What Has Been the Growth Trajectory for the Liquefied natural gas Market in Recent Years?
The liquefied natural gas market has seen considerable growth due to a variety of factors.
• The size of the liquefied natural gas market has witnessed significant expansion in the past few years. Its growth is expected to increase from $143.35 billion in 2024 to $155.85 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. Factors such as global energy needs, geopolitical influences, environmental regulations, infrastructure growth, and fluctuating prices have been instrumental in the historical period growth.
How Does the Forecast Look for the Liquefied natural gas Market in the Coming Years?
The Liquefied natural gas market is expected to maintain its strong growth trajectory in upcoming years.
• Projected expansion within the liquefied natural gas market promises robust growth in the upcoming years, reaching a valuation of $205.95 billion in 2029 with a compound annual growth rate (CAGR) of 7.2%.
Factors such as policy and regulatory landscape, infrastructure development, cost competitiveness, shifting environmental implications, and geopolitical evolution are expected to fuel this growth in the predictive timeline. The key trends anticipated within this period encompass growth in the demand for cleaner energy sources, advancements in technology, endeavors towards decarbonization, and the integration of green hydrogen.
What Are The Leading Drivers Of Growth In The Liquefied natural gas Market?
The growing need for liquefied natural gas is expected to propel the development of the liquefied natural gas market in the future. Liquefied natural gas is created by purifying and converting natural gas to -260°F, resulting in a cooled liquid form. The escalating demand due to increased usage of motor petrol, along with a rising semi-urban and rural population, is predicted to enhance the growth of the liquefied natural gas market. As an illustration, the Energy Information Administration, a US government agency, reported in July 2022 that during 2021, approximately 49.0 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) was exchanged worldwide. Consequently, the escalating demand for liquefied natural gas is propelling the evolution of the liquefied natural gas market in the future.
How Are The Segments Defined Within The Global Liquefied natural gas Market?
The liquefied natural gas market covered in this report is segmented –
1) By Type: APCI Liquefaction Technology, Cascade Liquefaction Technology, Other Liquefaction Technology
2) By Application: Power Generation, Transportation Fuel, Other Applications
Subsegments:
1) By APCI Liquefaction Technology: APCI Process (Single Mixed Refrigerant), APCI Process (Dual Mixed Refrigerant)
2) By Cascade Liquefaction Technology: Cascade Process (Conventional), Cascade Process (Modified)
3) By Other Liquefaction Technology: Optimized Cascade, Mixed Refrigerant Process, Cryogenic Process, Other Emerging Technologies
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How Are New Trends Expected To Influence The Growth Of The Liquefied natural gas Market?
The increasing adoption of technology in the liquefied natural gas market is a notable trend. To maintain their market standing, companies engaged in the liquefied natural gas sector are integrating new technologies into their operations. For example, in February 2023, US-based New Fortress Energy Inc. utilised Honeywell UOP technology to remove impurities from natural gas. Honeywell UOP, a provider of gas processing technology, has its contaminant elimination and hydrocarbon management systems used in nearly 40% of the global production of liquefied natural gas.
Who Are the Key Players In The Liquefied natural gas Market?
Major companies operating in the liquefied natural gas market include:
• BP plc
• Chevron Corporation
• Eni SpA
• Exxon Mobil Corporation
• TotalEnergies SE
• Cheniere Energy Inc.
• ConocoPhillips Company
• Sempra Energy
• Woodside Energy Group Ltd.
• Gazprom Energy
• PetroChina Company Limited
• Shell plc
• Equinor ASA
• China Petrochemical Corporation
• INPEX Corporation
• GAIL India Limited
• Indian Oil Corporation Limited
• China National Petroleum Corporation
• Petronet LNG Ltd.
• PJSC Gazprom
• QatarEnergy
• Freeport LNG Development L.P.
• Kinder Morgan Inc.
• Tellurian Inc.
• Venture Global LNG Inc.
• Apache Corporation
• BP Trinidad and Tobago LLC
• CNOOC Limited
• Devon Energy Corporation
• Hess Corporation
• JERA Co. Inc.
• Occidental Petroleum Corporation
• Origin Energy Limited
• Santos Limited
• Woodfibre LNG Limited
What Is The Most Dominant Region In The Liquefied natural gas Market?
Asia-Pacific was the largest region in the liquefied natural gas market in 2024. The regions covered in the liquefied natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
