Latest News- Liquefied Natural Gas (LNG) Market: Power is expected to lead the End-user segment during 2025-2029

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 process of supplying ships with LNG as an alternative, more environmentally friendly marine fuel. The maritime industry is shifting towards sustainable fuel sources to reduce emissions, making LNG an increasingly sought-after option. In 2023, according to the International Energy Agency (IEA), heavy fuel oil (HFO) accounted for 79% of marine bunker fuel consumption. However, the demand for LNG as a marine fuel is growing, with its lower carbon intensity and near-zero sulfur content making it a more desirable choice for shipowners. Ports worldwide are responding to this trend by investing in LNG bunkering infrastructure to meet the increasing demand from the shipping sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Power
  • Industry
  • Others
• Application
  • Off-grid power plants
  • Transportation
  • Industrial and manufacturing
  • Marine fuel
  • Others
• Geography
  • North America
    • Canada
    • US
  • Middle East and Africa
  • Europe
    • Norway
  • APAC
    • China
    • Japan
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in LNG production
• Growth in LNG liquefaction capacity
• Rising demand for cleaner fuels

However, the market also witnesses some limitations, which are as follows:

• Fluctuations in global oil and gas prices
• Rising adoption of renewable energy sources
• Cessation of World Bank funding for exploration and production (E and P) activities

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Market Scope in Liquefied Natural Gas (LNG) Market Research Report

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Research Analysis Overview

The Liquefied Natural Gas (LNG) market plays a significant role in the electric power sector, providing clean energy for distributed power generation. As an odorless, colorless liquid, LNG results from the cooling of natural gas through the liquefaction process. This odorless fuel is transported via ships, replacing traditional fuels like coal and oil in power generation. LNG terminals undergo regasification for domestic distribution, reducing carbon emissions and air pollution compared to coal and oil. Import capacities of LNG terminals ensure energy security and diverse supply sources, making LNG a valuable addition to the energy mix in power generation, surpassing coal and renewable energy in certain circumstances. LNG's lower CO2 emissions compared to coal and oil make it a more sustainable choice for utility projects, while its transportation via ships and receiving terminals enables access to areas not connected by pipelines. LNG can replace petrol, diesel, and oil in transportation, further reducing greenhouse gas emissions.

Market Research Overview

In the realm of energy markets, the Liquefied Natural Gas (LNG) sector holds significant importance as a clean energy source for power generation, particularly in the context of utility projects and distributed power. The LNG market size is determined by the consolidated revenue of companies engaged in the production, processing, and supply of LNG as an alternative to traditional fuels like coal and renewable energy sources. Key drivers propelling the expansion of the LNG market include escalating energy demand, energy security concerns, and the shift towards cleaner energy sources to diversify the energy mix. As governments worldwide prioritize energy security and reduce reliance on coal imports, LNG is poised to play a pivotal role in the global energy landscape.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/