Liquefied Natural Gas Market
The liquefied natural gas market size was valued at USD 122.55 billion in 2024. With a CAGR of 11.5% during 2025-2034, the market is anticipated to increase from USD 136.45 billion in 2025 to USD 363.15 billion by 2034.
What Is Liquified Natural Gas?
Natural gas that has been cooled to a liquid state is known as liquefied natural gas (LNG). This process drastically reduces the gas’s volume and makes it possible for ships to transport and store it effectively in locations without access to natural gas pipelines. In essence, it transforms natural gas into a compact liquid form, which allows for long-distance transportation. At the destination, it is transformed back into gas for use in residences, workplaces, and power plants.
Natural gas is considerably easier to transport when it is liquefied because it only takes up about 1/600th of its gaseous volume. In order to maintain the low temperature required for the liquid state, LNG is mostly transported in specialized tankers known as LNG carriers, which have highly insulated tanks.
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Growth Drivers:
• The rising need for electricity via renewable energy sources is driving the expansion of the global liquefied natural gas market.
• The increasing industrialization and rising urbanization around the globe is expected to drive the growth of the global LNG market.
• Growing advancements in liquefied natural gas production and distribution technologies are expected to drive the global LNG market revenue.
Liquefied Natural Gas (LNG) Market Developments:
• October 2024: Copelouzos Group established a strategic partnership with the Egyptian Natural Gas Holding Company (EGAS) to facilitate the transportation of Liquefied Natural Gas (LNG) through Greece’s newly commissioned Floating Storage Regasification Unit (FSRU) terminal.
• March 2024: The Government of India inaugurated the country’s first Small-Scale LNG Unit, developed by GAIL, near the Hatta gas field in Madhya Pradesh, marking a significant milestone in India’s LNG infrastructure expansion.
• March 2023: Sempra announced that Sempra Infrastructure Partners, LP-its 70%-owned subsidiary-finalized the Final Investment Decision (FID) for the Port Arthur LNG Phase 1 project in Jefferson County, Texas. The decision paves the way for the project’s development, construction, and future operations.
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Key Players in Market:
Major market players are significantly investing in research and development to enhance their product range, which will drive growth in the liquefied natural gas market in the years ahead. Several of the main participants in the market include:
• Bechtel Corporation
• British Petroleum (BP) p.l.c.
• Chevron Corporation
• China Petroleum & Chemical Corporation
• Eni S.p.A
• Equinor ASA
• Exxon Mobil Corporation
• Fluor Corporation
• Gasum AS
• Gazprom Energy
• PetroChina Company Limited
• Shell PLC
• TechnipFMC plc
• Total S.A.
Liquefied Natural Gas Market Report Highlights:
• Based on application, the power generation segment held the largest Liquefied natural gas (LNG) market share in 2024 due to the rising global demand for cleaner and more efficient energy sources.
• The transportation fuel segment, in terms of application, is expected to grow at a rapid pace during the forecast period owing to the economic and environmental advantages of LNG over diesel and heavy fuel oil.
• In the global market, the Asia Pacific LNG market held the largest revenue share in 2024 due to surging energy demand and increasing investments in cleaner energy sources.
• The Middle East & Africa Liquefied natural gas market is expected to register the fastest growth during the forecast period due to the presence of abundant natural gas reserves and increasing investments in export infrastructure to meet global demand.
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Report Scope:
The report primarily focuses on market share, revenue produced, key industry rivals, future trends, and regional information in order to give a comprehensive insight into the liquified natural gas market.
Segmental Overview:
By Application Outlook (Volume, Billion Tons; Revenue, USD Billion, 2020-2034)
• Transportation Fuel
• Power Generation
• Others
Regional Analysis:
• In 2024, the largest market share for the market was held by Asia Pacific, driven by rising energy needs and growing investments in cleaner energy options.
• The liquefied natural gas market in the Middle East & Africa is anticipated to experience the fastest growth during the forecast period, driven by ample natural gas reserves and rising investments in export facilities to satisfy global demand.
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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