LNG Market Size (2024 - 2029)

The LNG market is anticipated to experience significant growth over the forecast period, driven by increasing demand for gas power generation and a rising number of LNG-fueled fleets. Despite challenges such as LNG oversupply and trade tensions, the market has rebounded to pre-pandemic levels and is poised for expansion. The development of numerous LNG projects and plans, particularly in the African region, is expected to create new opportunities, contributing to the overall growth in market size.

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Market Size of LNG Industry

LNG Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 6.75 %
Fastest Growing Market South America
Largest Market Asia-Pacific
Market Concentration Low

Major Players

LNG Market Major Players

*Disclaimer: Major Players sorted in no particular order

Liquefied Natural Gas (LNG) Market Analysis

The LNG Market size is expected to grow from USD 74.60 billion in 2023 to USD 103.41 billion by 2028, at a CAGR of 6.75% during the forecast period (2023-2028).

In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.

  • Over the medium term, factors such as increasing demand for gas power generation and a rising number of LNG-fueled fleets are expected to drive the global LNG market during the forecast period.
  • On the other hand, LNG oversupply and trade tension are expected to hamper market growth during the forecast period.
  • Nevertheless, a high number of LNG projects and development plans are expected to be proposed in the upcoming years, underpinned by the growing LNG demand, leading to the creation of several opportunities for market players in the African region, thus creating an emerging LNG market.

Liquefied Natural Gas (LNG) Industry Segmentation

LNG stands for liquefied natural gas, which is a clear, colorless, non-toxic liquid formed by cooling natural gas to -162 degrees Celsius, at which point it condenses into a liquid state. The liquefaction process reduces the volume of natural gas by 600 times, making it easier and more economical to transport and store. LNG infrastructure refers to the facilities, equipment, and systems needed to produce, transport, store, and distribute liquefied natural gas (LNG) from the source to the end users.

The LNG market is segmented by LNG Infrastructure (LNG Liquefaction Plants, LNG Regasification Facilities, and LNG Shipping), LNG Trade, and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecasts for the LNG market in terms of revenue (USD billion) for all the above segments.

LNG Infrastructure
LNG Liquefaction Plants
LNG Regasification Facilities
LNG Shipping
LNG Trade
Geography
North America
United States
Canada
Mexico
Rest of the North America
Europe
Germany
United Kingdom
France
Rest of the Europe
Asia-Pacific
China
South Korea
Japan
Rest of the Asia-Pacific
South America
Brazil
Argentina
Rest of the South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of the Middle-East and Africa
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LNG Market Size Summary

The LNG market is poised for significant growth over the forecast period, driven by increasing demand for gas power generation and the expansion of LNG-fueled fleets. Despite challenges such as LNG oversupply and trade tensions, the market is expected to benefit from a surge in LNG projects and development plans, particularly in Africa, where emerging opportunities are anticipated. The global market has rebounded to pre-pandemic levels, with supportive government policies promoting the use of natural gas to reduce carbon emissions further bolstering demand. The liquefaction sector is expected to dominate the market, supported by the establishment of new liquefaction projects and increased global capacity.

Asia-Pacific remains a dominant force in the LNG market, both as a leading importing and exporting region. The region's share of global LNG imports has increased, with China experiencing substantial growth in imported volumes. This growth is supported by government-backed LNG projects and strategic plans to enhance natural gas infrastructure. The region's continued expansion in LNG imports and exports underscores its pivotal role in the global market. The LNG market is characterized by fragmentation, with major players like Fluor Corporation, TechnipFMC PLC, Bechtel Corporation, Shell PLC, and Gasum AS actively participating in various projects worldwide, further shaping the market landscape.

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LNG Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    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 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 LNG Infrastructure

      1. 2.1.1 LNG Liquefaction Plants

      2. 2.1.2 LNG Regasification Facilities

      3. 2.1.3 LNG Shipping

    2. 2.2 LNG Trade

      1. 2.2.1

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

        4. 2.3.1.4 Rest of the North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Rest of the Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 South Korea

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Rest of the Asia-Pacific

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of the South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 United Arab Emirates

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 Rest of the Middle-East and Africa

LNG Market Size FAQs

The LNG Market is projected to register a CAGR of 6.75% during the forecast period (2024-2029)

Fluor Corporation, Bechtel Corporation, Gasum AS, Shell PLC and TechnipFMC plc are the major companies operating in the LNG Market.

LNG Market Report Snapshots

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