PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1561696
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1561696
LNG Market Assessment, By Infrastructure [LNG Liquefaction Plants, LNG Regasification Facilities, LNG Shipping], By End-use [Power Generation, Industrial, Residential and Commercial], By Region, Opportunities and Forecast, 2017-2031F
Global LNG market is projected to witness a CAGR of 5.04% during the forecast period 2024-2031, growing from USD 146.20 billion in 2023 to USD 216.66 billion in 2031. To strengthen energy security and projects, geopolitical governments across the world are concentrating on the supply of liquid natural gas (LNG). In the case of LNG supply, North America, especially the United States, is signified as the largest LNG exporter in the world. The country seeks to address domestic energy pricing and environmental issues in addition to meeting the growing demand for LNG abroad. The move away from coal in power generation and the need for dependable energy supplies in the wake of geopolitical unrest, especially after Russia's invasion of Ukraine, are the main drivers of the development of LNG exports.
For instance, in May 2024, EIA announced that the United States natural gas commerce is expected to increase with the opening of three major LNG projects, Golden Pass LNG, Corpus Christi Stage 3, and Plaquemines LNG Phase I. The projects are anticipated to start operations by late 2024 and increase output by 2025, boosting the LNG exports, which are anticipated to escalate by 6% in 2024 and 20% in 2025. The United States, as the largest exporter, is strengthened by the growth that is raising the demand for LNG around the world, especially in Europe and Asia-Pacific.
The Rise in LNG Shipments is Propelling Market Growth Extensively
LNG shipments are essential to the world's energy system. They make natural gas available to markets without pipeline infrastructure by maintaining safety and effective long-distance delivery. Compared to other fossil fuels, LNG shipments aid in energy source diversification, improve energy security, and encourage cleaner energy consumption. Amidst the war, a steep rise in Russian LNG exports has been witnessed in the Asia-Pacific. LNG exports are anticipated to increase further to keep up with the global rise in energy demand.
For instance, nearly 100 LNG and gas condensate cargos from the Yamal LNG plant in Russia reached the European Union in June 2024. The shipments were mostly sent to Belgium, France, and Spain. The amounts made up more than 16 billion barrels out of the 18 billion barrels of Russian LNG that were sent to Europe in the previous year.
The Establishment of LNG Liquefaction Plants is Expediting the Global LNG Market
The role of LNG in the global energy supply and decarbonization initiatives is growing. LNG liquefaction plants are essential to convert natural gas to a compact liquid state and enable long-distance ship transportation to markets not served by pipelines. By reducing the amount of natural gas by almost 600 times, the technique improves the economy and efficiency of storage and transportation. When compared to other fossil fuels, LNG produces less CO2, NOx, SO2, and particulate matter, making LNG the cleanest fossil fuel. More LNG liquefaction plants must be built globally to boost the availability of natural gas, reduce GHG emissions, and aid in the shift to low-carbon energy.
For instance, in July 2024, Scandinavian Biogas announced intentions to construct a USD 75 million bio-LNG facility in Monsteras, Sweden, which will start in late 2024. The plant will transform 300,000 tons of local manure and green matter into around 120 GWh of bio-LNG each year, equivalent to 12 million liters of diesel, principally for heavy transport and shipping. Furthermore, Finland's Wartsila Corporation won contracts to supply engines and fuel gas systems for two new LNG-powered boats, demonstrating the region's commitment to environmentally friendly energy solutions.
A Steep Surge in LNG Capacity is Expediting the Market Growth
The market is poised for significant growth, with an estimated 193 million metric tons (MMT) of new capacity addition expected between 2024 and 2028. The expansion aims to stabilize prices and enhance energy security across the globe. Moreover, the exceptional rise is anticipated to lead to market oversupply, drastically dropping costs, with projections indicating a decrease to approximately USD 6.9/MMBtu units by 2030.
For instance, as per the 2024 World LNG Report by the International Gas Union, the LNG market has achieved a new but fragile equilibrium, owing to a shortage of spare capacity in the forecast period. LNG receiving capacity increase has shaped market development over the last 24 months, reaching an astonishing 1,029.9 MTPA by the end of February 2024 from around 70 MTPA from 2023, marking the biggest year of new additions since 2010.
Government Initiatives Acting as a Catalyst
Government measures are crucial in marketing LNG as a transportation fuel. The activities include changing rules to accommodate LNG in commercial transportation, constructing a network of LNG filling stations, and developing policies to encourage the use of LNG. Strategic investments in infrastructure and public-private partnerships are essential for overcoming early market hurdles and guaranteeing widespread LNG adoption.
For instance, in March 2024, the Union Minister for Petroleum and Natural Gas inaugurated India's first small-scale liquefied natural gas (SSLNG) plant at GAIL's Vijaypur plant in Madhya Pradesh. The effort is a part of the government's policy to increase the use of natural gas in the energy mix. Moreover, the government announced the SSLNG unit to improve the liquefaction and transportation of natural gas, increase environmentally friendly energy, and reduce reliance on conventional hydrocarbons such as coal and oil.
Asia-Pacific to Lead the Global Market Share
Asia-Pacific, especially China, Japan, and India, dominates the global LNG market due to high demand growth, significant investments in regasification infrastructure, and a drive toward cleaner energy. China reclaimed its position as the leading LNG importer in 2023, while India and Japan intend to raise natural gas's part of the energy mix by 2030. Southeast Asian countries are developing as significant participants, with new regasification projects ongoing, cementing Asia-Pacific's status as the uncontested global LNG market leader.
For instance, in July 2024, the Japanese government announced that it is aggressively establishing Asian gas markets to boost LNG trade and energy security in the face of diminishing domestic demand. As Japan's LNG imports fall to a decade-low, owing to a recovery in nuclear energy and renewable sources, Japanese corporations are investing in the regional markets to sell excess LNG. Projects in Vietnam, the Philippines, and Indonesia aim to build a strong Asian gas market, assuring Japan's continued prominence in the global LNG market while addressing energy flexibility as well as supply issues.
Future Market Scenario (2024 - 2031F)
A large number of new LNG projects that are under construction will cause a fundamental shift in the market from 2026, which is likely to change the overall market scenario.
Emerging economies are anticipated to augment LNG demand as they are likely to benefit from lower LNG prices compared to traditional fuels, which in turn is expected to cater to ample opportunities for market growth in the upcoming future.
IEEFA predicts that around 17 MTPA of liquefaction projects will come online around the world in 2025, more than in 2023 and 2024 combined. New capacity increases will peak in 2026, with an anticipated 64 MTPA of capacity coming online in a single year, and continue through 2027, when 37 MTPA of new capacity is expected to go online.
Key Players Landscape and Outlook
The market players are continuously striving for the growth of the LNG sector as it is a highly competitive market. Moreover, there is an intense desire for market players to gain a competitive edge in the industry. Furthermore, they are investing a hefty amount in setting up LNG plants via different collaborative techniques.
In August 2024, QatarEnergy announced that it is in negotiations with Kuwait Petroleum Corporation (KPC) over a new 15-year LNG supply deal that will increase Qatar furnish Kuwait with 3 MTPA of LNG via its North Field project, beginning in 2026. The agreement intends to fulfill Kuwait's rising power in generating demands as the government increasingly relies on imported gas to meet its energy requirements.
Table of Contents
1. Project Scope and Definitions
2. Research Methodology
3. Executive Summary
4. Voice of Customer
- 4.1. Product and Market Intelligence
- 4.2. Factors Considered in Purchase Decisions
- 4.2.1. Calorific Value
- 4.2.2. Contract Terms
- 4.2.3. Lead Time
- 4.2.4. Order Quantity
- 4.2.5. Safety Measures
- 4.2.6. Infrastructure Capability
- 4.3. Supply Chain Management
- 4.4. Demand and Supply Mechanism
- 4.5. Channel of Purchase
5. Global LNG Market Outlook, 2017-2031F
- 5.1. Market Size Analysis & Forecast
- 5.1.1. By Value
- 5.1.2. By Volume
- 5.2. Market Share Analysis & Forecast
- 5.2.1. By Infrastructure
- 5.2.1.1. LNG Liquefaction Plants
- 5.2.1.2. LNG Regasification Facilities
- 5.2.1.3. LNG Shipping
- 5.2.2. By End-use
- 5.2.2.1. Power Generation
- 5.2.2.2. Industrial
- 5.2.2.3. Residential and Commercial
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia-Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East and Africa
- 5.2.4. By Company Market Share Analysis (Top 5 Companies and Others - By Value, 2023)
- 5.2.1. By Infrastructure
- 5.3. Market Map Analysis, 2023
- 5.3.1. By Infrastructure
- 5.3.2. By End-use
- 5.3.3. By Region
6. North America LNG Market Outlook, 2017-2031F*
- 6.1. Market Size Analysis & Forecast
- 6.1.1. By Value
- 6.1.2. By Volume
- 6.2. Market Share Analysis & Forecast
- 6.2.1. By Infrastructure
- 6.2.1.1. LNG Liquefaction Plants
- 6.2.1.2. LNG Regasification Facilities
- 6.2.1.3. LNG Shipping
- 6.2.2. By End-use
- 6.2.2.1. Power Generation
- 6.2.2.2. Industrial
- 6.2.2.3. Residential and Commercial
- 6.2.3. By Country Share
- 6.2.3.1. United States
- 6.2.3.2. Canada
- 6.2.3.3. Mexico
- 6.2.1. By Infrastructure
- 6.3. Country Market Assessment
- 6.3.1. United States LNG Market Outlook, 2017-2031F*
- 6.3.1.1. Market Size Analysis & Forecast
- 6.3.1.1.1. By Value
- 6.3.1.1.2. By Volume
- 6.3.1.2. Market Share Analysis & Forecast
- 6.3.1.2.1. By Infrastructure
- 6.3.1.2.1.1. LNG Liquefaction Plants
- 6.3.1.2.1.2. LNG Regasification Facilities
- 6.3.1.2.1.3. LNG Shipping
- 6.3.1.2.2. By End-use
- 6.3.1.2.2.1. Power Generation
- 6.3.1.2.2.2. Industrial
- 6.3.1.2.2.3. Residential and Commercial
- 6.3.1.2.1. By Infrastructure
- 6.3.1.1. Market Size Analysis & Forecast
- 6.3.2. Canada
- 6.3.3. Mexico
- 6.3.1. United States LNG Market Outlook, 2017-2031F*
All segments will be provided for all regions and countries covered
7. Europe LNG Market Outlook, 2017-2031F
- 7.1. Germany
- 7.2. France
- 7.3. Italy
- 7.4. United Kingdom
- 7.5. Russia
- 7.6. Netherlands
- 7.7. Spain
- 7.8. Turkey
- 7.9. Poland
8. Asia-Pacific LNG Market Outlook, 2017-2031F
- 8.1. India
- 8.2. China
- 8.3. Japan
- 8.4. Australia
- 8.5. Vietnam
- 8.6. South Korea
- 8.7. Indonesia
- 8.8. Philippines
9. South America LNG Market Outlook, 2017-2031F
- 9.1. Brazil
- 9.2. Argentina
10. Middle East and Africa LNG Market Outlook, 2017-2031F
- 10.1. Saudi Arabia
- 10.2. UAE
- 10.3. South Africa
11. Demand Supply Analysis
12. Import and Export Analysis
13. Value Chain Analysis
14. Porter's Five Forces Analysis
15. PESTLE Analysis
16. Pricing Analysis
17. Market Dynamics
- 17.1. Market Drivers
- 17.2. Market Challenges
18. Market Trends and Developments
19. Case Studies
20. Competitive Landscape
- 20.1. Competition Matrix of Top 5 Market Leaders
- 20.2. SWOT Analysis for Top 5 Players
- 20.3. Key Players Landscape for Top 10 Market Players
- 20.3.1. QatarEnergy
- 20.3.1.1. Company Details
- 20.3.1.2. Key Management Personnel
- 20.3.1.3. Products and Services
- 20.3.1.4. Financials (As Reported)
- 20.3.1.5. Key Market Focus and Geographical Presence
- 20.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
- 20.3.2. Cheniere Energy, Inc.
- 20.3.3. TotalEnergies SE
- 20.3.4. China National Petroleum Corporation
- 20.3.5. Equinor ASA
- 20.3.6. Chevron Corporation
- 20.3.7. ExxonMobil Corporation
- 20.3.8. ConocoPhillips Company
- 20.3.9. Shell Plc
- 20.3.10. BP International Limited
- 20.3.1. QatarEnergy
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.
21. Strategic Recommendations
22. About Us and Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 2. Global LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 3. Global LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 4. Global LNG Market Share (%), By End-use, 2017-2031F
- Figure 5. Global LNG Market Share (%), By Region, 2017-2031F
- Figure 6. North America LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 7. North America LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 8. North America LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 9. North America LNG Market Share (%), By End-use, 2017-2031F
- Figure 10. North America LNG Market Share (%), By Country, 2017-2031F
- Figure 11. United States LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 12. United States LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 13. United States LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 14. United States LNG Market Share (%), By End-use, 2017-2031F
- Figure 15. Canada LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 16. Canada LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 17. Canada LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 18. Canada LNG Market Share (%), By End-use, 2017-2031F
- Figure 19. Mexico LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 20. Mexico LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 21. Mexico LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 22. Mexico LNG Market Share (%), By End-use, 2017-2031F
- Figure 23. Europe LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 24. Europe LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 25. Europe LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 26. Europe LNG Market Share (%), By End-use, 2017-2031F
- Figure 27. Europe LNG Market Share (%), By Country, 2017-2031F
- Figure 28. Germany LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 29. Germany LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 30. Germany LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 31. Germany LNG Market Share (%), By End-use, 2017-2031F
- Figure 32. France LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 33. France LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 34. France LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 35. France LNG Market Share (%), By End-use, 2017-2031F
- Figure 36. Italy LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 37. Italy LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 38. Italy LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 39. Italy LNG Market Share (%), By End-use, 2017-2031F
- Figure 40. United Kingdom LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 41. United Kingdom LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 42. United Kingdom LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 43. United Kingdom LNG Market Share (%), By End-use, 2017-2031F
- Figure 44. Russia LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 45. Russia LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 46. Russia LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 47. Russia LNG Market Share (%), By End-use, 2017-2031F
- Figure 48. Netherlands LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 49. Netherlands LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 50. Netherlands LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 51. Netherlands LNG Market Share (%), By End-use, 2017-2031F
- Figure 52. Spain LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 53. Spain LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 54. Spain LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 55. Spain LNG Market Share (%), By End-use, 2017-2031F
- Figure 56. Turkey LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 57. Turkey LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 58. Turkey LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 59. Turkey LNG Market Share (%), By End-use, 2017-2031F
- Figure 60. Poland LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 61. Poland LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 62. Poland LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 63. Poland LNG Market Share (%), By End-use, 2017-2031F
- Figure 64. South America LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 65. South America LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 66. South America LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 67. South America LNG Market Share (%), By End-use, 2017-2031F
- Figure 68. South America LNG Market Share (%), By Country, 2017-2031F
- Figure 69. Brazil LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 70. Brazil LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 71. Brazil LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 72. Brazil LNG Market Share (%), By End-use, 2017-2031F
- Figure 73. Argentina LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 74. Argentina LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 75. Argentina LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 76. Argentina LNG Market Share (%), By End-use, 2017-2031F
- Figure 77. Asia-Pacific LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 78. Asia-Pacific LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 79. Asia-Pacific LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 80. Asia-Pacific LNG Market Share (%), By End-use, 2017-2031F
- Figure 81. Asia-Pacific LNG Market Share (%), By Country, 2017-2031F
- Figure 82. India LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 83. India LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 84. India LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 85. India LNG Market Share (%), By End-use, 2017-2031F
- Figure 86. China LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 87. China LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 88. China LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 89. China LNG Market Share (%), By End-use, 2017-2031F
- Figure 90. Japan LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 91. Japan LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 92. Japan LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 93. Japan LNG Market Share (%), By End-use, 2017-2031F
- Figure 94. Australia LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 95. Australia LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 96. Australia LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 97. Australia LNG Market Share (%), By End-use, 2017-2031F
- Figure 98. Vietnam LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 99. Vietnam LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 100. Vietnam LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 101. Vietnam LNG Market Share (%), By End-use, 2017-2031F
- Figure 102. South Korea LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 103. South Korea LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 104. South Korea LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 105. South Korea LNG Market Share (%), By End-use, 2017-2031F
- Figure 106. Indonesia LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 107. Indonesia LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 108. Indonesia LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 109. Indonesia LNG Market Share (%), By End-use, 2017-2031F
- Figure 110. Philippines LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 111. Philippines LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 112. Philippines LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 113. Philippines LNG Market Share (%), By End-use, 2017-2031F
- Figure 114. Middle East & Africa LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 115. Middle East & Africa LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 116. Middle East & Africa LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 117. Middle East & Africa LNG Market Share (%), By End-use, 2017-2031F
- Figure 118. Middle East & Africa LNG Market Share (%), By Country, 2017-2031F
- Figure 119. Saudi Arabia LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 120. Saudi Arabia LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 121. Saudi Arabia LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 122. Saudi Arabia LNG Market Share (%), By End-use, 2017-2031F
- Figure 123. UAE LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 124. UAE LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 125. UAE LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 126. UAE LNG Market Share (%), By End-use, 2017-2031F
- Figure 127. South Africa LNG Market, By Value, In USD Billion, 2017-2031F
- Figure 128. South Africa LNG Market, By Volume, in Million Tonnes, 2017-2031F
- Figure 129. South Africa LNG Market Share (%), By Infrastructure, 2017-2031F
- Figure 130. South Africa LNG Market Share (%), By End-use, 2017-2031F
- Figure 131. By Infrastructure Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 132. By End-use Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 133. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2023
