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Liquefied natural gas Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Liquefied natural gas
How Big Is the Liquefied natural gas Market Size Expected to Be by 2034?
The market size of liquefied natural gas has seen robust growth in the previous years. The market, which stood at $143.35 billion in 2024, is predicted to reach $155.85 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.7%. The notable growth during the historic period is due to factors such as, increased global energy demand, geopolitical influences, environmental norms, infrastructure progress, and changes in pricing.
The market for liquefied natural gas is predicted to experience significant expansion in the coming years, reaching an estimated value of $205.95 billion by 2029, with a compound annual growth rate (CAGR) of 7.2%. Contributing factors to this projected growth within the forecast period include changes in policy and regulation, infrastructure development, competitive pricing, changes in environmental considerations, and geopolitical developments. Key trends for this forecast period encompass rising demand for environmentally friendly energy, advancements in technology, initiatives to reduce carbon emissions, and the integration of green hydrogen.
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How Are Emerging Segments Shaping the Liquefied natural gas Market Landscape?
The liquefied natural gas market covered in this report is segmented -
1) By Type: APCI Liquefaction Technology, Cascade Liquefaction Technology, Other Liquefaction Technology
2) By Application: Power Generation, Transportation Fuel, Other Applications
Subsegments:
1) By APCI Liquefaction Technology: APCI Process (Single Mixed Refrigerant), APCI Process (Dual Mixed Refrigerant)
2) By Cascade Liquefaction Technology: Cascade Process (Conventional), Cascade Process (Modified)
3) By Other Liquefaction Technology: Optimized Cascade, Mixed Refrigerant Process, Cryogenic Process, Other Emerging Technologies
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Which Growth Factors Are Influencing Liquefied natural gas Market Expansion?
The growth of the liquefied natural gas market is poised to be driven by an increasing consumer demand for this fuel. This gas is acquired by purifying natural gas and cooling it to temperatures of -260°F, transforming it into a liquid state. Factors such as a surge in motor petrol usage, coupled with a growing semi-urban and rural population, are set to fuel the demand for liquefied natural gas, thereby expanding the market. For instance, the Energy Information Administration, a government agency based in the US, reported that an average of 49.0 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) was traded globally in 2021, as per their July 2022 data. Consequently, the increasing demand for liquefied natural gas is catalyzing the progress of the liquefied natural gas market.
Who Are the Dominant Players Across Different Liquefied natural gas Market Segments?
Major companies operating in the liquefied natural gas market include 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, Freeport LNG Development L.P., Kinder Morgan Inc., Tellurian Inc., Venture Global LNG Inc., Apache Corporation, 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
What Are the Latest Developing Trends in the Liquefied natural gas Market?
Emerging technologies are a growing trend in the liquefied natural gas market, helping businesses stay competitive. For example, New Fortress Energy Inc., a US-based energy infrastructure company, embraced Honeywell UOP technology in February 2023 to rid natural gas of impurities. Honeywell UOP, a prominent provider of gas processing technology, plays a vital role in the industry, with its pollution control and hydrocarbon administration technologies contributing to nearly 40% of the world's liquefied natural gas production.
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Which Geographic Regions Are Expected to Dominate the Liquefied natural gas Market in the Coming Years?
Asia-Pacific was the largest region in the liquefied natural gas market in 2024. The regions covered in the liquefied natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Liquefied natural gas Market?
2. What is the CAGR expected in the Liquefied natural gas Market?
3. What Are the Key Innovations Transforming the Liquefied natural gas Industry?
4. Which Region Is Leading the Liquefied natural gas Market?
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