Liquefied Natural Gas Market expected to reach USD 208.85 billion by 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

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.

Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

  • LPG Tanker Market: The global LPG tanker market size was valued at USD 182.02 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030.
  • Axial Flow Pump Market: The global axial flow pump market size was valued at USD 32.23 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 3.6% from 2020 to 2027. 

 

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

  • 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.

 

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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