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Liquefied natural gas Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Liquefied natural gas
How Large Will the Liquefied natural gas Market Size By 2025?
There's been considerable growth in the size of the liquefied natural gas market lately. The market, which was valued at $143.35 billion in 2024, is projected to reach $155.85 billion in 2025, growing at a compound annual growth rate (CAGR) of 8.7%. This significant growth during the historic period can be tied to factors such as global energy demand, geopolitical elements, environmental regulations, infrastructure advancements, and changes in pricing.
How Big Is the Liquefied natural gas Market Size Expected to Grow by 2029?
Predictions for the coming years indicate a robust expansion in the liquefied natural gas market, which is forecasted to reach a value of $205.95 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.2%. Factors like changes in policy and regulation, infrastructure development, competitive pricing, environmental developments, and geopolitical factors are expected to drive growth during the forecast period. The period is also expected to see major trends such as rising demand for greener energy, advancements in technology, initiatives towards decarbonization, and the integration of green hydrogen.
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Which Key Market Drivers Powering Liquefied natural gas Market Expansion and Growth?
The increasing need for liquefied natural gas is forecasted to boost the development of the respective market in the future. Liquefied natural gas is derived from natural gas, which is purified and then transformed to a temperature of -260°F to achieve its liquefied state. The growing need for motor petrol and the escalating semi-urban and rural population are anticipated to propel the demand for the liquefied natural gas market. For example, in July 2022, the Energy Information Administration, a US government agency, reported that in 2021, approximately 49.0 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) were traded globally. Hence, the escalating demand for liquefied natural gas is the key driver propelling the development of this market in the future.
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Which Fast-Growing Trends Are Poised to Disrupt the Liquefied natural gas Market?
Technological evolution remains a vital element catching the attention of the liquefied natural gas industry. Firms encompassing this market are embracing the latest technologies to maintain their market stance. For example, in February 2023, New Fortress Energy Inc., an energy infrastructure corporation stationed in the US, implemented Honeywell UOP technology to eradicate impurities from natural gas. Honeywell UOP, a gas processing technology provider, offers technologies for pollutant eradication and hydrocarbon control which are used in approximately 40% of global liquefied natural gas production.
What Are the Emerging Segments in the Liquefied natural gas Market?
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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Who Are the Global Leaders in the Liquefied natural gas Market?
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
Which are the Top Profitable Regional Markets for the Liquefied natural gas Industry?
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
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