As per the latest report by IMARC Group, titled "Planned LNG Market by Technology (Liquefaction, Regasification), End Use Industry (Residential, Commercial, Industrial), and Region 2023-2028," the global planned LNG market size reached US$ 46.28 Billion in 2022. Planned LNG, or liquefied natural gas, is an important energy resource that plays a crucial role in meeting the global demand for cleaner and more efficient fuel sources. It is created through a complex process that involves cooling natural gas to extremely low temperatures, resulting in its conversion from a gaseous state to a liquid state. The advantages of using LNG are numerous, such as it is a cleaner-burning fuel than conventional fossil fuels, such as coal and oil. It also has a lower carbon content, which leads to reduced emissions of greenhouse gases and pollutants, such as sulfur dioxide and nitrogen oxides. This makes LNG an attractive option for power generation and industrial applications, as it helps mitigate climate change and improve air quality. Additionally, it has a higher energy density compared to its gaseous form, enabling efficient transportation over long distances. This makes it possible to access natural gas resources from remote locations, expanding the global gas supply and promoting energy security. Currently, there are two main types of LNG: baseload and peak shaving LNG.
Global Planned LNG Market Trends:
The global planned LNG market is witnessing significant growth and development, driven by the increasing demand for natural gas as a cleaner and more efficient energy source. Additionally, the rising focus on reducing greenhouse gas emissions and mitigating climate change has led to greater investments in natural gas infrastructure, including LNG terminals and liquefaction plants, which is boosting the market growth. Moreover, the growing interest in LNG as a marine fuel, particularly in the shipping industry, is supporting the market growth. In addition to this, the surging awareness regarding the flexibility and versatility of LNG as a fuel for power generation, industrial applications, and transportation are contributing to the market growth. Furthermore, the development of new technologies and innovations in LNG production, storage, and transportation and supportive government policies and regulations aimed at promoting natural gas usage and reducing air pollution are stimulating the market growth. Apart from this, the increasing collaboration between countries for LNG trade, such as the establishment of liquefaction and regasification terminals, and the exploration and development of new offshore gas reserves are driving the market growth. Looking forward, the market value is projected to reach US$ 76.47 Billion by 2028, expanding at a CAGR of 8.10% during 2023-2028.
- By technology, the market is bifurcated into liquefaction and regasification. Currently, liquefaction represents the largest segment.
- Based on the end use industry, the market is segmented into residential, commercial, and industrial. Among these, industrial accounts for the largest market share.
- On the basis of the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined with some of the key players being Cheniere Energy, Inc, Chevron Corporation, ConocoPhillips Company, Energy Transfer LP, Equinor ASA, Exxon Mobil Corporation, Freeport LNG, Gasum Ltd (Gasonia Oy), PETROBRAS, Sempra Energy, Shell Plc, Venture Global LNG, etc.
|Base Year of the Analysis
|End Use Industries Covered
||Residential, Commercial, Industrial
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Cheniere Energy, Inc, Chevron Corporation, ConocoPhillips Company, Energy Transfer LP, Equinor ASA, Exxon Mobil Corporation, Freeport LNG, Gasum Ltd (Gasonia Oy), PETROBRAS, Sempra Energy, Shell Plc, Venture Global LNG, etc.
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