Report Scope & Overview:
The Liquefied Natural Gas Market size was valued at USD 109.56 billion in 2022 and is expected to grow to USD 205.81 billion by 2030 and grow at a CAGR of 8.2 % over the forecast period of 2023-2030.
Natural gas is chilled to a temperature of -1620°C to create liquefied natural gas, which is an odourless and colourless liquid. Gas volume is reduced by 600 times during the liquefaction process, making storage and transportation easier. When liquefied natural gas arrives at its destination, a procedure known as regasification is used to turn it back into gas delivered by pipelines and boats to final users. Due to, liquefied natural gas is a growing fuel. Compared to petrol, diesel, and other fuels, it burns the cleanest.
Home heating, electric power generation, the production of chemicals and fertilisers, as well as the refuelling of trucks, cruise ships, cargo ships, and other vehicles are all uses for liquefied natural gas. Long-term gas storage reserves were made possible by the development of large-scale cryogenic storage. These liquefied gas reserves are the primary way for networks to accommodate peak local demand. Natural gas is typically transported and stored using LNG from a source to a destination. The use of LNG as a fuel for transportation is probably going to become widespread. It is now being assessed for applications in over-the-road haulage, off-road travel, maritime travel, and train travel.
Rising demand for clean energy source
Liquefaction capacity is increased
Developing sustainable energy sources
It burns cleaner than petrol and diesel, liquefied natural gas is a newly popular fuel. Over the forecast period, key factors including rising global natural gas liquefaction capacity, government initiatives to strengthen gas pipeline infrastructure, and rising demand for a clean energy source from a number of end-use industries are anticipated to fuel the growth of the global liquefied natural gas market.
Remote areas with inadequate pipeline infrastructure
Commercializing Natural Gas
Developing new innovations
Dealing with country-specific laws and regulations
Due to its greater dependence on oil prices, the liquefied natural gas market is particularly volatile.
Due to its greater reliance on oil prices, the market for liquefied natural gas is particularly volatile. In emerging economies, the spot price of liquefied natural gas is typically determined by an oil connection. The absence of global regulations governing LNG uses is also limiting industry expansion. Each nation has its own regulations governing the use of LNG. Key companies in this industry find it challenging to deal with these country-specific laws and regulations. This is preventing investment from entering the market, which is limiting market expansion.
IMPACT OF RUSSIAN UKRAINE WAR
The Russia-Ukraine conflict is resetting the energy industry, with natural gas becoming a global and linked market that is impacted by dynamics and events that go well beyond its conventional physical limitations, something akin to what oil was for decades. A diverted LNG cargo in the US, a drying river in China, or tensions over Taiwan may all influence the price of gas in Europe, which was formerly practically isolated and heavily reliant on pipeline flow dynamics between Russia and Norway. This has further expedited the globalisation of the petrol market, with experts and market participants increasingly referring to it as the "new oil," notably referencing its geopolitical character because petrol is traded quite widely.
KEY MARKET SEGMENTS
The Asia Pacific region's revenue share was the highest growth in 2021. Japan had the highest country-level demand and is anticipated to expand significantly throughout the projection period. Gas in the energy mix only makes up 4% to 5% of the primary energy used in the nation, leaving room for improvement. more gas-based power plants are being used, which has expanded their market potential.
In North America, Mexico had the biggest demand, followed by the United States, and is anticipated to expand at the fastest rate, with a market share of 71.01% throughout the projection period. Shale gas deposits are present in the United States, and the government's increased emphasis on incorporating renewable energy sources into the country's energy mix is what is causing the strong demand for LNG. Shale gas deposits exist in Canada in Alberta, British Columbia, Manitoba, and Saskatchewan.
Rest of Eastern Europe
Rest of Western Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East
Rest of Africa
Rest of Latin America
In an effort to establish itself as a Centre for less expensive and cleaner fuel in the area, Ghana is planning to launch the first liquefied natural gas-to-power plant in sub-Saharan Africa in January 2021.
A second unit of the USD 10 billion liquefied natural gas project on the Gulf Coast of Louisiana, operated by a Sempra Energy subsidiary based in San Diego, was successfully launched in December 2019. This unit will shortly export natural gas to markets across the world.
In May 2022, Venture Global LNG inked two long-term contracts to provide ExxonMobil LNG Asia Pacific (EMLAP), a registered business name of ExxonMobil Asia Pacific and a subsidiary of ExxonMobil, a U.S. company, with liquefied natural gas (LNG). Venture Global will provide ExxonMobil LNG Asia Pacific with two million tonnes of LNG annually (Mtpa) under these new sales and purchase agreements (SPAs). The Plaquemines LNG project and the CP2 LNG facility will both provide 1 Mtpa to the ExxonMobil subsidiary.
British Petroleum (BP) p.l.c., Chevron Corporation, China Petroleum & Chemical Corporation, Eni SpA, Equinor ASA, Exxon Mobil Corporation, Gazprom Energy, PetroChina Company Limited, Royal Dutch Shell PLC, Total S.A. and other players are listed in a final report.
|Market Size in 2022||US$ 109.56 Bn|
|Market Size by 2030||US$ 205.81 Bn|
|CAGR||CAGR of 8.2 % From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Application (Transportation Fuel, Power Generation, Others|
|Regional Analysis/Coverage||North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)|
|Company Profiles||British Petroleum (BP) p.l.c., Chevron Corporation, China Petroleum & Chemical Corporation, Eni SpA, Equinor ASA, Exxon Mobil Corporation, Gazprom Energy, PetroChina Company Limited, Royal Dutch Shell PLC, Total S.A.|
|Key Drivers||• Rising demand for clean energy source
• Liquefaction capacity is increased
• Developing sustainable energy sources
|Market Restraints||• Highly fluctuating
• High cost
• Remote areas with inadequate pipeline infrastructure
Ans: Liquefied Natural Gas Market is anticipated to expand by 8.2% from 2023 to 2030.
Ans: USD 205.81 billion is expected to grow by 2030.
Ans: Liquefied Natural Gas Market size was valued at USD 109.56 billion in 2022
Ans: North America is dominating the market.
Ans: Commercializing Natural Gas
Developing new innovations
TABLE OF CONTENT
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Liquefied Natural Gas Market Segmentation, By Application
8.1 Transportation Fuel
8.2 Power Generation
9. Regional Analysis
9.2 North America
9.2.1 North America Liquefied Natural Gas Market by Country
9.2.2 North America Liquefied Natural Gas Market by Application
126.96.36.199 USA Liquefied Natural Gas Market by Application
188.8.131.52 Canada Liquefied Natural Gas Market by Application
184.108.40.206 Mexico Liquefied Natural Gas Market by Application
9.3.1 Eastern Europe
220.127.116.11 Eastern Europe Liquefied Natural Gas Market by Country
18.104.22.168 Eastern Europe Liquefied Natural Gas Market by Application
22.214.171.124.1 Poland Liquefied Natural Gas Market by Application
126.96.36.199.1 Romania Liquefied Natural Gas Market by Application
188.8.131.52.1 Hungary Liquefied Natural Gas Market by Application
184.108.40.206.1 Turkey Liquefied Natural Gas Market by Application
220.127.116.11 Rest of Eastern Europe
18.104.22.168.1 Rest of Eastern Europe Liquefied Natural Gas Market by Application
9.3.2 Western Europe
22.214.171.124 Western Europe Liquefied Natural Gas Market by Country
126.96.36.199 Western Europe Liquefied Natural Gas Market by Application
188.8.131.52.1 Germany Liquefied Natural Gas Market by Application
184.108.40.206.1 France Liquefied Natural Gas Market by Application
220.127.116.11.1 UK Liquefied Natural Gas Market by Application
18.104.22.168.1 Italy Liquefied Natural Gas Market by Application
22.214.171.124.1 Spain Liquefied Natural Gas Market by Application
126.96.36.199.1 Netherlands Liquefied Natural Gas Market by Application
188.8.131.52.1 Switzerland Liquefied Natural Gas Market by Application
184.108.40.206.1 Austria Liquefied Natural Gas Market by Application
220.127.116.11 Rest of Western Europe
18.104.22.168.1 Rest of Western Europe Liquefied Natural Gas Market by Application
9.4.1 Asia Pacific Liquefied Natural Gas Market by Country
9.4.2 Asia Pacific Liquefied Natural Gas Market by Application
22.214.171.124 China Liquefied Natural Gas Market by Application
126.96.36.199 India Liquefied Natural Gas Market by Application
188.8.131.52 Japan Liquefied Natural Gas Market by Application
9.4.6 South Korea
184.108.40.206 South Korea Liquefied Natural Gas Market by Application
220.127.116.11 Vietnam Liquefied Natural Gas Market by Application
18.104.22.168 Singapore Liquefied Natural Gas Market by Application
22.214.171.124 Australia Liquefied Natural Gas Market by Application
9.4.10 Rest of Asia-Pacific
126.96.36.199 Rest of Asia-Pacific Liquefied Natural Gas Market by Application
9.5 Middle East & Africa
9.5.1 Middle East
188.8.131.52 Middle East Liquefied Natural Gas Market by Country
184.108.40.206 Middle East Liquefied Natural Gas Market by Application
220.127.116.11.1 UAE Liquefied Natural Gas Market by Application
18.104.22.168.1 Egypt Liquefied Natural Gas Market by Application
22.214.171.124 Saudi Arabia
126.96.36.199.1 Saudi Arabia Liquefied Natural Gas Market by Application
188.8.131.52.1 Qatar Liquefied Natural Gas Market by Application
184.108.40.206 Rest of Middle East
220.127.116.11.1 Rest of Middle East Liquefied Natural Gas Market by Application
18.104.22.168 Africa Liquefied Natural Gas Market by Country
22.214.171.124 Africa Liquefied Natural Gas Market by Application
126.96.36.199.1 Nigeria Liquefied Natural Gas Market by Application
188.8.131.52 South Africa
184.108.40.206.1 South Africa Liquefied Natural Gas Market by Application
220.127.116.11 Rest of Africa
18.104.22.168.1 Rest of Africa Liquefied Natural Gas Market by Application
9.6 Latin America
9.6.1 Latin America Liquefied Natural Gas Market by Country
9.6.2 Latin America Liquefied Natural Gas Market by Application
22.214.171.124 Brazil Liquefied Natural Gas Market by Application
126.96.36.199 Argentina Liquefied Natural Gas Market by Application
188.8.131.52 Colombia Liquefied Natural Gas Market by Application
9.6.6 Rest of Latin America
184.108.40.206 Rest of Latin America Liquefied Natural Gas Market by Application
10 Company Profile
10.1 British Petroleum (BP) p.l.c.
10.1.1 Company Overview
10.1.3 Product/Services Offered
10.1.4 SWOT Analysis
10.1.5 The SNS View
10.2 Chevron Corporation
10.2.1 Company Overview
10.2.3 Product/Services Offered
10.2.4 SWOT Analysis
10.2.5 The SNS View
10.3 China Petroleum & Chemical Corporation
10.3.1 Company Overview
10.3.3 Product/Services Offered
10.3.4 SWOT Analysis
10.3.5 The SNS View
10.4 Eni SpA
10.4 Company Overview
10.4.3 Product/Services Offered
10.4.4 SWOT Analysis
10.4.5 The SNS View
10.5 Equinor ASA
10.5.1 Company Overview
10.5.3 Product/Services Offered
10.5.4 SWOT Analysis
10.5.5 The SNS View
10.6 Exxon Mobil Corporation
10.6.1 Company Overview
10.6.3 Product/Services Offered
10.6.4 SWOT Analysis
10.6.5 The SNS View
10.7 Gazprom Energy
10.7.1 Company Overview
10.7.3 Product/Services Offered
10.7.4 SWOT Analysis
10.7.5 The SNS View
10.8 PetroChina Company Limited
10.8.1 Company Overview
10.8.3 Product/Services Offered
10.8.4 SWOT Analysis
10.8.5 The SNS View
10.9 Royal Dutch Shell PLC
10.9.1 Company Overview
10.9.3 Product/Services Offered
10.9.4 SWOT Analysis
10.9.5 The SNS View
10.10 Total S.A
10.10.1 Company Overview
10.10.3 Product/Services Offered
10.10.4 SWOT Analysis
10.10.5 The SNS View
11. Competitive Landscape
11.1 Competitive Bench marking
11.2 Market Share Analysis
11.3 Recent Developments
11.3.1 Industry News
11.3.2 Company News
11.3.3 Mergers & Acquisitions
12. USE Cases and Best Practices
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