China LNG Market Size (2024 - 2029)

The China LNG market is experiencing significant growth, driven by the country's status as a major natural gas producer and importer, which supports the increasing demand for LNG in power generation and industrial applications. This demand is further fueled by China's efforts to reduce carbon emissions by phasing out coal power plants. Despite the challenges posed by the rapid expansion of renewable energy sources, the market is poised for expansion, with numerous LNG projects and development plans anticipated in the coming years, creating substantial opportunities for market participants.

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Market Size of China LNG Industry

China LNG Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 7.00 %
Market Concentration Medium

Major Players

China LNG Market Major Players

*Disclaimer: Major Players sorted in no particular order

China LNG Market Analysis

The China LNG market is projected to register a CAGR of over 7.0% in the current year.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached the pre-pandemic level.

  • China is the sixth largest gas producer and the second largest importer of natural gas due to the high demand for natural gas for power and industries, which will directly aid the LNG market. In addition, natural gas for power generation is increasing as the country aims to reduce coal power plants to reduce carbon emissions. It is also expected to drive the growth of the market studied.
  • However, the rapid growth of renewable energy would be a major restraint to the market.
  • A high number of LNG projects/development plans are expected to be proposed in upcoming years, underpinned by the growing LNG demand, leading to the creation of several opportunities for the market players in China.

China LNG Industry Segmentation

LNG is natural gas that has been cooled to a liquid state, at about -260° Fahrenheit, for shipping and storage. The volume of natural gas in its liquid state is about 600 times smaller than its volume in its gaseous state. This process makes it possible to transport natural gas to places pipelines do not reach. The LNG market is segmented by LNG infrastructure and LNG trade. By LNG infrastructure, the market is segmented into LNG liquefaction plants, LNG regasification facilities, and LNG shipping. The report also covers the market size and forecasts for the LNG market across major regions. for each segment, the market sizing and forecasts have been done based on revenue.

LNG Infrastructure
LNG Liquefaction Plants
LNG Regasification Plants
LNG Shipping
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China LNG Market Size Summary

The China LNG market is experiencing significant growth, driven by the country's position as a major natural gas producer and importer. This growth is fueled by the increasing demand for natural gas in power generation, as China aims to reduce its reliance on coal and lower carbon emissions. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19, and it is expected to continue expanding due to the high demand for LNG. However, the rapid advancement of renewable energy sources poses a challenge to the market's growth. The development of numerous LNG projects and plans is anticipated, creating opportunities for market players in China.

China holds a dominant position in the global LNG regasification market, with substantial capacity expansions underway to meet the rising demand for natural gas. The country has been proactive in enhancing its regasification infrastructure, as evidenced by the expansion of terminals such as Zhoushan and Caofeidian. The strong economic recovery post-COVID-19 has further boosted LNG demand, leading China to surpass Japan as the world's leading LNG importer. The construction of new regasification terminals and the acquisition of LNG tankers underscore China's commitment to meeting its growing energy needs. The market is moderately consolidated, with key players including PetroChina, China Suntien Green Energy, Sinopec, Shell, and Total Energies, all contributing to the market's dynamic landscape.

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China LNG Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Makret Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 LNG Infrastructure

      1. 2.1.1 LNG Liquefaction Plants

      2. 2.1.2 LNG Regasification Plants

      3. 2.1.3 LNG Shipping

    2. 2.2 LNG Trades

China LNG Market Size FAQs

The China LNG Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

PetroChina Company Limited, China Suntien Green Energy, Sinopec Shanghai Petrochemical Co., Ltd., Shell plc and Total Energies SE. are the major companies operating in the China LNG Market.

China LNG Report Snapshots

China LNG Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)