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What Factors Are Driving the Anticipated Growth Rate of the Liquefied natural gas Market Through 2034?

The market size of liquefied natural gas has seen substantial growth in the past few years. It is projected to expand from $143.35 billion in 2024 to $155.85 billion in 2025, registering a compound annual growth rate (CAGR) of 8.7%. The growth during the historical period can be linked to factors such as global energy necessity, geopolitical influences, environmental laws, infrastructure growth, and changes in prices.

The market size for liquefied natural gas is anticipated to experience significant expansion in the upcoming years, with a predicted value of $205.95 billion in 2029, corresponding to a compound annual growth rate (CAGR) of 7.2%. Factors driving growth during this forecast period encompass policy and regulatory shifts, expansion of infrastructure, competitive pricing, changes in environmental considerations, and geopolitical evolutions. Key trends expected during the forecasted timeline include an escalating demand for cleaner energy sources, advancements in technology, steps taken towards decarbonization, and the integration of green hydrogen.

What Drivers Are Shaping the Growth of the liquefied natural gas Market?

The anticipated surge in the need for liquefied natural gas is predicted to stimulate the expansion of the liquefied natural gas market in the future. Produced by purifying and reducing natural gas to -260°F until it becomes liquid, liquefied natural gas is expected to experience heightened demand due to the increasing use of motor petrol, as well as the growth of large semi-urban and rural populations. For instance, the Energy Information Administration, a US government agency, stated in July 2022 that an average of 49.0 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) was traded worldwide during 2021. Consequently, the growing interest in liquefied natural gas is propelling the progress of the liquefied natural gas market.

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Who Are the Major Industry Leaders Accelerating Growth in the Liquefied natural gas Market?

Major companies operating in the liquefied natural gas market include:

• BP plc

• Chevron Corporation

• Eni SpA

• Exxon Mobil Corporation

• TotalEnergies SE

Which Current Trends Are Having the Most Impact on the Liquefied natural gas Market?

There’s a growing trend of adopting cutting-edge technology in the liquefied natural gas market, primarily to maintain market dominance. Firms in this sector, such as New Fortress Energy Inc., a US-based infrastructure company for energy, are embracing such technologies. As recently as February 2023, they started using Honeywell UOP technology to remove impurities from natural gas. Honeywell UOP, a leading provider of gas processing technology, supplies systems for managing hydrocarbons and eradicating pollutants, contributing to producing nearly 40% of the liquefied natural gas worldwide.

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What Are the Major Categories and Their Growth Dynamics in the Liquefied natural gas Market?

The liquefied natural gas market covered in this report is segmented –

1) By Type: APCI Liquefaction Technology, Cascade Liquefaction Technology, Other Liquefaction Technology

2) By Application: Power Generation, Transportation Fuel, Other Applications

Subsegments:

1) By APCI Liquefaction Technology: APCI Process (Single Mixed Refrigerant), APCI Process (Dual Mixed Refrigerant)

2) By Cascade Liquefaction Technology: Cascade Process (Conventional), Cascade Process (Modified)

3) By Other Liquefaction Technology: Optimized Cascade, Mixed Refrigerant Process, Cryogenic Process, Other Emerging Technologies

Which Regions Are Key Players in the Growth of the Liquefied natural gas Market?

Asia-Pacific was the largest region in the liquefied natural gas market in 2024. The regions covered in the liquefied natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Key Elements Shape the Definition of the Liquefied natural gas Market?

Liquefied Natural Gas (LNG) refers to natural gas that has been cooled to a liquid state at approximately -162°C (-260°F) for ease of storage and transport. It is used to transport natural gas over long distances where pipelines are not feasible, and as a cleaner alternative to other fossil fuels in power generation and heating. LNG can also be utilized as a fuel for vehicles, particularly in heavy-duty and maritime applications.

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