LNG (Liquefied Natural Gas) Market Size, Share, Growth Analysis, By Application(Transportation Fuel, Power Generation, and others), By Source(Offshore and onshore), By Technology(conventional liquefaction and floating liquefaction), By Process(Liquefaction and regasification), By Type of transportation(Pipeline, shipping and trucking), By Region - Industry Forecast 2024-2031

LNG (Liquefied Natural Gas) Market size was valued at USD 109.5 billion in 2021 and is poised to grow from USD 118.37 billion in 2022 to USD 220.72 billion by 2030, growing at a CAGR of 8.1% in the forecast period (2023-2030).

Over the forecast period, the LNG (Liquefied Natural Gas) market is expected to become increasingly competitive. This is due to the anticipated entry of new players into the market and an expansion in the number of industries and end-users who are compatible with LNG. Currently, the LNG market is dominated by a few key players. However, this is expected to change in the near future, as more companies seek to capitalize on the growing demand for natural gas and its liquefied form. These new entrants may come from both traditional natural gas producers and companies in related industries seeking to diversify their offerings. The increase in competition is likely to lead to innovations and improvements in the LNG value chain, including the development of new technologies and more efficient logistics and supply chain management. This could result in lower costs for consumers, making LNG a more attractive energy source for a broader range of applications. Furthermore, the growth in the number of industries and end-users that can utilize LNG, such as transportation and power generation, is expected to drive demand and further. 'BP p.l.c.', 'Cheniere Energy, Inc.', 'Chevron Corporation', 'ConocoPhillips Company', 'Eni S.p.A.', 'ExxonMobil Corporation', 'Gazprom', 'INPEX Corporation', 'Mitsubishi Corporation', 'National Iranian Oil Company (NIOC)', 'Novatek', 'Oil and Natural Gas Corporation Limited (ONGC)', 'PETRONAS', 'Qatar Petroleum', 'Royal Dutch Shell plc', 'Santos Ltd', 'Total S.A.', 'Woodside Petroleum Ltd', 'YPF SA', 'Zhejiang Energy Group Co., Ltd.'

As the economy expands, there is typically an increase in demand for energy, including natural gas. This growth in demand can drive the demand for liquefied natural gas (LNG), which is a form of natural gas that has been cooled to a liquid state for ease of transportation and storage.The reason for this is that LNG is becoming an increasingly important component of the energy mix due to its versatility and relatively low carbon emissions. It can be used for heating, electricity generation, and as a feedstock for various industries, making it a popular choice for countries looking to diversify their energy sources.

The LNG market is experiencing significant growth, and this can be attributed to the emergence of new supply sources. Countries such as the United States, Australia, and Russia have begun to tap into their vast natural resources, resulting in increased availability of LNG. This trend has provided a boost to the LNG market by providing more options for buyers and sellers alike. The availability of LNG from new supply sources has increased competition, which in turn has helped to stabilize prices and spur growth in the market. The United States, in particular, has emerged as a major player in the LNG market due to its abundant shale gas resources. Australia has also significantly increased its LNG production. Russia, on the other hand, has always been a major gas producer and has recently made significant investments in developing its LNG export capacity.

In 2022, the Asia Pacific region held the largest revenue share of 80.11%. Japan has the highest country-level demand and is expected to experience significant growth during the forecast period. Additionally, China is projected to have the highest growth rate in the Asia Pacific region due to its low energy mix gas consumption of only 4-5%, which leaves ample room for development. Robust economic growth in China is also leading to higher consumption of gas-based power facilities, expanding the market's application scope.