Liquefied Natural Gas (LNG) Market size to grow by USD 15.81 billion from 2022 to 2027, Driven by the increase in LNG production, Technavio
NEW YORK, March 7, 2024 /PRNewswire/ -- The liquefied natural gas (LNG) market size is forecasted to increase by USD 15.81 billion from 2022 to 2027, at a CAGR of 5.35%, according to the recent market study by Technavio. The growth of the market will be driven by the increase in LNG production, growth in LNG liquefaction capacity, and the rising demand for cleaner fuels.
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Key Company
Technavio has extensively analyzed 15 major vendors, including Bechtel Corp., Cheniere Energy Inc., China Petrochemical Corp., Eni Spa, Equinor ASA, Exxon Mobil Corp., Fluor Corp., Freeport LNG Development LP, Gasum Oy, INPEX Corp., PAO NOVATEK, PetroChina Co. Ltd., Qatargas Operating Co. Ltd., SEFE Energy Ltd., Sempra Energy, TechnipFMC plc, TotalEnergies SE, Shell plc, Chevron Corp., and BP Plc
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- Bechtel Corp. - The company offers liquefied natural gas solutions such as integrated EPC and hydrocarbon technology liquefaction.
- China Petrochemical Corp. - The company offers liquefied natural gas solutions such as liquid natural gas.
- Eni Spa - The company offers liquefied natural gas solutions such as transportation by sea of liquefied natural gas through the use of two proprietary LNG tankers, LNG Portovenere and LNG Lerici.
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- The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
- It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
- The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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Segmentation Analysis
This report extensively covers market segmentation by end-user (power, industry, and others) and geography (North America, Middle East and Africa, Europe, APAC, and South America).
- The market share growth of the power segment will be significant for the overall market growth during the forecast period. Due to the focus on improving air quality, coal-dependent nations, including China, are switching to natural gas for electricity generation. Moreover, the heavy reliance on coal during times of peak electricity demand causes the plant to age and shortens its overall lifespan. On the other hand, natural gas is not affected by the issue. The demand for natural gas has increased in the power sector due to the abundant supply of these resources. This results in several new power plants that run on natural gas, including LNG, being set up. Hence, such factors will drive the market growth during the forecast period.
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The increase in LNG production is a major driver for market growth.
Natural gas is one of the fastest-growing fossil fuels due to the development of a worldwide supply of coalbed methane, shale gas, and tight gas. As a result, the amount of unconventional oil and gas resources will significantly expand for the global oil and gas industry. The US has been successfully extracting shale oil and gas since 2008. This has increased the availability of oil and gas worldwide. Thus, the increase in natural gas production has led to a rise in the production of LNG, which is likely to boost the growth of the market during the forecast period.
- Commoditization of LNG is a key trend in the market.
- The rising adoption of renewable energy sources is a major challenge hindering market growth.
Analyst Review
The liquefied natural gas (LNG) market is a pivotal component of primary energy consumption globally, with natural gas being converted into its liquefied form to facilitate transportation and expand its reach in the international market. LNG, cooled to approximately -260° Fahrenheit, condenses into a fraction of its original volume, making it more feasible for shipping via tankers across ocean transport routes or through pipeline distribution networks.
In recent years, there has been a surge in the LNG trade, driven by increasing demand from industrial consumers, power plants, and distribution companies seeking cleaner fuel alternatives. This demand has spurred the development of terminals and storage facilities in producing regions to accommodate regasified LNG for local markets.
The LNG supply chain involves a series of intricate processes, from production to shipping and distribution. Large LNG tanker ships equipped with double-hulled structures ensure safety during ocean transport, while cryogenic tanks and storage tanks serve insulating purposes for storage at receiving ports.
Small-scale LNG shipments cater to regions with smaller quantities demands or shorter ocean distances, utilizing container shipping, trucks, or peak-shaver liquefaction and storage facilities.
Regulatory oversight, particularly in the United States, is governed by the Department of Energy (DOE), which holds regulatory responsibilities under the Natural Gas Act (NGA), including public interest determinations for LNG exports to destination countries.
The Federal Energy Regulatory Commission (FERC) plays a crucial role in siting, construction, and operation approvals, ensuring compliance with standards of review such as economic, environmental, and public interest assessments.
Leading companies like Cheniere Energy's Sabine Pass Liquefaction, LLC operate large facilities involving billions of dollars in financing and construction, with final investment decisions guided by market transparency reports like the LNG Monthly Report and Semi-Annual Reports accessible through the Online Docket Room.
In conclusion, the LNG market, supported by a robust infrastructure and regulatory framework, continues to evolve, serving five continents and driving economic growth while meeting energy demands sustainably.
Market Overview
The liquefied natural gas (LNG) market plays a pivotal role in international markets due to its versatility and efficiency. LNG, derived from natural gas through a liquefaction process, offers advantages in transportation over pipeline networks, enabling access to distant markets. Its liquefied form allows for easier storage and shipping, overcoming the constraints of gaseous form. As a cleaner alternative to other fossil fuels, LNG contributes significantly to primary energy consumption worldwide. The growing demand for LNG reflects its prominence as a key player in the global energy landscape, with investments in infrastructure and technology further boosting its accessibility and competitiveness in the international market.
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Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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