According to the report published by the Market Research Store, global demand for the liquified natural gas market was estimated at approximately USD 137.8 Billion in 2020 and is expected to generate revenue of around USD 179.2 Billion by the end of 2026, growing at a CAGR of around 4.8% between 2021 and 2026.
Global Liquified Natural Gas Market: Overview
Liquified natural gas (LNG) is a type of natural gas that is being cooled into a liquid form for ease and protection of transportation. This natural gas is further cooled to approximately -260 F, making a clear, colorless, and non-toxic liquid that be able to be transported from areas with a huge supply of natural gas to areas that require more natural gas. Seeing that the world energy consumption is increasing, the experts predicted that the liquified natural gas trade will develop significantly. The two main procedures for the liquefying of natural gas in large quantities are carried out by the cascade process and the Linde method. The regenerative cooling, where it is compressed, cooled, and then expanded; until it is finally cooled into a liquid, is referred to as the Linde Method. The cooling of one by another gas that results in a cascading effect is referred to as the cascade process. In addition, the liquefied natural gas is known mostly as a transport tool; however, it is starting to get ordinary adoption.
| REPORT SNAPSHOT & REPORTING DATA TIMEFRAME | |
|---|---|
| Parameter | Details |
| Historical Date ( Actual Data) | 2016 - 2020 |
| Base Year Data | 2020 |
| Current Year Data | 2021 |
| Projected Data | 2021 - 2026 |
Global Liquified Natural Gas Market: Growth Factors
Demand for liquified natural gas is increasing as the globe is turning to cleaner sources of energy. As it is an alternative source of fuel for automotive vehicles and other utilizes, quite than just a means of transport. Moreover, the quick growth in pipeline infrastructures with encouraging government regulations, increasing requirement for natural gas from downstream industries, and instability in oil costs are various significant factors propelling the growth of liquefied natural gas (LNG) market. Also, the rising focus on the development of sufficient support for infrastructure is anticipated to boost the demand for liquefied natural gas (LNG) in the forthcoming years in developing as well as developed countries.
On the other hand, the insufficient pipeline infrastructure in remote areas may hamper the growth of the market. However, the developing urbanization and industrialization, the expansion of power-related projects like city gas distribution (CGD), and petrochemicals are probably to support financially the market development during the forecast period.
Global Liquified Natural Gas Market: Segmentation
The global liquified natural gas market based on the application is segmented into transportation fuel, power generation, and others.
Global Liquified Natural Gas Market: Regional Analysis
The Asia-Pacific is contributed the largest market revenue and will maintain its growth in the future. Globally, Australia is one of the largest exporters of liquefied natural gas, followed by Qatar. The U.S. is also likely to surpass them in the forthcoming years. Mostly, the largest requirement for liquified natural gas comes from China.
The U.S. was the third-largest exporter of liquified natural gas and is projected to develop into one of the largest exporters by the next few years, beating Qatar and Australia. Moreover, the potential demand expansion will be appearing from Asia-Pacific countries because they are looking toward liquified natural gas as a substitution for coal-like energy sources. In 2020, the largest importers of U.S. liquified natural gas were Japan, China, and South Korea. India is likely to contribute the largest growth in the Asia-Pacific in the future.
Global Liquified Natural Gas Market: Competitive Players
Major players operating in the global liquified natural gas market include ConocoPhillips Company, MaChevron Corporation, Petronet LNG Limited, Exxon Mobil Corporation, China National Petroleum Corporation, Snam SPA, Petroliam Nasional Berhad (PETRONAS), PetroChina Company Limited, BP, Royal Dutch Shell, Equinor ASA, China Petroleum & Chemical Corporation, Gazprom, and Eni SpA.
For example, Equinor ASA is primarily a petroleum company, operating in 36 countries, with additional investments in renewable energy. In the 2020 Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world. In 2021, Equinor acquired a contract to provide offshore wind power to the city of New York in partnership with BP. The contract with New York State was reportedly the largest offshore wind deal offered by an American state to date.
Global Liquified Natural Gas Market: By Application
Global Liquified Natural Gas Market: Regional Segmentation Analysis
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Frequently Asked Questions
What are the key factors driving global liquified natural gas market expansion?
The quick growth in pipeline infrastructures with encouraging government regulations, increasing requirement for natural gas from downstream industries, and instability in oil costs are various significant factors propelling the growth of liquefied natural gas (LNG) market.
What will be the value of the liquified natural gas market during 2021- 2026?
The global demand for the liquified natural gas market was estimated at approximately USD 137.8 Billion in 2020 and is expected to generate revenue of around USD 179.2 Billion by the end of 2026, growing at a CAGR of around 4.8% between 2021 and 2026.
Which region will make notable contributions towards global liquified natural gas market revenue?
The Asia-Pacific is contributed the largest market revenue and will maintain its growth in the future. Globally, Australia is one of the largest exporters of liquefied natural gas, followed by Qatar.
What are the key players leveraging liquified natural gas market growth?
Major players operating in the global liquified natural gas market include ConocoPhillips Company, MaChevron Corporation, Petronet LNG Limited, Exxon Mobil Corporation, China National Petroleum Corporation, Snam SPA, Petroliam Nasional Berhad (PETRONAS), PetroChina Company Limited, BP, Royal Dutch Shell, Equinor ASA, China Petroleum & Chemical Corporation, Gazprom, and Eni SpA.
Liquified Natural Gas
Liquified Natural Gas
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