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.
The power generation application segment accounted for the largest volume share of 47.44% in 2021. Growing demand for NG 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.
Liquefied Natural Gas Market Segmentation
Grand View Research has segmented the global Liquefied Natural Gas market on the basis of 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.
- 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.
- Others application includes, natural gas used in the mining industry, chemical industry, food processing, and other industries.
- Using natural gas as a feedstock over diesel helps reduce Carbon Dioxide (CO2) emissions by up to 35% for such fuels, owing to which there is increasing demand for natural gas in mining applications.
Liquefied Natural Gas Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central 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. In 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. Virtual pipeline systems deliver liquefied natural gas by road, rail, and waterways to areas not connected by physical pipelines.
Some prominent players in the global Liquefied Natural Gas market include:
- 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.
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