Liquified Natural Gas Market: By Technology (APCI Liquefaction Technology, Cascade Liquefaction Technology, and Other Liquefaction Technology), By Application (Power Generation, Transportation, and Other), By LNG infrastructure (LNG liquefaction plants, LNG regasification facilities, and LNG shipping), and By Geography

Liquified Natural Gas Market size was valued at USD 77,918.2 million in 2023 and is Poised to grow at a CAGR of 7.3% from 2024 to 2030. This growth is fuelled by several factors, including rising demand for natural gas for power generation, particularly in Asia, where rapid economic development is feeling the need for cleaner and more efficient energy sources, and increased adoption of LNG-fuelled transportation, seen as a viable alternative to traditional fuels in the maritime and trucking sectors, contributing to emission reduction goals. Many governments worldwide are implementing policies to support the development of the LNG industry.

These policies include providing financial incentives for LNG projects, developing LNG infrastructure, and streamlining regulations. Technological advancements make it more efficient and cost-effective to liquefy, transport, and regasify natural gas. This is helping to make LNG a more competitive fuel option, which is expected to further drive market growth. However, some challenges could hinder the growth of the LNG market, such as Competition from other sources of energy, such as renewable energy sources, the high cost of building and operating LNG infrastructure, and geopolitical instability in some LNG-producing regions. 

Liquified Natural Gas Market Key Developments:

• In January 2024, ExxonMobil launched a new carbon capture and storage project at its LNG terminal in Alaska. The project is designed to capture and store up to 1 million tons of carbon dioxide per year, which is equivalent to the emissions of about 200,000 cars.
• In September 2023, Chevron and Total Energies announced a joint venture to develop a new LNG project in Mozambique. The project is expected to produce up to 12.9 million tons of LNG annually.