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Liquefied natural gas Global Market 2024 - Industry Trends, Share, Size, Growth, Opportunity And Forecast 2033
Liquefied natural gas Global Market
According to The Business Research Company's, The liquefied natural gas market size has grown strongly in recent years. It will grow from $132.78 billion in 2023 to $144.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to global energy demand, geopolitical factors, environmental regulations, infrastructure development, price dynamics.
The liquefied natural gas market size is expected to see strong growth in the next few years. It will grow to $192.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to policy and regulatory landscape, infrastructure expansion, price competitiveness, evolving environmental considerations, geopolitical developments. Major trends in the forecast period include .
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Market Drivers and Trends:
The rising demand for liquefied natural gas is projected to expand the growth of the liquefied natural gas market going forward. Liquefied natural gas is produced by purifying natural gas and transforming it to -260°F. It is natural gas that has gone through cooling to become liquid. The rising demand for growing motor petrol use, and increasing big semi-urban and rural population will boost the demand for liquefied natural gas market growth. For instance, in July 2022, according to Energy Information Administration, a US-based government agency, during 2021, an average of 49.0 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) was traded globally. Therefore, the rising demand for liquefied natural gas is driving the growth of the liquefied natural gas market going forward.
Technological advancements are a key trend gaining popularity in the liquefied natural gas market. Companies operating in the liquefied Natural gas market are adopting new technologies to sustain their position in the market. For instance, in February 2023, New Fortress Energy Inc., a US-based energy infrastructure company, adopted Honeywell UOP technology to eliminate contaminants from natural gas. Honeywell UOP is the provider of gas processing technology. Its pollutant removal and hydrocarbon management technologies are employed in the production of about 40% of the world's liquefied natural gas.
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Major Key Players of the Market:
BP plc; Chevron Corporation; Eni SpA; Exxon Mobil Corporation; TotalEnergies SE; Cheniere Energy Inc.; ConocoPhillips Company; Sempra Energy; Woodside Energy Group Ltd.; Gazprom Energy; PetroChina Company Limited; Shell plc; Equinor ASA; China Petrochemical Corporation; INPEX Corporation; GAIL India Limited; Indian Oil Corporation Limited; China National Petroleum Corporation; Petronet LNG Ltd.; PJSC Gazprom; QatarEnergy; Dominion Energy Inc.; Freeport LNG Development L.P.; Kinder Morgan Inc.; Tellurian Inc.; Venture Global LNG Inc.; Anadarko Petroleum Corporation; Apache Corporation; BG Group; BHP Group Ltd.; BP Trinidad and Tobago LLC; CNOOC Limited; Devon Energy Corporation; Hess Corporation; JERA Co. Inc.; Occidental Petroleum Corporation; Origin Energy Limited; Santos Limited; Woodfibre LNG Limited
Liquefied natural gas Market 2024 Key Insights:
• The liquefied natural gas market will grow to $192.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Unveiling The Dynamics As Surging Demand Propels Liquefied Natural Gas Market Growth
• Technological Advancements Reshaping The Liquefied Natural Gas Market
• Asia-Pacific was the largest region in the liquefied natural gas market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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