Liquefied Natural Gas Market Size, Share, Growth, Trends, and Global Industry Analysis: By Infrastructure (LNG Liquefaction Plants, LNG Regasification Facilities, LNG Shipping), By Application (Power Generation, Transportation, Industrial, Residential, and Commercial), and Region Forecast 2019-2030

The global liquefied natural gas (LNG) market size was valued at US$ 124.9 billion in 2023 and is projected to reach a value of US$ 286.6 million by 2030, at a CAGR of 12.6% from 2024-2030. Liquefied Natural Gas (LNG) is natural gas that has been cooled to a liquid state at around -162°C (-260°F). This process reduces its volume by about 600 times, making it easier and more cost-effective to store and transport, especially over long distances where pipelines are not feasible. The LNG market involves the production, liquefaction, transportation, and regasification of natural gas. It's a global industry that connects LNG exporters with importers, ensuring the supply of natural gas to regions where pipeline delivery is not feasible.

The LNG market is driven by increasing global demand for cleaner energy sources, industrial coal-to-gas switching, and the need for reliable energy supply. However, the market faces several restraints, including oversupply and trade tensions, which can hamper growth. Additionally, there are significant opportunities, such as the emerging markets in Africa and Southeast Asia, and the integration of LNG with renewable energy sources. Trends in the LNG market show a growing demand by government policies promoting natural gas for power generation and transportation.

Key Players

The leading companies highlighted in the LNG market report include such as Shell PLC has products like Prelude FLNG, Qatargas 4, Prelude Floating LNG vessel ; ExxonMobil offers products like PNG LNG, Qatari LNG, Golden Pass LNG and others are Qatar Petroleum, Chevron Corporation, TotalEnergies, BP PLC, PetroChina, ConocoPhillips, Kinder Morgan, Sempra Energy. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

Key Takeaways

• Asia Pacific market is the dominant market in 2023.
• The North America market is expected to expand at highest CAGR from 2024 to 2030.
• Based on infrastructure, the blue light segment dominated the market in 2023.
• Based on application, the segment is expected to dominate the market in coming forecast years.

Facts & Figures

In December 2019, the US$ 10 billion liquefied natural gas facility on the Gulf Coast of Louisiana which is owned by a subsidiary of San Diego’s Sempra Energy has successfully opened a second unit that will soon export natural gas to markets across the globe.

Key Developments

In January 2021, Ghana is set to open sub-Saharan Africa’s first liquefied natural gas-to-power plant as it moves to position itself as a hub for cleaner and cheaper fuel in the region.

Liquefied Natural Gas Market Segmentation

By Infrastructure: LNG liquefaction plants segment is dominant. This is due to the establishment of new liquefaction projects and the increase in global liquefaction capacity are driving the market. The growing demand for natural gas, especially for power generation and cleaner energy sources, has led to significant investments in liquefaction infrastructure. As a result, the liquefaction sector is expected to continue its dominance in the LNG market.

By Application: Among the all applications, the power generation segment held the biggest proportion due to its critical role in meeting the growing global energy demand. Natural gas-fired power plants are favoured for their efficiency, reliability, and lower greenhouse gas emissions compared to coal-fired plants. This preference is amplified by stringent environmental regulations and the global push towards cleaner energy solutions. LNG's flexibility in storage and transportation makes it an ideal fuel for power generation, especially in regions lacking pipeline infrastructure. As countries continue to transition towards sustainable energy sources, the power generation segment's dominance in the LNG market is expected to persist, driving further investments and technological advancements in this sector.