Liquefied Natural Gas (LNG) Market size By Application (Transportation Fuel, Power Generation, Mining & Industrial) Outlook 2024

Liquefied natural gas (LNG) is a colourless and non- toxic and liquid form of natural gas. It is form cooling the natural gas. The cooling process makes the LNG easier and safer to store and ship. This liquid natural gas is turned into gas at regasification plant. It is further piped it to homes, businesses and industries. Liquide natural gas is emerging as a cost-competitive and cleaner fuel for shipping heavy-duty road transport.
The global liquefied natural gas market is estimated and forecasted in terms of revenue (USD million) generated by the market. The growth of the liquefied natural gas market is attributed to growing industrialization and globalization. Moreover, liquefied natural gas is a carbon-emitting fossil fuel which burns cleaner than coal and heating oil which further boosts the market. However, the increasing prices and shortage of liquefied natural gas and limited pipeline infrastructure in developing and under developed countries are the factors which hinder the growth of the liquefied natural gas market.

The report analyses the global liquefied natural gas market based on process type into liquefaction terminal and regasification terminal. Liquefaction and regasification are the two main process used for manufacturing of liquefied natural gas. Regasification is a process of converting liquefied natural gas into natural gas at atmospheric temperature. The regasification process helps in convenient transportation and storing of liquefied natural gas. At liquefaction terminal the gas is converted into liquid form.

Based on application, the global liquefied natural gas market is categorized into power generation, transportation and mining & industrial. The power generation segment is anticipated to gain highest CAGR during the forecast period. Liquefied natural gas is an important feedstock for the power generating industries and increasing demand & investments in the power generation sector is projected to robust the growth of liquefied natural gas market over the projected period.

By geography, the global liquefied natural gas market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the liquefied natural gas market during the forecast period. The growth of the Asian market is driven by factors such as growing industrialization, infrastructure development and strong economic growth.

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Some of the key participants of the global liquefied natural gas market are Anadarko Petroleum Corporation, Anadarko Petroleum Corporation, Chevron Corporation, NIOC, PETRONAS, ROSNEFT, WOODSIDE, Cheniere Energy, Inc, Gazprom, INPEX, NOVATEK, Exxon Mobil Corporation, Royal Dutch Shell, British Petroleum, Petro China, Equinor ASA, China Petroleum & Chemical Corporation, Gazprom, Canadian Natural, ConocoPhillips Company, etc. The intense competition in the liquefied natural gas market has forced key players to adopt distinct strategies to enable them to survive. Moreover, collaboration, cost cutting, mergers and acquisitions are the strategies adopted by prominent players to reinforce their position in the global market.

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