The global liquefied natural gas (LNG) market is estimated to reach US$138.43 billion in 2023, growing at a CAGR of 5.15% for the period spanning 2019 to 2023. The factors such as rising energy consumption, growing urban population, increasing demand of natural gas vehicles, and increasing preference of LNG in developing economies are expected to drive the market. However, growth of the industry will be challenged by expiration of exports contracts, stringent regulations and lack of infrastructure facilities. A few notable trends include evolving LNG export capacity additions, growing demand for LNG bunkering, progressing LNG projects, growing LNG spot market and increasing shift towards modular technology.
Increased demand of LNG by domestic households for cooking and heating purposes was one of the key factors that have supported the LNG demand globally. Additionally, the LNG export volume has been stimulated by increased production of the exiting LNG projects and growing preference for LNG by the population for various commercial and domestic applications.
The largest LNG regional capacity is in Asia-Pacific due to higher production from existing projects in Asia-Pacific countries, such as India, China, and Japan that have a major impact on the growth of the market. China and India are highly established premium markets that contribute to significant shares in the global LNG capacity. Rising approval for liquefaction plants in the U.S. propelled the demand for LNG. The Qatar represents one of the largest markets for LNG and is already a well-penetrated market.
Scope of the report:
• The report provides a comprehensive analysis of the global Liquefied Natural Gas (LNG) market to aid in identifying the current market opportunities.
• The regional markets (Asia-Pacific, Middle East, Europe, Americas and Africa) have been analyzed, along with country coverage of the Australia, Japan, China, South Korea, India, Qatar and the U.S.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Equinor ASA, Gazprom Group, Royal Dutch Shell Plc, Exxon Mobil Corporation, British Petroleum Plc and Chevron Corporation) are also presented in detail.
Key Target Audience:
• Liquefied Natural Gas (LNG) Manufacturers
• Raw Material Suppliers
• End User Industries (Heavy-Duty Vehicles, Electric Power Generation, and Marine Transport)
• Consulting Firms
• Investment Banks
• Government Bodies & Regulating Authorities