Market Size of LNG as a Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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LNG as a Fuel Market Analysis
The LNG as a fuel market is expected to register a CAGR of over 8% during the forecast period, 2020 - 2025. Factors, such as a gradual shift from conventional energy sources, like coal to cleaner energy sources, such as natural gas for power generation, along with an increase in the use of LNG for transportation are expected to help grow the market. However, the high cost and complexities of the LNG production plants and the infrastructure required for the safe distribution of LNG have somewhat hampered the growth of the market.
- There has been a significant shift in the transportation industry from conventional sources to a much cleaner and affordable sources, such as LNG, in recent years. In countries, such as China, the growth of LNG-based vehicles from 2012 to 2018 amounts to over 600%.
- Asia-Pacific is expected to be the fastest-growing market in the forecast period, mainly due to increased focus on a shift toward cleaner fuel for both energy generation and transportation.
- With worldwide increased focus on energy generation from cleaner fuels and increase in LNG based vehicles, the market is expected to grow in the forecasted period. The major market includes countries, such as the United States and China, etc.
