The Liquefied Natural Gas (LNG) Market is being driven by Increase in LNG production
The Liquefied Natural Gas (LNG) Market is expected to grow at a CAGR of 8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 27.79 billion. Liquefied Natural Gas (LNG) bunkering refers to the supply of LNG as a fuel alternative to ships. With increasing focus on reducing emissions from shipping activities, there is growing demand for eco-friendly marine fuels like LNG. In 2023, the International Energy Agency (IEA) reported that heavy fuel oil (HFO) accounted for 79% of the marine fuel mix, making it the most commonly used marine fuel globally. HFO, a residual fuel derived from crude oil distillation, has a maximum sulfur content of 3%. The shift towards LNG as a cleaner marine fuel has prompted several ports to establish LNG bunkering facilities.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
220 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8% |
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Market growth 2025-2029 |
USD 27.79 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
6.8 |
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Key countries |
US, Qatar, Russia, China, Norway, Saudi Arabia, Canada, Japan, UAE, and The Netherlands |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The LNG market encompasses various aspects, including the enhancement of liquefaction efficiency, optimization of regasification processes, and maximizing vaporizer efficiency in LNG terminals. Infrastructure development, such as LNG bunkering operations and pipeline capacity expansion, is crucial. Price volatility and quality control are significant factors, along with ensuring pipeline integrity, pump performance, and metering accuracy. Safety regulations, environmental footprint, emissions reduction, energy density, project financing, market competition, shipping routes, and data analytics are also essential elements shaping the LNG industry.
The LNG market encompasses businesses engaged in the liquefaction process, regasification technology, LNG carrier design, and storage tank manufacturing. According to Technavio, the size of the LNG market is determined by the consolidated revenue of these entities. Key growth drivers include the escalating energy demand, dwindling fossil fuel reserves, and price volatility. Energy security is a top priority for governments in countries such as the US and the UK, as many rely heavily on LNG imports. The LNG market's expansion is further fueled by advancements in liquefaction technology, increasing demand from emerging economies, and the shift towards cleaner fuels.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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