NEW YORK, May 4, 2023 /PRNewswire/ -- The liquefied natural gas (LNG) market size is forecasted to increase by USD 15.81 billion from 2022 to 2027, at a CAGR of 5.35%, according to the recent market study by Technavio. The growth of the market will be driven by the increase in LNG production, growth in LNG liquefaction capacity, and the rising demand for cleaner fuels. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download the Sample Report
LNG Market - Vendor Analysis
Technavio has extensively analyzed 15 major vendors, including Bechtel Corp., Cheniere Energy Inc., China Petrochemical Corp., Eni Spa, Equinor ASA, Exxon Mobil Corp., Fluor Corp., Freeport LNG Development LP, Gasum Oy, INPEX Corp., PAO NOVATEK, PetroChina Co. Ltd., Qatargas Operating Co. Ltd., SEFE Energy Ltd., Sempra Energy, TechnipFMC plc, TotalEnergies SE, Shell plc, Chevron Corp., and BP Plc
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Vendor Offerings
- Bechtel Corp. - The company offers liquefied natural gas solutions such as integrated EPC and hydrocarbon technology liquefaction.
- China Petrochemical Corp. - The company offers liquefied natural gas solutions such as liquid natural gas.
- Eni Spa - The company offers liquefied natural gas solutions such as transportation by sea of liquefied natural gas through the use of two proprietary LNG tankers, LNG Portovenere and LNG Lerici.
Key Benefits for Industry Players & Stakeholders –
- The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
- It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
- The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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LNG Market - Segmentation Analysis
This report extensively covers market segmentation by end-user (power, industry, and others) and geography (North America, Middle East and Africa, Europe, APAC, and South America).
- The market share growth of the power segment will be significant for the overall market growth during the forecast period. Due to the focus on improving air quality, coal-dependent nations, including China, are switching to natural gas for electricity generation. Moreover, the heavy reliance on coal during times of peak electricity demand causes the plant to age and shortens its overall lifespan. On the other hand, natural gas is not affected by the issue. The demand for natural gas has increased in the power sector due to the abundant supply of these resources. This results in several new power plants that run on natural gas, including LNG, being set up. Hence, such factors will drive the market growth during the forecast period.
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LNG Market - Market Dynamics
Key Drivers
- The increase in LNG production is a major driver for market growth.
- Natural gas is one of the fastest-growing fossil fuels due to the development of a worldwide supply of coalbed methane, shale gas, and tight gas. As a result, the amount of unconventional oil and gas resources will significantly expand for the global oil and gas industry.
- The US has been successfully extracting shale oil and gas since 2008. This has increased the availability of oil and gas worldwide.
- Thus, the increase in natural gas production has led to a rise in the production of LNG, which is likely to boost the growth of the market during the forecast period.
Significant Trends
- Commoditization of LNG is a key trend in the market.
- The growth in the variety of LNG producers and consumers will lead to a rise in the number of floating liquefaction and regasification plants and the liquidity of tradeable LNG, which will lead to the commoditization of LNG.
- Such factors encourage digitalization in the oil and gas sector.
- Hence, the enhanced interconnectivity and flexibility of LNG trading and the emergence of a more transparent and competitive marketplace are expected to have a positive impact on the global LNG market during the forecast period.
Major Challenges
- The rising adoption of renewable energy sources is a major challenge hindering market growth.
- Geothermal, wind, solar, biomass, and landfill trash are all examples of renewable energy sources.
- Because of changes in policies, there is more demand for capturing renewable energy sources.
- For instance, the EU has set a goal to generate 35% of its electricity from renewable sources by 2030. In the EU, 80% of all new capacity is anticipated to come from renewable sources between 2020 and 2030.
- Additionally, wind energy is anticipated to surpass all other sources of electricity around 2030, largely due to the EU's rapid expansion of onshore and offshore wind farms, which indicates that the emphasis on energy generation has shifted to renewable energy sources.
- Therefore, the increased adoption of renewable sources of energy is expected to lead to a decline in the use of fossil fuels such as oil and gas.
What are the key data covered in this Liquefied Natural Gas (LNG) Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Liquefied Natural Gas (LNG) Market between 2023 and 2027
- Precise estimation of the size of the Liquefied Natural Gas (LNG) Market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Liquefied Natural Gas (LNG) Market across North America, Middle East and Africa, Europe, APAC, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Liquefied Natural Gas (LNG) Market vendors
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Liquefied Natural Gas (LNG) Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.35% |
Market growth 2023-2027 |
USD 15.81 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
5.96 |
Regional analysis |
North America, Middle East and Africa, Europe, APAC, and South America |
Performing market contribution |
Europe at 29% |
Key countries |
US, Iran, Saudi Arabia, China, and Russia |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bechtel Corp., Cheniere Energy Inc., China Petrochemical Corp., Eni Spa, Equinor ASA, Exxon Mobil Corp., Fluor Corp., Freeport LNG Development LP, Gasum Oy, INPEX Corp., PAO NOVATEK, PetroChina Co. Ltd., Qatargas Operating Co. Ltd., SEFE Energy Ltd., Sempra Energy, TechnipFMC plc, TotalEnergies SE, Shell plc, Chevron Corp., and BP Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of Contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 13: Chart on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 14: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global liquefied natural gas (LNG) market 2017 - 2021
- Exhibit 17: Historic Market Size – Data Table on Global liquefied natural gas (LNG) market 2017 - 2021 ($ billion)
- 4.2 End-user Segment Analysis 2017 - 2021
- Exhibit 18: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)
- 4.3 Geography Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
- 4.4 Country Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Country Segment 2017 - 2021 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 21: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 22: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 23: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 24: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 25: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 26: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 27: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by End-user
- 6.1 Market segments
- Exhibit 28: Chart on End-user - Market share 2022-2027 (%)
- Exhibit 29: Data Table on End-user - Market share 2022-2027 (%)
- 6.2 Comparison by End-user
- Exhibit 30: Chart on Comparison by End-user
- Exhibit 31: Data Table on Comparison by End-user
- 6.3 Power - Market size and forecast 2022-2027
- Exhibit 32: Chart on Power - Market size and forecast 2022-2027 ($ billion)
- Exhibit 33: Data Table on Power - Market size and forecast 2022-2027 ($ billion)
- Exhibit 34: Chart on Power - Year-over-year growth 2022-2027 (%)
- Exhibit 35: Data Table on Power - Year-over-year growth 2022-2027 (%)
- 6.4 Industry - Market size and forecast 2022-2027
- Exhibit 36: Chart on Industry - Market size and forecast 2022-2027 ($ billion)
- Exhibit 37: Data Table on Industry - Market size and forecast 2022-2027 ($ billion)
- Exhibit 38: Chart on Industry - Year-over-year growth 2022-2027 (%)
- Exhibit 39: Data Table on Industry - Year-over-year growth 2022-2027 (%)
- 6.5 Others - Market size and forecast 2022-2027
- Exhibit 40: Chart on Others - Market size and forecast 2022-2027 ($ billion)
- Exhibit 41: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
- Exhibit 42: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 43: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 6.6 Market opportunity by End-user
- Exhibit 44: Market opportunity by End-user ($ billion)
7 Customer Landscape
- 7.1 Customer landscape overview
- Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
8 Geographic Landscape
- 8.1 Geographic segmentation
- Exhibit 46: Chart on Market share by geography 2022-2027 (%)
- Exhibit 47: Data Table on Market share by geography 2022-2027 (%)
- 8.2 Geographic comparison
- Exhibit 48: Chart on Geographic comparison
- Exhibit 49: Data Table on Geographic comparison
- 8.3 North America - Market size and forecast 2022-2027
- Exhibit 50: Chart on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 51: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 52: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 53: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 8.4 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 8.5 Europe - Market size and forecast 2022-2027
- Exhibit 58: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 59: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 60: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 61: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 8.6 APAC - Market size and forecast 2022-2027
- Exhibit 62: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 63: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 64: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 65: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 8.7 South America - Market size and forecast 2022-2027
- Exhibit 66: Chart on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 67: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 68: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 69: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 8.8 US - Market size and forecast 2022-2027
- Exhibit 70: Chart on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 71: Data Table on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 72: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2022-2027 (%)
- 8.9 Russia - Market size and forecast 2022-2027
- Exhibit 74: Chart on Russia - Market size and forecast 2022-2027 ($ billion)
- Exhibit 75: Data Table on Russia - Market size and forecast 2022-2027 ($ billion)
- Exhibit 76: Chart on Russia - Year-over-year growth 2022-2027 (%)
- Exhibit 77: Data Table on Russia - Year-over-year growth 2022-2027 (%)
- 8.10 China - Market size and forecast 2022-2027
- Exhibit 78: Chart on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 79: Data Table on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 80: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 81: Data Table on China - Year-over-year growth 2022-2027 (%)
- 8.11 Iran - Market size and forecast 2022-2027
- Exhibit 82: Chart on Iran - Market size and forecast 2022-2027 ($ billion)
- Exhibit 83: Data Table on Iran - Market size and forecast 2022-2027 ($ billion)
- Exhibit 84: Chart on Iran - Year-over-year growth 2022-2027 (%)
- Exhibit 85: Data Table on Iran - Year-over-year growth 2022-2027 (%)
- 8.12 Saudi Arabia - Market size and forecast 2022-2027
- Exhibit 86: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
- Exhibit 87: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
- Exhibit 88: Chart on Saudi Arabia - Year-over-year growth 2022-2027 (%)
- Exhibit 89: Data Table on Saudi Arabia - Year-over-year growth 2022-2027 (%)
- 8.13 Market opportunity by geography
- Exhibit 90: Market opportunity by geography ($ billion)
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- 9.3 Impact of drivers and challenges
- Exhibit 91: Impact of drivers and challenges in 2022 and 2027
- 9.4 Market trends
10 Vendor Landscape
- 10.1 Overview
- 10.2 Vendor landscape
- Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
- 10.3 Landscape disruption
- Exhibit 93: Overview on factors of disruption
- 10.4 Industry risks
- Exhibit 94: Impact of key risks on business
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 95: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 96: Matrix on vendor position and classification
- 11.3 Bechtel Corp.
- Exhibit 97: Bechtel Corp. - Overview
- Exhibit 98: Bechtel Corp. - Product / Service
- Exhibit 99: Bechtel Corp. - Key news
- Exhibit 100: Bechtel Corp. - Key offerings
- 11.4 BP Plc
- Exhibit 101: BP Plc - Overview
- Exhibit 102: BP Plc - Business segments
- Exhibit 103: BP Plc - Key offerings
- Exhibit 104: BP Plc - Segment focus
- 11.5 Chevron Corp.
- Exhibit 105: Chevron Corp. - Overview
- Exhibit 106: Chevron Corp. - Business segments
- Exhibit 107: Chevron Corp. - Key offerings
- Exhibit 108: Chevron Corp. - Segment focus
- 11.6 China Petrochemical Corp.
- Exhibit 109: China Petrochemical Corp. - Overview
- Exhibit 110: China Petrochemical Corp. - Business segments
- Exhibit 111: China Petrochemical Corp. - Key offerings
- Exhibit 112: China Petrochemical Corp. - Segment focus
- 11.7 Eni Spa
- Exhibit 113: Eni Spa - Overview
- Exhibit 114: Eni Spa - Business segments
- Exhibit 115: Eni Spa - Key offerings
- Exhibit 116: Eni Spa - Segment focus
- 11.8 Equinor ASA
- Exhibit 117: Equinor ASA - Overview
- Exhibit 118: Equinor ASA - Business segments
- Exhibit 119: Equinor ASA - Key offerings
- Exhibit 120: Equinor ASA - Segment focus
- 11.9 Exxon Mobil Corp.
- Exhibit 121: Exxon Mobil Corp. - Overview
- Exhibit 122: Exxon Mobil Corp. - Business segments
- Exhibit 123: Exxon Mobil Corp. - Key offerings
- Exhibit 124: Exxon Mobil Corp. - Segment focus
- 11.10 Fluor Corp.
- Exhibit 125: Fluor Corp. - Overview
- Exhibit 126: Fluor Corp. - Business segments
- Exhibit 127: Fluor Corp. - Key offerings
- Exhibit 128: Fluor Corp. - Segment focus
- 11.11 Freeport LNG Development LP
- Exhibit 129: Freeport LNG Development LP - Overview
- Exhibit 130: Freeport LNG Development LP - Product / Service
- Exhibit 131: Freeport LNG Development LP - Key offerings
- 11.12 PAO NOVATEK
- Exhibit 132: PAO NOVATEK - Overview
- Exhibit 133: PAO NOVATEK - Product / Service
- Exhibit 134: PAO NOVATEK - Key offerings
- 11.13 PetroChina Co. Ltd.
- Exhibit 135: PetroChina Co. Ltd. - Overview
- Exhibit 136: PetroChina Co. Ltd. - Business segments
- Exhibit 137: PetroChina Co. Ltd. - Key offerings
- Exhibit 138: PetroChina Co. Ltd. - Segment focus
- 11.14 Qatargas Operating Co. Ltd.
- Exhibit 139: Qatargas Operating Co. Ltd. - Overview
- Exhibit 140: Qatargas Operating Co. Ltd. - Product / Service
- Exhibit 141: Qatargas Operating Co. Ltd. - Key offerings
- 11.15 SEFE Energy Ltd.
- Exhibit 142: SEFE Energy Ltd. - Overview
- Exhibit 143: SEFE Energy Ltd. - Product / Service
- Exhibit 144: SEFE Energy Ltd. - Key offerings
- 11.16 Shell plc
- Exhibit 145: Shell plc - Overview
- Exhibit 146: Shell plc - Business segments
- Exhibit 147: Shell plc - Key news
- Exhibit 148: Shell plc - Key offerings
- Exhibit 149: Shell plc - Segment focus
- 11.17 TotalEnergies SE
- Exhibit 150: TotalEnergies SE - Overview
- Exhibit 151: TotalEnergies SE - Business segments
- Exhibit 152: TotalEnergies SE - Key news
- Exhibit 153: TotalEnergies SE - Key offerings
- Exhibit 154: TotalEnergies SE - Segment focus
12 Appendix
- 12.1 Scope of the report
- 12.2 Inclusions and exclusions checklist
- Exhibit 155: Inclusions checklist
- Exhibit 156: Exclusions checklist
- 12.3 Currency conversion rates for US$
- Exhibit 157: Currency conversion rates for US$
- 12.4 Research methodology
- Exhibit 158: Research methodology
- Exhibit 159: Validation techniques employed for market sizing
- Exhibit 160: Information sources
- 12.5 List of abbreviations
- Exhibit 161: List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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