LNG Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Liquefied Natural Gas Market Share by Company and is segmented by LNG infrastructure (LNG liquefaction plants, LNG regasification facilities, and LNG shipping), LNG trade, and geography (North America, Europe, Asia-Pacific, South America, the Middle East, and Africa). The report offers market size and forecasts for the LNG market in terms of revenue (USD billion) for all the above segments.

Liquefied Natural Gas (LNG) Market Size

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LNG Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 6.75 %
Fastest Growing Market South America
Largest Market Asia-Pacific
Market Concentration Low

Major Players

LNG Market

*Disclaimer: Major Players sorted in no particular order


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Liquefied Natural Gas (LNG) Market Analysis

The LNG Market size is expected to grow from USD 74.60 billion in 2023 to USD 103.41 billion by 2028, at a CAGR of 6.75% during the forecast period (2023-2028).

In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.

  • Over the medium term, factors such as increasing demand for gas power generation and a rising number of LNG-fueled fleets are expected to drive the global LNG market during the forecast period.
  • On the other hand, LNG oversupply and trade tension are expected to hamper market growth during the forecast period.
  • Nevertheless, a high number of LNG projects and development plans are expected to be proposed in the upcoming years, underpinned by the growing LNG demand, leading to the creation of several opportunities for market players in the African region, thus creating an emerging LNG market.

Liquefied Natural Gas (LNG) Market Trends

Liquefaction Sector to Dominate the Market

  • In the last decade, there has been a significant rise in industrialization and urbanization, which has resulted in a surge in carbon dioxide and greenhouse gases worldwide. Thus, to reduce carbon and greenhouse gas emissions, governments are promoting the utilization of natural gas in power generation and fuel in vehicles.
  • Thus, governments are developing various supportive policies to increase the adoption of CNG and LNG-based vehicles, including providing subsidies and tax exemptions to automobile manufacturers and consumers.
  • The growing demand for natural gas across the regions resulted in increased natural gas consumption in the last decade across the globe. For instance, in 2012, natural gas consumption was around 3,319.4 billion cubic meters, which increased by more than 21% in 2021 to about 4,037.5 billion cubic meters.
  • According to the World LNG Report 2022, LNG connected 40 importing countries with 19 export markets. The global liquefaction capacity accounted for 459.9 MTPA in 2021 after adding 6.9 MTPA, compared to 20 MTPA the year prior. The great potential for LNG in Africa is significant to the region's development, with 123.9 MTPA of proposed liquefaction waiting for the final investment decision (FID).
  • Additionally, PFLNG Dua (1.5 MTPA), Corpus Christi T3 (4.5 MTPA), and Yamal LNG T4 (0.9 MTPA) were the liquefaction projects that came online in 2021. During the first four months of 2022, an additional 12.5 MTPA of liquefaction capacity was added, increasing the total global liquefaction capacity to 472.4 MTPA. Thus, the increasing liquefaction capacity, as well as the establishment of liquefaction projects, are expected to create demand for the liquefaction sector in the forecast period.
  • Therefore, based on the above-mentioned factors, the liquefaction sector is expected to dominate the LNG market during the forecast period.
LNG Market: Natural Gas Consumption, in billion cubic meters, Global, 2015-2021

Asia-Pacific to Dominate the Market

  • Asia-Pacific continued to be the leading importing region, with a 72% share of global LNG imports last year, up from 69% in 2019. Asian LNG imports grew by 7.7% last year, reaching 371.8 billion cubic meters. Imports rose in all Asia-Pacific countries except Japan, India, Malaysia, and Singapore.
  • According to the World LNG Report 2022, the largest exporting region continued to be Asia-Pacific, with a total of 131.2 MT of exports last year, in line with what was exported in 2020.
  • China, being the largest LNG importer in Asia-Pacific, experienced the greatest growth in terms of imported volumes, with an annual growth rate of 16.8%, accounting for 109.5 billion cubic meters last year. Additionally, governments also adopted supportive policies for natural gas consumption, which include several LNG projects.
  • Furthermore, in February 2023, Jiangsu Huadian Ganyu LNG terminal construction began at Ganyu port in Lianyungang, China's eastern Jiangsu province. The project is included in both the national natural gas development plan and the province's 14th Five-Year Plan, with a designed LNG receiving capacity of 3 million mt/year. The project is one of four LNG-receiving projects approved by the federal government for 2022, with a total capacity of almost 24 million metric tons per year.
  • Therefore, based on the above-mentioned factors, Asia-Pacific is expected to dominate the global LNG market during the forecast period.
LNG Market: Growth Rate by Region, 2023-2028

Liquefied Natural Gas (LNG) Industry Overview

The LNG market is fragmented. Some of the major players (not in a particular order) include Fluor Corporation, TechnipFMC PLC, Bechtel Corporation, Shell PLC, and Gasum AS.

Liquefied Natural Gas (LNG) Market Leaders

  1. Fluor Corporation

  2. Bechtel Corporation

  3. Gasum AS

  4. Shell PLC

  5. TechnipFMC plc

*Disclaimer: Major Players sorted in no particular order

LNG Market Concentration
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Liquefied Natural Gas (LNG) Market News

  • Mar 2023: Sempra reported that Sempra Infrastructure Partners LP (Sempra Infrastructure), its 70%-owned subsidiary, reached a positive final investment decision (FID) for the development, construction, and operation of the Port Arthur LNG Phase 1 project in Jefferson County, Texas.
  • Apr 2022: Petronet LNG announced the development of a floating LNG terminal in Odisha by 2025 at a cost of USD 195 million. Furthermore, Petronet is likely to invest USD 73 million in raising the capacity of the Dahej LNG import terminal to 22.5 million metric tons per year from the current 17.5 million metric tons.

Liquefied Natural Gas (LNG) Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 LNG Infrastructure

      1. 5.1.1 LNG Liquefaction Plants

      2. 5.1.2 LNG Regasification Facilities

      3. 5.1.3 LNG Shipping

    2. 5.2 LNG Trade

      1. 5.2.1

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of the North America

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Rest of the Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. South Korea

        3. Japan

        4. Rest of the Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of the South America

      5. 5.3.5 Middle-East and Africa

        1. United Arab Emirates

        2. Saudi Arabia

        3. Rest of the Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 LNG Infrastructure Companies (Operators and EPC Companies)

        1. JGC Holdings Corporation

        2. Chiyoda Corporation

        3. Bechtel Corporation

        4. Technip FMC PLC

        5. Fluor Corporation

      2. 6.3.2 LNG Bunkering and Trading Companies

        1. Shell PLC

        2. Gasum AS

        3. ENN Energy Holdings Ltd.

        4. Engie SA

        5. Gazpromneft Marine Bunker LLC

    4. *List Not Exhaustive

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Liquefied Natural Gas (LNG) Industry Segmentation

LNG stands for liquefied natural gas, which is a clear, colorless, non-toxic liquid formed by cooling natural gas to -162 degrees Celsius, at which point it condenses into a liquid state. The liquefaction process reduces the volume of natural gas by 600 times, making it easier and more economical to transport and store. LNG infrastructure refers to the facilities, equipment, and systems needed to produce, transport, store, and distribute liquefied natural gas (LNG) from the source to the end users.

The LNG market is segmented by LNG Infrastructure (LNG Liquefaction Plants, LNG Regasification Facilities, and LNG Shipping), LNG Trade, and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecasts for the LNG market in terms of revenue (USD billion) for all the above segments.

LNG Infrastructure
LNG Liquefaction Plants
LNG Regasification Facilities
LNG Shipping
LNG Trade
North America
United States
Rest of the North America
United Kingdom
Rest of the Europe
South Korea
Rest of the Asia-Pacific
South America
Rest of the South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of the Middle-East and Africa
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Liquefied Natural Gas (LNG) Market Research FAQs

The LNG Market is projected to register a CAGR of 6.75% during the forecast period (2024-2029)

Fluor Corporation, Bechtel Corporation, Gasum AS, Shell PLC and TechnipFMC plc are the major companies operating in the LNG Market.

South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in LNG Market.

The report covers the LNG Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the LNG Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The factors driving the growth of the global LNG Market are a) Increasing demand for gas power generation b) Rising adoption of LNG-fueled fleets, and supportive government policies promoting the use of natural gas

LNG Industry Report

The global LNG market is witnessing significant growth, driven by robust demand in power generation and transportation fuel sectors, where LNG is favored for its lower greenhouse gas emissions compared to coal. This trend aligns with the broader shift towards cleaner energy sources, influenced by environmental concerns and regulatory policies. Regionally, the Asia Pacific leads in LNG demand due to strong economic growth and escalating energy needs, particularly in China and Japan, while North America and Europe also maintain a strong market presence. The U.S., for instance, has seen a rise in natural gas consumption for power generation. This demand is supported by advancements in LNG infrastructure, including increased capacities in liquefaction and regasification facilities and the development of transport networks. The LNG Industry is segmented by applications in transportation, power generation, and other industrial uses, with dynamics shaped by regional policy frameworks and technological advancements. As the shift towards sustainable energy solutions gains momentum, LNG is poised to be a critical component in the future energy landscape. For detailed statistics on the LNG market share, size, and revenue growth rate, including a market forecast outlook and historical overview, access a free report PDF download from Mordor Intelligence™ Industry Reports.

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LNG Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)