The Global Planned LNG Market is estimated at US$ 145.48 billion in 2023 and is predicted to reach a valuation of US$ 298.57 billion in 2029 from US$ 164 billion in 2024. It is predicted to register a CAGR of 12.73% from 2024 to 2029.
The increase in technological advancements and the growing call for LNG from the Asia-Pacific region is driving expansion in the planned worldwide LNG market. Liquefaction and regasification terminals are further classified as onshore and offshore terminals. The planned LNG terminal reduces transportation costs. LNG is a clean fuel; therefore, it is employed in long-haul vehicles. Reduces emissions compared to alternative fossil fuels. This has encouraged many fuel service providers to adopt LNG as an alternative fuel. In turn, this drives all for planned LNG. The inclusion of regasification and liquefaction capacity in LNG terminals is known as planned LNG. Liquefaction can be defined as the physical transformation of a gas into a liquid. This gas liquefaction is processed by compression, or by refrigeration, or combination. Regasification is the process of transforming liquid LNG into a gaseous form. In this process, heat exchangers are employed to increase the temperature of the LNG. Liquefied natural gas (LNG) is natural gas that can be converted to a liquid state by cooling it below -163 ° C. The creation of an LNG chain involves investments in exploration and production, liquefaction, shipping, storage, and regasification.
The development of unconventional gas sources, advances in offshore liquefaction technology and offshore gas discoveries, and fluctuations in crude oil supply are some of the factors driving the anticipated worldwide LNG market. The development of planned liquefaction plants and the escalating call for LNG are also contributing to the expansion of the market.
This, in turn, stimulates the predicted LNG market. The foreseen LNG market is predicted to experience significant expansion due to many factors such as technological advancement, escalating calls for LNG from Asia-Pacific, etc. The liquefied natural gas industry is transforming with the development of technology and the emergence of new sources of call. Technological advances make LNG gas production, liquefaction, and storage feasible at sea Floating liquefaction is a relatively new technology, compared to floating regasification, which has quickly established itself on the market. Some of the factors, like LNG's price benefit over other energy sources for end-use businesses, environmental advantages, monetary systems, and others, are predicted to drive industry expansion. Additionally, an increase in regasification capabilities in the Asia-Pacific region is driving market expansion. Some of the countries where the LNG call is predicted to increase are China and India.
The postponement of LNG projects is holding back market expansion. The escalation in the number of domestic and foreign terminals already finished, the escalation in the price of the building of LNG terminals, and the storage of LNG may hinder the predicted industry for LNG. The coronavirus epidemic (COVID-19) has negatively affected the LNG industry. Most of the LNG regasification projects stopped operations during the shutdown.
Escalating calls from different end-users, such as manufacturers and retailers, will create new opportunities in the coming years. Floating LNG production terminals can be parked directly above an offshore field and relocated once the field is depleted or in adverse weather conditions. Therefore, the development of floating terminals is predicted to increase the call for planned LNG terminals. Calls from different kinds of end-user businesses are escalating the LNG customer base and offering lucrative opportunities in the industry.
The delay in the LNG project is one of the main factors hampering the predicted expansion of the LNG market. Most LNG projects were to start operations in 2021, but there is a delay due to the COVID-19 epidemic. These regions are among the main centers of call for LNG. However, China is the country most affected by the coronavirus in Asia, which could affect the worldwide market.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 – 2029 |
Base Year |
2023 |
Forecast Period |
2024 - 2029 |
CAGR |
12.73% |
Segments Covered |
By Technology, End-Use Industry, & Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Shell Plc, LNG Croatia LLC, Chevron Corporation, Petrobras, Southern Union Company, Corpus Christi Liquefaction, LLC, Freeport LNG Development, L.P., Sempra Energy, ConocoPhillips Co., Queensland Gas Co. Ltd, Inpex Corporation, Skangass AS, Emirates LNG LLC, Nippon Gas Co. Ltd., and Prometheus Energy Company, and Others. |
liquefaction gained a significant market share in 2019. This is attributed to the increase in new liquefaction terminals or the expansion of liquefaction capacity in major exporting countries such as the United States, Qatar, Australia, and others. Furthermore, an onshore regasification terminal accounted for the largest market share in 2019. This is attributed to factors such as long-term security of supply, higher storage capacity, lower operating expenses, etc.
The industrial sector obtained the largest market share in 2019. This is attributed to the increase in the demand for LNG from the industrial sector due to increased concerns about pollution. For example, some countries in developed and developing regions have reduced their dependence on coal for power generation due to increased levels of pollution.
The region with the highest share of the forecasted LNG industry in 2019 is Asia-Pacific. Due to the presence of larger countries, the region has a higher LNG regasification capacity. LNG importers include Japan, South Korea, China, and India. China is predicted to become the largest importer of LNG in the coming years due to increased demand from the industrial sector. Additionally, North America has the second-highest market share.
The United States is one of the largest exporters of LNG due to factors such as increased natural gas production, a decrease in natural gas imports through pipelines, a decrease in LNG imports, and expansion of the capacity of LNG export terminals. North America, Europe, and Asia-Pacific are predicted to dominate the forecasted LNG market in the near future. The growing call for energy in countries such as India and China has led to the development of planned LNG terminals in various locations. Escalating calls for natural gas, increased gas consumption for power generation, and cold weather in Europe are some of the factors driving the predicted LNG market. The expansion of LNG liquefaction capacity has also led to the development of planned LNG terminals in the United States, Australia, Iran, and Papua New Guinea. Increased gas discoveries and investments by foreign market players further drive the creation of planned LNG export terminals.
The difference in spot gas prices in the United States, Asia-Pacific, and Europe, as well as the increase in shale gas drilling in the United States and Canada, are driving the expansion of planned LNG export terminals. This is attributed to factors such as the drop in activity in the industrial and commercial sectors. Escalating technological advancements and the growing call for LNG from the Asia-Pacific are fueling the planned worldwide LNG market expansion. North America accounted for the largest share in terms of revenue, with about half of the total worldwide LNG market share predicted in 2019. This is attributed to increased natural gas production in this region. However, LAMEA is estimated to have the fastest CAGR of 20.7% from 2022 - 2027.
Major players operating in the Planned LNG Market include
Frequently Asked Questions
The Global Planned LNG market is expected to grow with a CAGR of 12.73% between 2024-2029.
The Global Planned LNG Market size is expected to reach a revised size of US$ 264.84 billion by 2029.
Sempra Energy, ConocoPhillips Co, and Queensland Gas Co. Ltd are the three Planned LNG Market key players.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region