Liquefied Natural Gas Market Analysis and Growth Opportunities into Regions 2030

Liquefied Natural Gas Industry Overview

The global liquefied natural gas market size was valued at USD 109.48 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030. 

The growing demand for electric power through clean energy sources is likely to propel market growth over the coming years. A growing focus on projects related to distributed power & utility is anticipated to bolster the market growth over the next eight years. The projected growth in natural gas in the power generation business is also likely to create more demand for liquefied natural gas (LNG) across various countries. Coal is the major source of generating electricity worldwide; however, considering the degradation of coal reserves and its adverse environmental impact, there has been a rise in the use of natural gas and other renewable sources of energy for the production of electricity.

Gather more insights about the market drivers, restrains and growth of the Global Liquefied Natural Gas Market

 U.S. liquefied natural gas market size, by application, 2020 - 2030 (USD Million)

The country has a diverse energy mix, wherein natural gas accounts for the largest share in North America of 23.20% in terms of primary energy production in the country. Policymakers are focusing on developing sustainable energy generation sources, which, in turn, is anticipated to increase the demand for LNG in the country. The demand for natural gas for power generation and transportation fuel is witnessing a growth in the country owing to the presence of a well-established gas infrastructure coupled with the growing oil & gas industry and augmenting industrial activities.

According to Energy Information Administration, natural gas surpassed coal as the most common source of electricity generation in the U.S. in 2016. This would continue in the forecast period and would lead to enhancement in gas power plants with the expected rise in power demand in the country which would further boost the demand for LNG during the forecast period.

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Liquefied Natural Gas Market Segmentation 

Grand View Research has segmented the liquefied natural gas market based on application and region:

  • Liquefied Natural Gas Application Outlook (Revenue, USD Million, Volume, Million Tons, 2019 – 2030)
    • Transportation Fuel
    • Power Generation
    • Others 
  • Liquefied Natural Gas Regional Outlook (Revenue, USD Million, Volume, Million Tons, 2019 – 2030)
    • North America
    • Europe
    • Asia Pacific
    • Central & South America
    • Middle East & Africa (MEA)

Market Share Insights

  • February 2020: ExxonMobil India LNG Limited has signed a Letter of Cooperation with Indian Oil Corporation Limited and Chart Industries, Inc. to establish a system of transportation infrastructure to expand gas access in India.
  • January 2020: the company signed a liquefied natural gas supply agreement with Nigeria LNG. This agreement is expected to increase Eni SpAs’ global LNG portfolio starting from 2021 and to support further the development of its presence in the main destination markets worldwide.

Key Companies profiled:

Some of the prominent players operating in the global liquefied natural gas market are:

  • British Petroleum (BP) p.l.c.
  • Chevron Corporation
  • China Petroleum & Chemical Corporation
  • Eni SpA
  • Equinor ASA
  • Exxon Mobil Corporation
  • Gazprom Energy
  • PetroChina Company Limited
  • Royal Dutch Shell PLC
  • Total S.A.

Order a free sample PDF of the Liquefied Natural Gas Market Intelligence Study, published by Grand View Research.

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