LNG Market to reach USD 593.35 Mn at a growth rate of 5.10 percent CAGR over the forecast period (2022-2029)

Dublin, March 16, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Energy and Power business-consulting firm, has published a market intelligence and competitive landscape report on the "LNG Market". The total market opportunity for the LNG market was USD 398.56 Mn in 2021 and is expected to grow at 5.10 percent CAGR over the forecast period to reach USD 593.35 Mn by 2029.

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LNG Market Scope and Research Methodology

The report on LNG Market provides a detailed analysis of the strong competition and rivalry prevailing in the market. The key findings of the report include market size and forecasts equipped with current environmental and other ongoing developments that affect the LNG Market. The LNG Market is segmented into one segment Application, which is presented with the help of graphs and figures for a better understanding of the fastest growing segments and other indicators in the LNG industry which include the high maintenance cost, downtime duration of the equipment, accuracy provided and product development.

For the competitive landscape, a thorough analysis of major manufacturers in the LNG Market is conducted to help clients gain an edge over their competitors. The analysis is conducted based on their position in the LNG industry, revenue generated, profit margins, promotional activities, technological advancements, mergers and acquisitions and product differentiation conducted. The customizable report gives weightage to the nature of competition, new entrants in the market and pricing and marketing tactics of the manufacturers in the LNG Market.

Regional analysis of the LNG Market provides key insights at the local, regional and global levels. This helps clients to take advantage of the lucrative opportunities prevailing in different regional LNG market to increase their business. The report provides a better understanding of the regional dominance and reasons for the same which include the economic conditions, political scenario and technological breakthroughs. A comprehensive vendor analysis for the LNG Market aids clients to understand market penetration.

Primary and secondary data collection methods are used for qualitative and quantitative analysis of the LNG Market. Bottom-up approach is used for LNG market estimation, the results of which are validated by segments. Surveys and interviews of top manufacturers, industry experts, suppliers and LNG market experts are conducted. SWOT, PESTLE and Porter's Five Force analysis were used to find strength, weaknesses, and economic condition of the LNG market. The report thus acts as a tool for a clear understanding of the various aspects of the LNG Market.
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LNG Market Overview

Liquefied Natural Gas (LNG) is natural gas with mixture of methane, CH4, ethane, and C2H6. LNG is odourless, colorless, non-toxic and non-corrosive. The gas extracted from underground hydrocarbon contains a varying mixture of hydrocarbon components, which includes mostly methane (CH4), along with ethane (C2H6). The gas stream is separated into the liquefied petroleum fractions and can be stored in liquid form.

Massive growth in inter-continental pipeline infrastructure is expected to drive the LNG Market growth

Projects given by the government for the inter-continental pipeline infrastructure has increased demand for the natural gas from mainstream industries. Oil price instability is expected to fuel the LNG market growth. Increasing number of buyers and sellers helps to push industry at evolution to offer a wider choice of commercial structures to meet the needs of customers and is expected to boost the LNG market growth. Providing relevant infrastructure to developing countries is expected to help the LNG market to grow during the forecast period. Growing industrialization and urbanization with increasing number of power related projects, such as petrochemicals and city gas distribution are expected to drive the LNG market growth. LNG is widely used in transportation sector as it is cost effective and is used as low emission.

Inadequate pipeline infrastructure in remote areas is expected to restrain the LNG market growth.

Asia Pacific region to dominate the LNG market over forecast period

Asia Pacific dominated the regional LNG market with largest share accounting 41.3 percent. Increasing population, availability of adequate resources, and demand for energy with easy affordability provided by government on use of LNG are expected to contribute for the regional LNG market growth. Asia Pacific region is growing with CAGR of 3 percent. Increased use of LNG in various end-use applications, such as heavy duty vehicles and in industrial & Power sector is are major factors contributing for the regional LNG market growth.

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LNG Market Segmentation

Based on Application, Power Generation segment to dominate the LNG market during the forecast period

Power plants are shifting to liquefied natural gas (LNG) to increase delivery, cost competitiveness and reduce pollution. Use of LNG into transportation fuel is expected to drive the Application segment in LNG market.

By Application:

• Power Generation
• Transportation Fuel
• Other
  

LNG Market Key Players includes:

• Saudi Aramco
• Sinopec
• ADNOC
• CNPC
• Exxon Mobil
• Reliance Industries
• KNPC
• Phillips66
• Bharat Petroleum Corporation Ltd.
• Pemex
• Total Corp.
• Qatar Petroleum
• Equinor
• BP Corp.
• Gazprom Corp.
• Chevron
• ConocoPhillips Company
• SHV Energy (NL)
• Valero Energy
• UGI Corporation
• Royal Dutch Shell PLC
  

Saudi Aramco:

The company is playing a leading role in energy transition. They continually seek new opportunities to expand and diversify their energy products portfolio. High-quality products are delivered by them for growing customer base. The total annual revenue of the company was USD 161.1 Bn in 2022.

Sinopec:

The company cover a full spectrum of the oil and gas value chain from exploration to production from processing and refining to sales and delivery. Sinopec is the world's leader in production of LNG with strategic objectives to meet the new challenges. The total annual revenue of the company was USD 480.86 Bn in 2022.

Key questions answered in the LNG Market are:

• What is LNG?
• What was the LNG market size in 2021?
• What is the expected LNG market size by 2029?
• What is the growth rate of the LNG Market?
• Which are the factors expected to drive the LNG market growth?
• Which segment dominated the LNG market growth?
• Which region held the largest share in the LNG market?
• Who are the key players in the LNG market?
• What is the demand pattern for the LNG market?
  

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation – A detailed analysis by Application
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Energy and Power research firm, has also published the following reports:

LNG Bunkering Market: The total market size is expected to reach USD 39.86 Bn by 2029 and is expected to grow at a CAGR of 58.85 percent during the forecast period. Stringent government laws to reduce airborne marine emissions is expected to fuel the market growth.

LNG Compressor Market: The total market size is expected to reach USD 5.20 Bn by 2029 with growth rate of 5 percent CAGR during the forecast period. Rising number of LNG workstations and stringent government rules are expected to fuel the market growth.

Large-Scale LNG Terminals Market: The total market size is expected to reach USD 5.34 Bn by 2029, growing at a CAGR of 2.29 percent during the forecast period. Increase in demand for LNG across the world is expected to boost the market growth.

Floating LNG Power Vessel Market: The total market growth is expected to reach USD 1.32 Bn by 2029, at a CAGR of 1.8 percent during the forecast period. Power infrastructure facility shortage along with enormous opportunities is expected to fuel the market growth.

Neon Gas Market: The total market growth was valued at USD 219.2 Mn in 2021 is expected to grow at a CAGR of 7.6 percent through the forecast period reaching USD 393.85 Mn. Rising demand for barcode scanners and laser sensors is expected to influence the market growth.

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