Liquefied Natural Gas Industry Overview
The global liquefied natural gas market size is expected to reach USD 208.85 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The growing demand for electric power through clean energy sources is likely to propel the 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.
Liquefied Natural Gas Market Segmentation
Grand View Research has segmented the global liquefied natural gas market report based on application and region:
Based on the Application Insights, the market is segmented into transportation fuel, power generation and others
- The power generation application segment accounted for the largest value share of 47.44% in 2021. Growing demand for natural gas also helps in reducing the emission of harmful greenhouse gas emissions.
- Increased usage of this fuel in the mining, industrial and power generation sectors has displayed a significant change over the historic period.
- A decline in the prices, as well as low fuel switching costs, are enhancing the industry growth in the transportation and power generation application.
- Owing to the benefits associated with LNG coupled with the upsurge in the production of rich natural gas in the Northern American region and others have directed sharp attention towards natural gas to be used as a green transportation fuel.
- Diesel and petrol have been the default options for vehicle fuels. However, there has been a shift from traditional fuel to available better choices on the market such as natural gas that give the same performance in terms of power, acceleration, and cruising speed, but with added financial and environmental benefits.
- LNG is typically less expensive than diesel giving lower running costs over the medium to long distances and the lowest total cost of ownership compared to conventional fuels. It also has strong environmental benefits that improve air quality by reducing greenhouse gas emissions.
Liquefied Natural Gas Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by the presence of several key players and a few media and small-scale regional players. Many of the companies have their sector that they focus on and have a very high penetration in that sector. Virtual pipeline systems deliver liquefied natural gas by road, rail, and waterways to areas not connected by physical pipelines.
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.
Market Industry Development
- 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.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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