LNG Market to Reach USD 205280 Million by 2027 at a CAGR of 5.7% | Valuates Reports

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BANGALORE, India, Jan. 11, 2022 /PRNewswire/ -- The Global LNG Market is Segmented by Type (APCI Liquefaction Technology, Cascade Liquefaction Technology, Other Liquefaction Technology), by Application (Transportation Fuel, Power Generation, Mining & Industrial) and Geography – Global Forecast up to 2027. It is published in Valuates Reports under the Oil and Gas Category.

In 2020, the global Liquefied Natural Gas (LNG) market size was USD 135420 Million and it is expected to reach USD 205280 Million by the end of 2027, with a CAGR of 5.7% during 2021-2027.

Major factors driving the growth of the LNG Market are:

Increasing use of LNG as transportation fuel, for power generation, and in the mining and industrial sector is expected to drive the growth of the LNG market. When compared to diesel and fuel oil, LNG can be used as a transportation fuel for trucks and ships, with potential economic and environmental benefits. In addition, heavy-duty trucks powered by LNG in the mining and industrial sectors assist in reducing fuel costs and boosting unit productivity.

LNG is less expensive, cleaner, more efficient, and safer to transport and store. These advantages are expected to further increase the adoption of LNG thereby driving the LNG market.

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TRENDS INFLUENCING THE GROWTH OF THE LNG MARKET

The growing demand for clean energy is expected to drive the growth of the LNG market. A power plant that runs on LNG emits approximately half as much CO2 as one that runs on coal. High-efficiency technologies can reduce emissions even more. When running a hybrid system with renewables, LNG-to-power allows you to rely on fast-start engines. On the road to clean energy generation, liquefied natural gas (LNG) is an ideal transition fuel. It is already far cleaner than other fossil fuels, and its constancy makes it an excellent companion for renewables that fluctuate.

Furthermore, increasing use of LNG as a transportation fuel is expected to fuel the LNG market growth. Liquefied natural gas (LNG) can be utilized to power internal combustion engines. LNG is still in the early stages of becoming a common transportation fuel. It is being evaluated and tested for applications in over-the-road trucking, off-road trucking, marine, and train transportation. Despite the fact that there are documented issues with fuel tanks and gas supply to the engine, the transition to LNG as a transportation fuel has begun. Because the engines are comparable, LNG competes directly with compressed natural gas as a fuel for natural gas automobiles. There may be instances where LNG trucks, buses, trains, and boats could be cost-effective in delivering LNG energy together with general freight and/or people to smaller, isolated settlements without access to pipelines or a local gas source.

During the forecast period, the LNG market is likely to be driven by an increase in the number of investments in the sector. The LNG industry's growth has been propelled by a major increase in the number of investments made in the area by various organizations, resulting in significant increases in natural gas production and decreased gas costs. Because of lower wholesale natural gas costs in end-use markets, the economics of using gas is becoming more favorable when compared to alternatives such as oil. As a result, the LNG market is projected to be driven by falling natural gas prices as a result of increased investment.

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LNG MARKET SHARE ANALYSIS

Based on type, APCI Liquefaction Technology is the largest segment, with an LNG market share of over 75%.

Based on application, the largest segment is expected to be Power Generation. 

Based on region, Asia-Pacific is the largest market, with an LNG market share of about 55%, followed by Europe and North America, both having a share over 35 percent.

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TOP COMPANIES IN THE LNG MARKET

The global top three manufacturers hold a share of 30%.

Some of the top companies in the Liquefied Natural Gas (LNG) market major players include

• ConocoPhillips
• Cheniere Energy
• Qatar Petroleum
• Woodside Petroleum
• Sinopec Group
• BP
• TOTAL
• Shell
• ExxonMobil
• Chevron.

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SIMILAR REPORTS:

-  Global LNG bunkering market size was valued at USD 0.38 Billion in 2019, and is projected to reach USD 5.14 Billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027.

-  The global planned LNG market size was valued at USD 102.2 Billion in 2019, and is projected to reach USD 58.9 Billion by 2030, growing at a CAGR of 9.9% from 2020 to 2030.

-  The global Small-Scale LNG market size is projected to reach USD 67 Million by 2027, from USD 48 Million in 2020, at a CAGR of 5.6% during 2021-2027.

-  The global Floating LNG market size is projected to reach USD 12970 Million by 2027, from USD 9459.3 Million in 2020, at a CAGR of 4.2% during 2021-2027.

-  The global LNG Carrier market size is projected to reach USD 16250 Million by 2027, from USD 11930 Million in 2020, at a CAGR of 4.1% during 2021-2027.

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