GMI Research analysis indicates that the global liquefied natural gas market estimated at USD 94.0 Billion in 2019 and is slated to register a single-digit growth of about 4.8% over the period, 2020-2027 and projected to reach USD 137 Billion in 2027.

Liquefied Natural Gas (LNG) is a form of natural gas, also referred to as a clear, colorless, and non-toxic liquid that has been cooled to a liquid state at around -260° Fahrenheit. It is a type of natural gas that has been cooled into a liquid form for the ease of transportation of gas. When LNG is present in the liquid state, it will not ignite, and when it reaches its destination, it again turns back into a gas at regasification plants, and then it is piped to industries, homes, and businesses where it is further burned to produce electricity or generate heat.

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The liquefied natural gas (LNG) market is likely to experience a high growth owing to the increasing demand for the liquified natural gas from several countries, such as China driven by the growing energy consumption and rising focus on shifting from the traditional and polluting energy sources such as coal and oil towards clean energy. For instance, the demand for the development of various liquefaction projects from the traditional and new suppliers to meet the additional demand for LNG and the growing imports of the gas are creating innumerable growth opportunities for the market over the coming years. Moreover, demand for LNG is increasing at 4.3% per annum in next 5 years driven by the Asia-Pacific region.

LNG market is expected to grow at fastest rate till 2026 driven by the increase in supply of on going LNG construction facilities. After 2026, the market growth is projected to remain flat. Several technological advancements are resulting in the reduction of costs in all components of the value chain of LNG with enhanced efficiency through design innovations, several favorable government regulations, and increasing focus to use clean energy to reduce the greenhouse gas emissions are surging the demand of the market. Moreover, rapid industrialization, increasing urbanization, and growth in the volume of power-related projects are leading to an increase in the demand for natural gas. On the other edge of the spectrum, the lack of proper pipeline infrastructure in distant areas is likely to restrain the growth of the market.

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Based on the application, the Power Generation segment is expected to increase at a higher CAGR during the forecast period owing to the high adoption of liquified natural gas in this application area owing to the increase in the production of power and decreasing prices. In addition to this, the decreased fuel switching cost, rising population & urbanization, and the increasing concerns for reducing environmental degradation by decreasing greenhouse gas emissions are some other key factors propelling the growth of the market in this segment.

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Based on the region, Asia-Pacific is expected to grow at a higher compound annual growth rate during the forecast period owing to the increasing natural gas imports as a result of the growing demand from various countries such as China, South Asia and ASEAN. For instance, China is anticipated to grow at highest rate in terms of LNG imports from 2018 to 2035, adding 126 bcm whereas, Japan will report lower growth due to decline in LNG almost 32 bcm during 2018 to 2035. In addition to this, China is the largest gas/ LNG importer across the globe. In addition to this, the continuous development of infrastructure and economic growth is leading to an increase in the consumption of energy, which is further accelerating the demand for liquefied natural gas market in this region.

Various notable players operating in the market include Exxon Mobil Corporation, Chevron Corporation, Total, Royal Dutch Shell PLC, PetroChina Company Limited, China Petrochemical Corporation, Equinor ASA, Canadian Natural, Gazprom, and BP p.l.c., among others.

Key Developments:

• • In 2022, ExxonMobil signed an agreement with QatarEnergy to expand LNG production to 110 Million tons by 2026 from 77 Millions tons. The companies planned to expand North Field East project with 75:25 partnership of QatarEnergy ​and ExxonMobil respectively.
  • In 2022, Equinor signed 15 years long term agreement with Cheniere to cater to the growing energy demand across the globe. Through this agreement, Equinor will add new volumes in their portfolio in order to expand its pipeline and LNG business.
  • In 2019, Exxon Mobil Corporation signed a sales and purchase agreement with the Zhejiang Provincial Energy Group for the supply of liquefied natural gas. In this agreement, the Zhejiang Provincial Energy Group will be provided 1 million metric tons per annum of LNG over 20 years. The company planned to meet the energy demand of China by its technologies, products, investments, and partnerships.
  • In 2019, PetroChina Company Limited entered into a Memorandum of Understanding with JERA Co., Inc., for the LNG business. In this MoU, the companies planned to develop new demand for LNG, optimization of LNG, and to expand their business opportunities.

The global liquefied natural gas (LNG) market has been segmented on the basis of application and region. Based on the application, the market is segmented into transportation, power generation, mining & industrial, and others.

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Key questions answered in this research report:

• • At what pace is the global liquefied natural gas (LNG) market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global liquefied natural gas (LNG) market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global liquefied natural gas (LNG) market?
  • Which application generated maximum revenues in 2019 and identify the most promising application during the forecast period?
  • What are the various application areas of the liquefied natural gas (LNG) market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2019)	USD 94.0 Billion
Market Base Year	2019
Market Forecast Period	2020-2027
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Exxon Mobil Corporation, Chevron Corporation, Total, Royal Dutch Shell PLC, PetroChina Company Limited, China Petrochemical Corporation, Equinor ASA, Canadian Natural, Gazprom, and BP p.l.c., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Liquefied Natural Gas (LNG) Market by Application  

• • Transportation
  • Power Generation
  • Mining & Industrial
  • Others

Global Liquefied Natural Gas (LNG) Market by Region

• • North America Liquefied Natural Gas (LNG) Market (Option 1: As a part of the free 25% customization)
    • North America Liquefied Natural Gas (LNG) Market by Application
    • US Liquefied Natural Gas (LNG) Market All-Up
    • Canada Liquefied Natural Gas (LNG) Market All-Up
  • Europe Liquefied Natural Gas (LNG) Market (Option 2: As a part of the free 25% Customization)
    • Europe Liquefied Natural Gas (LNG) Market by Application
    • UK Liquefied Natural Gas (LNG) Market All-Up
    • Germany Liquefied Natural Gas (LNG) Market All-Up
    • France Liquefied Natural Gas (LNG) Market All-Up
    • Spain Liquefied Natural Gas (LNG) Market All-Up
    • Rest of Europe Liquefied Natural Gas (LNG) Market All-Up
  • Asia-Pacific Liquefied Natural Gas (LNG) Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Liquefied Natural Gas (LNG) Market by Application
    • China Liquefied Natural Gas (LNG) Market All-Up
    • India Liquefied Natural Gas (LNG) Market All-Up
    • Japan Liquefied Natural Gas (LNG) Market All-Up
    • Rest of APAC Liquefied Natural Gas (LNG) Market All-Up
  • RoW Liquefied Natural Gas (LNG) Market (Option 4: As a part of the free 25% Customization)
    • RoW Liquefied Natural Gas (LNG) Market by Application
    • Brazil Liquefied Natural Gas (LNG) Market All-Up
    • South Africa Liquefied Natural Gas (LNG) Market All-Up
    • Saudi Arabia Liquefied Natural Gas (LNG) Market All-Up
    • UAE Liquefied Natural Gas (LNG) Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Liquefied Natural Gas (LNG) Market All-Up

Global Liquefied Natural Gas (LNG) Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Exxon Mobil Corporation
  • Chevron Corporation
  • Total
  • Royal Dutch Shell PLC
  • PetroChina Company Limited
  • China Petrochemical Corporation
  • Equinor ASA
  • Canadian Natural
  • Gazprom
  • BP p.l.c.