LNG Market Growth & Trends
The global liquefied natural gas market demand is expected to reach 560.19 million tons by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. Growing focus on expansion and development of gas pipeline infrastructure and rising demand for NG across downstream industries are the main propelling factors for the liquefied natural gas (LNG) market.
Decline in liquefied natural gas prices, along with implementation of supportable government regulations and guidelines, which are attracting tax schemes and FDIs, is also beneficial for the market growth. Collective prominence of adequate support for infrastructure in various countries is projected to augment product demand across the construction segment as the product is being used for building equipment.
However, inadequate infrastructure is augmenting demand for small-scale projects to source NG for key customers located in remote areas, precisely in the industrial manufacturing and power generating verticals. Rapid industrialization, urbanization, and projects supportive of gas and petrochemicals and power distribution are likely to provide a stimulus to the market growth.
Power generation accounted for the largest volume share in 2019 and is anticipated to witness significant growth from 2020 to 2027. Power generation plants are steadily shifting from other feedstock to liquefied natural gas in order to offer enhanced delivery and cost-competitiveness while getting support in the form of promising regulations that are encouraging the trends.
Asia Pacific remains the chief center of demand and altogether it accounted for over 50% of the global liquefied natural gas imports in 2018. 2019 was recorded as the year of low price and was driven by growing NG production, limited demand response, and the commissioning of new export infrastructure across the APAC market.
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LNG Market Report Highlights
- Asia Pacific is projected to grow at a substantial rate throughout the forecast period. India is expected to witness the fastest growth in the Asia Pacific region
- By application, the power generation segment dominated the industry, accounting for 47.1% share of the total volume in 2019
- North America is likely to witness moderate growth during the projected period.
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LNG Market Segmentation
Grand View Research has segmented the global liquefied natural gas market on the basis of application and region:
LNG Application Outlook (Volume, Million Tons, Revenue, USD Million, 2016 – 2027)
- Transportation Fuel
- Power Generation
LNG Regional Outlook (Volume, Million Tons, Revenue, USD Million, 2016 – 2027)
- The U.S.
- The U.K.
Central and South America
Middle East and Africa
List of Key Players of LNG Market
- Chevron Corporation
- Exxon Mobil Corporation
- Petronet LNG Limited
- China National Petroleum Corporation
- Petroliam Nasional Berhad (PETRONAS)
- Snam SPA
- PetroChina Company Limited
- Royal Dutch Shell
- Equinor ASA
- China Petroleum & Chemical Corporation
- Eni SpA
- ConocoPhillips Company
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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