regulatory environment in the Asia Pacific region varies from country to country. Some nations have been proactive in establishing clear and supportive regulatory frameworks for LNG import and export, while others are working to align their regulations with the evolving global LNG market.

The Asia Pacific region is a central region in the global LNG market. The growing energy demand, environmental concerns, investments in LNG infrastructure, and evolving trade dynamics make it a dynamic and vital part of the LNG industry. As the region continues to balance economic growth and sustainability, it will shape the future of the global LNG market, with implications for energy security, emissions reduction, and market stability.

Recent Developments

  • Air Products, a prominent global producer of gas separation and purification membranes, has introduced the PRISM GreenSep LNG membrane separator designed specifically for bio-LNG production, as announced in May 2024.
  • In June 2024, Venture Global has announced the successful launch of its inaugural LNG vessel, the Venture Gator, at a ceremony held at the Samsung Heavy Industries shipyard in Geoji-si, South Korea.

Key Market Players

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

By LNG Infrastructure

By End-User

By Region

  • LNG Liquefaction Plants
  • LNG Regasification Facilities
  • LNG Shipping
  • Residential
  • Commercial
  • Industrial
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global LNG Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • LNG Market, By LNG Infrastructure:

o   LNG Liquefaction Plants

o   LNG Regasification Facilities

o   LNG Shipping

  • LNG Market, By End-User:

o   Residential

o   Commercial

o   Industrial    

  • LNG Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

§  Netherlands

§  Belgium

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

§  Thailand

§  Malaysia

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Chile

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global LNG Market.

Available Customizations:

Global LNG Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global LNG Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.         Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.Markets Covered

1.2.2.Years Considered for Study

1.2.3.Key Market Segmentations

2.         Research Methodology

2.1.    Objective of the Study

2.2.    Baseline Methodology

2.3.    Formulation of the Scope

2.4.    Assumptions and Limitations

2.5.    Sources of Research

2.5.1.Secondary Research

2.5.2.Primary Research

2.6.    Approach for the Market Study

2.6.1.The Bottom-Up Approach

2.6.2.The Top-Down Approach

2.7.    Methodology Followed for Calculation of Market Size & Market Shares

2.8.    Forecasting Methodology

2.8.1.Data Triangulation & Validation

3.         Executive Summary

4.         Impact of COVID-19 on Global LNG Market

5.         Voice of Customer

6.         Global LNG Market Overview

7.         Global LNG Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Value

7.2.    Market Share & Forecast

7.2.1.By LNG Infrastructure (LNG Liquefaction Plants, LNG Regasification Facilities and LNG Shipping)

7.2.2.By End-User(Residential, Commercial and Industrial)

7.2.3.By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.    By Company (2023)

7.4.    Market Map

8.         North America LNG Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Value

8.2.    Market Share & Forecast

8.2.1.By LNG Infrastructure

8.2.2.By End-User

8.2.3.By Country

8.3.    North America: Country Analysis

8.3.1.United States LNG Market Outlook

8.3.1.1.      Market Size & Forecast

8.3.1.1.1.    By Value

8.3.1.2.      Market Share & Forecast

8.3.1.2.1.    By LNG Infrastructure

8.3.1.2.2.    By End-User

8.3.2.Canada LNG Market Outlook

8.3.2.1.      Market Size & Forecast

8.3.2.1.1.    By Value

8.3.2.2.      Market Share & Forecast

8.3.2.2.1.    By LNG Infrastructure

8.3.2.2.2.    By End-User

8.3.3.Mexico LNG Market Outlook

8.3.3.1.      Market Size & Forecast

8.3.3.1.1.    By Value

8.3.3.2.      Market Share & Forecast

8.3.3.2.1.    By LNG Infrastructure

8.3.3.2.2.    By End-User

9.         Europe LNG Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Value

9.2.    Market Share & Forecast

9.2.1.By LNG Infrastructure

9.2.2.By End-User

9.2.3.By Country

9.3.    Europe: Country Analysis

9.3.1.Germany LNG Market Outlook

9.3.1.1.      Market Size & Forecast

9.3.1.1.1.    By Value

9.3.1.2.      Market Share & Forecast

9.3.1.2.1.    By LNG Infrastructure

9.3.1.2.2.    By End-User

9.3.2.France LNG Market Outlook

9.3.2.1.      Market Size & Forecast

9.3.2.1.1.    By Value

9.3.2.2.      Market Share & Forecast

9.3.2.2.1.    By LNG Infrastructure

9.3.2.2.2.    By End-User

9.3.3.United Kingdom LNG Market Outlook

9.3.3.1.      Market Size & Forecast

9.3.3.1.1.    By Value

9.3.3.2.      Market Share & Forecast

9.3.3.2.1.    By LNG Infrastructure

9.3.3.2.2.    By End-User

9.3.4.Italy LNG Market Outlook

9.3.4.1.      Market Size & Forecast

9.3.4.1.1.    By Value

9.3.4.2.      Market Share & Forecast

9.3.4.2.1.    By LNG Infrastructure

9.3.4.2.2.    By End-User

9.3.5.Spain LNG Market Outlook

9.3.5.1.      Market Size & Forecast

9.3.5.1.1.    By Value

9.3.5.2.      Market Share & Forecast

9.3.5.2.1.    By LNG Infrastructure

9.3.5.2.2.    By End-User

9.3.6.Netherlands LNG Market Outlook

9.3.6.1.      Market Size & Forecast

9.3.6.1.1.    By Value

9.3.6.2.      Market Share & Forecast

9.3.6.2.1.    By LNG Infrastructure

9.3.6.2.2.    By End-User

9.3.7.Belgium LNG Market Outlook

9.3.7.1.      Market Size & Forecast

9.3.7.1.1.    By Value

9.3.7.2.      Market Share & Forecast

9.3.7.2.1.    By LNG Infrastructure

9.3.7.2.2.    By End-User

10.      South America LNG Market Outlook

10.1. Market Size & Forecast

10.1.1.     By Value

10.2. Market Share & Forecast

10.2.1.     By LNG Infrastructure

10.2.2.     By End-User

10.2.3.     By Country

10.3. South America: Country Analysis

10.3.1.     Brazil LNG Market Outlook

10.3.1.1.   Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2.   Market Share & Forecast

10.3.1.2.1. By LNG Infrastructure

10.3.1.2.2. By End-User

10.3.2.     Colombia LNG Market Outlook

10.3.2.1.   Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2.   Market Share & Forecast

10.3.2.2.1. By LNG Infrastructure

10.3.2.2.2. By End-User

10.3.3.     Argentina LNG Market Outlook

10.3.3.1.   Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2.   Market Share & Forecast

10.3.3.2.1. By LNG Infrastructure

10.3.3.2.2. By End-User

10.3.4.     Chile LNG Market Outlook

10.3.4.1.   Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2.   Market Share & Forecast

10.3.4.2.1. By LNG Infrastructure

10.3.4.2.2. By End-User

11.      Middle East & Africa LNG Market Outlook

11.1. Market Size & Forecast

11.1.1.     By Value

11.2. Market Share & Forecast

11.2.1.     By LNG Infrastructure

11.2.2.     By End-User

11.2.3.     By Country

11.3. Middle East & Africa: Country Analysis

11.3.1.     Saudi Arabia LNG Market Outlook

11.3.1.1.   Market Size & Forecast

11.3.1.1.1. By Value

11.3.1.2.   Market Share & Forecast

11.3.1.2.1. By LNG Infrastructure

11.3.1.2.2. By End-User

11.3.2.     UAE LNG Market Outlook

11.3.2.1.   Market Size & Forecast

11.3.2.1.1. By Value

11.3.2.2.   Market Share & Forecast

11.3.2.2.1. By LNG Infrastructure

11.3.2.2.2. By End-User

11.3.3.     South Africa LNG Market Outlook

11.3.3.1.   Market Size & Forecast

11.3.3.1.1. By Value

11.3.3.2.   Market Share & Forecast

11.3.3.2.1. By LNG Infrastructure

11.3.3.2.2. By End-User

11.3.4.     Turkey LNG Market Outlook

11.3.4.1.   Market Size & Forecast

11.3.4.1.1. By Value

11.3.4.2.   Market Share & Forecast

11.3.4.2.1. By LNG Infrastructure

11.3.4.2.2. By End-User

12.      Asia Pacific LNG Market Outlook

12.1. Market Size & Forecast

12.1.1.     By Value

12.2. Market Share & Forecast

12.2.1.     By LNG Infrastructure

12.2.2.     By End-User

12.2.3.     By Country

12.3. Asia-Pacific: Country Analysis

12.3.1.     China LNG Market Outlook

12.3.1.1.   Market Size & Forecast

12.3.1.1.1. By Value

12.3.1.2.   Market Share & Forecast

12.3.1.2.1. By LNG Infrastructure

12.3.1.2.2. By End-User

12.3.2.     India LNG Market Outlook

12.3.2.1.   Market Size & Forecast

12.3.2.1.1. By Value

12.3.2.2.   Market Share & Forecast

12.3.2.2.1. By LNG Infrastructure

12.3.2.2.2. By End-User

12.3.3.     Japan LNG Market Outlook

12.3.3.1.   Market Size & Forecast

12.3.3.1.1. By Value

12.3.3.2.   Market Share & Forecast

12.3.3.2.1. By LNG Infrastructure

12.3.3.2.2. By End-User

12.3.4.     South Korea LNG Market Outlook

12.3.4.1.   Market Size & Forecast

12.3.4.1.1. By Value

12.3.4.2.   Market Share & Forecast

12.3.4.2.1. By LNG Infrastructure

12.3.4.2.2. By End-User

12.3.5.     Australia LNG Market Outlook

12.3.5.1.   Market Size & Forecast

12.3.5.1.1. By Value

12.3.5.2.   Market Share & Forecast

12.3.5.2.1. By LNG Infrastructure

12.3.5.2.2. By End-User

12.3.6.     Thailand LNG Market Outlook

12.3.6.1.   Market Size & Forecast

12.3.6.1.1. By Value

12.3.6.2.   Market Share & Forecast

12.3.6.2.1. By LNG Infrastructure

12.3.6.2.2. By End-User

12.3.7.     Malaysia LNG Market Outlook

12.3.7.1.   Market Size & Forecast

12.3.7.1.1. By Value

12.3.7.2.   Market Share & Forecast

12.3.7.2.1. By LNG Infrastructure

12.3.7.2.2. By End-User

13.      Market Dynamics

13.1. Drivers

13.2. Challenges

14.      Market Trends and Developments

15.      Company Profiles

15.1.  QatarEnergy

15.1.1.     Business Overview

15.1.2.     Key Revenue and Financials  

15.1.3.     Recent Developments

15.1.4.     Key Personnel/Key Contact Person

15.1.5.     Key Product/Services Offered

15.2.  Shell plc

15.2.1.     Business Overview

15.2.2.     Key Revenue and Financials  

15.2.3.     Recent Developments

15.2.4.     Key Personnel/Key Contact Person

15.2.5.     Key Product/Services Offered

15.3.  Exxon Mobil Corporation

15.3.1.     Business Overview

15.3.2.     Key Revenue and Financials  

15.3.3.     Recent Developments

15.3.4.     Key Personnel/Key Contact Person

15.3.5.     Key Product/Services Offered

15.4.  Chevron Corporation

15.4.1.     Business Overview

15.4.2.     Key Revenue and Financials  

15.4.3.     Recent Developments

15.4.4.     Key Personnel/Key Contact Person

15.4.5.     Key Product/Services Offered

15.5.  TotalEnergies SE

15.5.1.     Business Overview

15.5.2.     Key Revenue and Financials  

15.5.3.     Recent Developments

15.5.4.     Key Personnel/Key Contact Person

15.5.5.     Key Product/Services Offered

15.6.  BP International Limited

15.6.1.     Business Overview

15.6.2.     Key Revenue and Financials  

15.6.3.     Recent Developments

15.6.4.     Key Personnel/Key Contact Person

15.6.5.     Key Product/Services Offered

15.7.  Pao Novatek

15.7.1.     Business Overview

15.7.2.     Key Revenue and Financials  

15.7.3.     Recent Developments

15.7.4.     Key Personnel/Key Contact Person

15.7.5.     Key Product/Services Offered

15.8.  Woodside Energy Group Ltd

15.8.1.     Business Overview

15.8.2.     Key Revenue and Financials  

15.8.3.     Recent Developments

15.8.4.     Key Personnel/Key Contact Person

15.8.5.     Key Product/Services Offered

15.9.   PetroChina Company Limited

15.9.1.   Business Overview

15.9.2.   Key Revenue and Financials  

15.9.3.   Recent Developments

15.9.4.   Key Personnel/Key Contact Person

15.9.5.   Key Product/Services Offered

16.      Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global LNG Market was USD 131.16 billion in 2023.

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In 2023, the Industrial segment emerged as notably dominant among end-user segment. This trend reflects industries' concerted efforts to diminish their carbon footprint, enhance energy efficiency, and adopt cleaner energy alternatives. Liquefied Natural Gas (LNG) has emerged as a versatile and environmentally friendly solution, aligning closely with these objectives.

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Asia Pacific dominated the market in 2023. Rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations have fueled substantial energy demand, including LNG, for power generation and industrial use.

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Rising LNG Demand in Emerging Markets and Production Capacity Expansion are some of the major drivers for the Global LNG Market.

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Parvati Sharma

Account Manager BD
Press Release

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

Jul, 2024

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