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How has the liquefied natural gas market size evolved in recent years?

Significant growth has been observed in the market size for liquefied natural gas in past few years. The market, currently valued at $143.35 billion in 2024, is expected to hit $155.85 billion in 2025, with an impressive compound annual growth rate (CAGR) of 8.7%. Factors such as global energy needs, geopolitical issues, environmental rules, infrastructure growth, and fluctuations in prices have substantially contributed to the growth witnessed in the historical period.

What are the predictions for the liquefied natural gas market size in the coming years?

The market size of liquefied natural gas is anticipated to experience significant expansion in the upcoming years. The market is projected to elevate to a value of $205.95 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.2%. This growth during the forecasted period can be credited to factors such as changes in policy and regulations, extension of infrastructure, competitive pricing, alterations in environmental factors, and geopolitical evolution. The major trends expected during this forecast period entail a rising demand for more ecological energy, advancements in technology, initiatives towards decarbonization and the inclusion of green hydrogen.

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What key factors are fueling the growth of the liquefied natural gas market?

The liquefied natural gas market is expected to experience substantial growth as a result of escalating demand for this resource. Liquefied natural gas is fabricated through the processes of purifying natural gas and subsequently chilling it to -260°F, transitioning it into a liquid form. Growth in motor petrol consumption, coupled with an expanding semi-urban and rural populace, is poised to stimulate increased demand for the liquefied natural gas market. For instance, as per the data from the US-based Energy Information Administration in July 2022, there was a daily average of 49.0 billion cubic feet of liquefied natural gas traded around the world in 2021. Consequently, this elevated demand for liquefied natural gas is propelling the growth of its market.

How is the global liquefied natural gas market divided into key segments?

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

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Who are the key firms paving the way for 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, Cheniere Energy Inc., ConocoPhillips Company, Sempra Energy, Woodside Energy Group Ltd., Gazprom Energy, PetroChina Company Limited, Shell plc, Equinor ASA, China Petrochemical Corporation, INPEX Corporation, GAIL India Limited, Indian Oil Corporation Limited, China National Petroleum Corporation, Petronet LNG Ltd., PJSC Gazprom, QatarEnergy, Freeport LNG Development L.P., Kinder Morgan Inc., Tellurian Inc., Venture Global LNG Inc., Apache Corporation, BP Trinidad and Tobago LLC, CNOOC Limited, Devon Energy Corporation, Hess Corporation, JERA Co. Inc., Occidental Petroleum Corporation, Origin Energy Limited, Santos Limited, Woodfibre LNG Limited

Which trends are expected to transform the liquefied natural gas market?

The escalating progression in technology is a significant trend gaining traction in the liquefied natural gas sector. To uphold their dominant position, corporations within the liquefied Natural gas industry are embracing innovative solutions. An example of this can be seen in February 2023 when New Fortress Energy Inc., an energy infrastructure entity in the United States, implemented Honeywell UOP technology to rid natural gas of contaminants. Honeywell UOP is a leading entity in gas processing technology, and its technologies for removing pollutants and managing hydrocarbons are involved in around 40% of global liquefied natural gas production.

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What regions are contributing significantly to 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

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