LNG as a Fuel Market Size (2024 - 2029)

The LNG as a fuel market is anticipated to experience significant growth, driven by a transition from conventional energy sources to cleaner alternatives like natural gas for power generation and transportation. Despite challenges such as the high costs and complexities associated with LNG production and distribution infrastructure, the market is poised for expansion. The transportation sector has notably shifted towards LNG, particularly in regions like Asia-Pacific, which is expected to be the fastest-growing area due to a strong emphasis on cleaner fuels. This trend is supported by a global movement towards energy generation from cleaner sources and an increase in LNG-based vehicles, indicating a positive outlook for the market's scale and scope in the coming years.

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Market Size of LNG as a Fuel Industry

LNG-as-a-Fuel Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 8.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

LNG-as-a-Fuel Market Major Players

*Disclaimer: Major Players sorted in no particular order

LNG as a Fuel Market Analysis

The LNG as a fuel market is expected to register a CAGR of over 8% during the forecast period, 2020 - 2025. Factors, such as a gradual shift from conventional energy sources, like coal to cleaner energy sources, such as natural gas for power generation, along with an increase in the use of LNG for transportation are expected to help grow the market. However, the high cost and complexities of the LNG production plants and the infrastructure required for the safe distribution of LNG have somewhat hampered the growth of the market.

  • There has been a significant shift in the transportation industry from conventional sources to a much cleaner and affordable sources, such as LNG, in recent years. In countries, such as China, the growth of LNG-based vehicles from 2012 to 2018 amounts to over 600%.
  • Asia-Pacific is expected to be the fastest-growing market in the forecast period, mainly due to increased focus on a shift toward cleaner fuel for both energy generation and transportation.
  • With worldwide increased focus on energy generation from cleaner fuels and increase in LNG based vehicles, the market is expected to grow in the forecasted period. The major market includes countries, such as the United States and China, etc.

LNG as a Fuel Industry Segmentation

The LNG as a fuel market report include:

Application
Transportation
Market Overview
LNG as a Bunkering Fuel Demand Forecast, till 2025
Number of LNG-fired Ships in Operation and on Order, as of 2019
Major LNG Bunkering Facilities around the World, as of 2019
Power Generation
Market Overview
Key LNG fired Power Generation Power Plants, as of 2019
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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LNG as a Fuel Market Size Summary

The LNG as a fuel market is poised for significant growth, driven by a global shift from conventional energy sources like coal to cleaner alternatives such as natural gas. This transition is particularly evident in the transportation sector, where LNG is increasingly being adopted as a more sustainable and cost-effective fuel option. Despite challenges such as the high costs and complexities associated with LNG production and distribution infrastructure, the market is expected to expand, supported by stringent environmental regulations and government incentives aimed at reducing greenhouse gas emissions. The Asia-Pacific region, especially China, is anticipated to lead this growth, with substantial investments in LNG-powered vehicles and infrastructure.

The market landscape is moderately consolidated, with major players like Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell PLC, Total SA, BP PLC, and Petro China holding significant market shares. The demand for LNG is particularly strong in the transportation and power generation sectors, with countries like China and the United States at the forefront of this trend. The increasing number of LNG-based heavy-duty trucks and buses, along with the growing adoption of LNG in shipping and cruise industries, underscores the market's potential. As the focus on cleaner and more affordable energy solutions intensifies, the LNG as a fuel market is expected to experience robust growth during the forecast period.

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LNG as a Fuel 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 2025

    3. 1.3 LNG Export and Import in BCM, by Major Countries, 2018

    4. 1.4 LNG Trade Volumes, 2010-2018

    5. 1.5 LNG Exports and Market Share in MT, by Major Countries, 2018

    6. 1.6 Recent Trends and Developments

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

      2. 1.7.2 Restraints

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitutes Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Transportation

        1. 2.1.1.1 Market Overview

        2. 2.1.1.2 LNG as a Bunkering Fuel Demand Forecast, till 2025

        3. 2.1.1.3 Number of LNG-fired Ships in Operation and on Order, as of 2019

        4. 2.1.1.4 Major LNG Bunkering Facilities around the World, as of 2019

      2. 2.1.2 Power Generation

        1. 2.1.2.1 Market Overview

        2. 2.1.2.2 Key LNG fired Power Generation Power Plants, as of 2019

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 South America

      5. 2.2.5 Middle-East and Africa

LNG as a Fuel Market Size FAQs

The LNG as a Fuel Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

Royal Dutch Shell Plc, Total S.A. , BP Plc , Exxon Mobil Corporation and Chevron Corporation are the major companies operating in the LNG as a Fuel Market.

LNG-as-a-Fuel Market Report Snapshots

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