USD 108.4 Billion
Report ID:
SQMIG10C2038 |
Region:
Global |
Published Date: January, 2025
Pages:
189
|Tables:
89
|Figures:
70
Global Liquified Natural Gas Market size was valued at USD 108.4 Billion in 2023 and is poised to grow from USD 122.5 Billion in 2024 to USD 293.69 Billion by 2032, growing at a CAGR of 11.5% during the forecast period (2025-2032).
Rapidly increasing demand for energy around the world and growing emphasis on sustainability are projected to boost the demand for liquified natural gas (LNG) going forward. Increasing investments in the development of liquified natural gas infrastructure are also slated to create new opportunities for market players in the future. The imposition of stringent environmental regulations and efforts to reduce carbon emissions are also estimated to bolster the demand for liquified natural gas in the long run. Growing use of liquified natural gas in the maritime industry and other transportation applications are also slated to bolster the global liquified natural gas market growth in the future. Advancements in LNG shipping technology and flexible supply agreements are fostering international LNG trade thereby further offering new business scope for liquified natural gas companies. On the contrary, high initial costs of infrastructure, volatility in natural gas pricing, limited adoption in underdeveloped regions, and competition from renewable energy sources are estimated to impede the adoption of liquified natural gas across the study period and beyond.
Market snapshot - (2025-2032)
Global Market Size
USD 108.4 Billion
Largest Segment
Power Generation
Fastest Growth
Transportation Fuel
Growth Rate
11.5% CAGR
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Global liquified natural gas market is segmented by trade, infrastructure, application, and region. Based on trade, the market is segmented into import and export. Based on infrastructure, the market is segmented into LNG liquefaction, LNG regasification facilities, and LNG shipping. Based on application, the market is segmented into transportation fuel, power generation, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & and Africa.
LNG liquefaction segment is estimated to account for the highest global liquified natural gas market share going forward. Essential role of liquefaction in promoting the adoption of liquified natural gas and growing investments in the development of new LNG liquefaction facilities around the world are helping this segment bring in the most revenue. Efforts to transition from coal-based economies to gas economies on a global level are also expected to cement the high share of this segment in the long run. Countries are also trying to reduce reliance on gas imports, which in turn is expected to push them to establish their own LNG infrastructure starting with LNG liquefaction facilities going forward.
Meanwhile, the LNG shipping segment is slated to hold the second-largest share of the global liquified natural gas market size in the long run. Growing demand for export of liquified natural gas around the world has bolstered the need for better LNG shipping infrastructure. LNG carriers are majorly responsible for carrying liquified natural gas in its liquid state to avoid risk of leaks. Companies focusing on this segment should try to expand LNG shipping and distribution networks to maximize revenue generation potential across the forecast period. Advancements in shipping and logistics technologies are also slated to influentially augment the demand for liquified natural gas via this segment.
Power generation is estimated to account for a dominant share of the global liquified natural gas industry in the future. Growing emphasis on reduction of emissions from power generation industry to comply with carbon reduction goals and reduce reliance on fossil fuels such as coal are helping this segment hold sway over others. Imposition of stringent regulations promoting the adoption of liquified natural gas in power generation are also expected to cement the dominance of this segment in the long run. High efficiency and grid stability offered by the use of liquified natural gas in power generation is also expected to favor market development through 2032.
On the other hand, the demand for liquified natural gas as transportation fuel is slated to rise at a steady pace over the coming years. High energy density of liquified natural gas as compared to compressed natural gas (CNG) makes it a preferred choice of transportation fuel for heavy-duty vehicles and marine vessels. Growing emphasis on building gas economy by governments around the world is slated to create new opportunities for liquified natural gas suppliers focusing on this segment in the long run. However, high costs of liquified natural gas as compared to CNG and high methane and carbon emissions from use of LNG are expected to hurt its adoption as a transportation fuel across the study period.
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The Asia Pacific region is projected to emerge as a leading market for liquified natural gas companies across the study period and beyond. Rapidly surging demand for energy in this region, establishment of new LNG terminals, and growing efforts to transition towards a gas economy are helping this region emerge as dominant. Surging demand for energy on the back of growing industrialization and urbanization is also slated to create new opportunities for liquified natural gas providers operating in this region. China, India, and Japan are slated to emerge as the most opportune markets for liquified natural gas companies in the Asia Pacific region going forward.
Meanwhile, the demand for liquified natural gas in Europe is slated to rise at a steady pace in the future. Growing emphasis on phasing out fossil fuels, high demand for alternative energy sources, and presence of leading liquified natural gas providers are expected to offer new opportunities for market players in this region. Presence of a developed LNG infrastructure in most European countries is also slated to bolster revenue generation in the long run. High emphasis on sustainability and growing imports of LNG in European countries are also offering new business scope. Germany, France, and the United Kingdom are slated to be the top countries in this region for liquified natural gas demand.
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Surge in Demand for Energy
Development of LNG Infrastructure
High Initial Infrastructure Costs
Volatility in Natural Gas Pricing
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Liquified natural gas companies should invest in the development of LNG infrastructure to maximize their business scope in the long run. Targeting developing countries with rising imports of liquified natural gas can be a key opportunity for all market players. Power generation applications are slated to bring in the most revenue for companies as per this global liquified natural gas market analysis.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for energy around the world and high investments in LNG infrastructure development are projected to drive liquified natural gas market development in the future. On the contrary, high initial infrastructure costs and volatility in natural gas prices are expected to impede the sales of liquified natural gas across the study period and beyond. The Asia Pacific region is forecasted to spearhead liquified natural gas demand owing to growing urbanization and efforts to transition towards gas economy. Development of small-scale LNG plants and use of floating liquified natural gas technology are slated to offer new opportunities for market players in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 108.4 Billion |
Market size value in 2032 | USD 293.69 Billion |
Growth Rate | 11.5% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Liquified Natural Gas Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Liquified Natural Gas Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Liquified Natural Gas Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Liquified Natural Gas Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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