Liquefied Natural Gas Global Market Report 2024

The liquefied natural gas market size has grown strongly in recent years. It will grow from $132.78 billion in 2023 to $144.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historical period can be attributed to factors such as global energy demand, geopolitical considerations, environmental regulations, infrastructure development, and price dynamics.

The liquefied natural gas market size is expected to see strong growth in the next few years. It will grow to $192.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to factors such as the policy and regulatory landscape, infrastructure expansion, price competitiveness, evolving environmental considerations, and geopolitical developments. Major trends expected in the forecast period include.

The liquefied natural gas market is anticipated to witness growth due to the rising demand for liquefied natural gas. Liquefied natural gas is produced by purifying and cooling natural gas to -260°F, transforming it into a liquid state. The increasing demand for liquefied natural gas is driven by factors such as the growing use of motor petrol, along with the rise in big semi-urban and rural populations. In July 2022, the Energy Information Administration reported that an average of 49.0 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) was traded globally in 2021. This escalating demand is a key driver for the growth of the liquefied natural gas market.

The liquefied natural gas market is expected to expand due to the increasing demand for higher energy efficiency. Energy efficiency involves the effective utilization of energy resources to achieve desired outputs with minimal waste or loss. Improved energy efficiency not only contributes to a lower carbon footprint and reduced greenhouse gas emissions but also supports long-term sustainability and decreases operational costs in the liquefied natural gas market. As of December 2022, the European Union aimed to enhance energy efficiency, setting a target of at least 32.5% by 2030. This growing demand for higher energy efficiency is a driving factor for the liquefied natural gas market.

A prominent trend in the liquefied natural gas market is technological advancements. Companies in this market are adopting new technologies to maintain their competitive positions. For example, in February 2023, New Fortress Energy Inc., a US-based energy infrastructure company, integrated Honeywell UOP technology to remove contaminants from natural gas. Honeywell UOP, a leading provider of gas processing technology, plays a significant role in approximately 40% of the world's liquefied natural gas production.

Major players in the liquefied natural gas market are also focusing on the development of innovative products to drive revenue growth. One such product is SnapLNG, a modular and standardized solution for low-carbon and faster time-to-market LNG production. In September 2023, Technip Energies N.V., a Netherlands-based company specializing in engineering and technology for the energy industry, launched SnapLNG. This pre-engineered system offers a complete LNG liquefaction plant with streamlined project execution, providing unprecedented levels of assurance regarding cost, schedule, plant dependability, and availability. The solution consists of repeatable modules ready for delivery and installation, with a capacity of 2.5 Mtpa.

In March 2021, Total Energies, a French-based multi-energy company, acquired Engie’s Upstream LNG Business for $1.5 billion, aiming to strengthen its position in the growing and increasingly commoditized LNG market and establish a presence in the US LNG market. ENGIE SA, the seller, is a French-based energy and services group involved in low-carbon electricity generation, energy infrastructures, and customer solutions.

Major companies operating in the liquefied natural gas market report are 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, Dominion Energy Inc., Freeport LNG Development L.P., Kinder Morgan Inc., Tellurian Inc., Venture Global LNG Inc., Anadarko Petroleum Corporation, Apache Corporation, BG Group, BHP Group Ltd., 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.

Asia-Pacific was the largest region in the liquefied natural gas market in 2023. The regions covered in the liquefied natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the liquefied natural gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of liquefied natural gas include APCI liquefaction technology, cascade liquefaction technology, and other variations. APCI liquefaction technology involves a multistage propane (C3) precooling system, utilizing a nitrogen, methane, ethane, and propane MR system for liquefaction. The diverse applications of LNG encompass power generation, transportation fuel, and other uses.

The liquefied natural gas market research report is one of a series of new reports that provides liquefied natural gas market statistics, including liquefied natural gas industry global market size, regional shares, competitors with a liquefied natural gas market share, detailed liquefied natural gas market segments, market trends and opportunities, and any further data you may need to thrive in the liquefied natural gas industry. This liquefied natural gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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