LNG Market Poised for 7.7% Growth by 2030
The liquefied natural gas (LNG) market is poised for significant growth, driven by evolving global energy demands and increasing adoption of cleaner fuel alternatives. By 2030, the market is expected to reach a valuation of $220.22 billion, reflecting a compound annual growth rate (CAGR) of 7.7% during the forecast period.
The growth in recent years can be attributed to factors such as rising global energy demand, limitations of pipeline infrastructure, expansion of power generation capacity, and an increase in natural gas production, with a focus on cleaner fossil fuels.
Leading players in the market include BP plc, Chevron Corporation, Eni SpA, Exxon Mobil Corporation, TotalEnergies SE, and several others. Innovative product development is also underway, such as Technip Energies N.V.'s SnapLNG modular solution for low-carbon LNG production.