Market Size of LNG as a Fuel Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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:
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| Middle-East and Africa |
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.
LNG as a Fuel Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 LNG Export and Import in BCM, by Major Countries, 2018
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1.4 LNG Trade Volumes, 2010-2018
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1.5 LNG Exports and Market Share in MT, by Major Countries, 2018
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1.6 Recent Trends and Developments
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitutes Products and Services
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1.9.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Transportation
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2.1.1.1 Market Overview
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2.1.1.2 LNG as a Bunkering Fuel Demand Forecast, till 2025
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2.1.1.3 Number of LNG-fired Ships in Operation and on Order, as of 2019
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2.1.1.4 Major LNG Bunkering Facilities around the World, as of 2019
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2.1.2 Power Generation
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2.1.2.1 Market Overview
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2.1.2.2 Key LNG fired Power Generation Power Plants, as of 2019
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 South America
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2.2.5 Middle-East and Africa
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LNG as a Fuel Market Size FAQs
What is the current LNG as a Fuel Market size?
The LNG as a Fuel Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in LNG as a Fuel Market?
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.
