Global Liquefied Natural Gas market is estimated to be valued at US$ 8.8 Billion in 2021, according to the Global Liquefied Natural Gas Market Report, by Application (Power Generation, Transportation, Mining & Industrial, Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global liquefied natural gas market was valued at US$ 8.8 Billion in 2021. Liquefied Natural Gas (LNG) is a liquid form of natural gas. The primary purpose for liquefaction of natural gas is to ease its transportation from source to destination. Liquefied natural gas market is projected to witness significant growth over the forecast period, due to increasing demand in power generation and industrial applications.
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Browse 50 market data tables* and 40 figures* on "Global Liquefied Natural Gas Market” - Forecast to 2030.
Key Trends and Analysis of the Global Liquefied Natural Gas Market:
- Among application, transportation application held the second largest market share in 2021, in the global Liquefied Natural Gas market. Liquefied Natural Gas is typically less expensive as compared to petrol and diesel. It also gives lower running costs over the medium to long distances and the lowest total cost of ownership compared to conventional fuels. Additionally, environmental benefits of LNG such as it improves air quality by reducing greenhouse gas emissions. Owing to the benefits associated the use of LNG is increasing in transportation applications.
- Growing shifts from traditional fuel to natural gas is mainly boosting the demand for LNG across the globe, various benefits associated with LNG such as natural gas that give the same performance in terms of power, acceleration, and cruising speed, but with added financial and environmental benefits. The LNG emits low carbon and it also less costly as compared traditional fuel sources.
Key Takeaways of the Global Liquefied Natural Gas Market:
- Europe held the dominant market share of 11.60% in 2021, in the global Liquefied Natural Gas market. Major industrial economies, such as Germany, France, and the U.K. are present in Europe. Increasing production & demand of rich natural gas in the European region have directed sharp attention towards natural gas to be used as a green transportation fuel. Diesel and petrol have been the default options for vehicle fuels. Additionally, Increased automotive vehicles production & sales is likely to boost demand for liquefied natural gas as it is mainly used as automotive fuel.
- Major players operating in the global Liquefied Natural Gas market include BP Plc, Cheniere Energy, Chevron Corporation, China Petroleum & Chemical Corporation, Conoco Philips, Eni SpA, Equinor ASA, Exxon Mobil Corporation, Gazprom Energy, PetroChina Company Limited, Royal Dutch Shell, Total SA, China National Petroleum Corporation (CNCP), Shell Global
- Technology launches, merger & acquisitions, strategic partnership expansion and research & development activities are key strategies adopted by players in the global liquefied natural gas market. For instance, in October 2021, Total Energies made strategic partnership with Adani Group to supply and develop new gas markets, Total Energies, the world's second-largest LNG player, expands its partnership with the Adani Group; the largest energy and infrastructure conglomerate in India, to contribute to the development of the Indian natural gas market.