Liquefied Natural Gas Market Size, Share & Trends Report

Liquefied Natural Gas Market Size, Share & Trends Analysis Report By Application (Transportation Fuel, Power Generation, Others), By Region (Europe, MEA), And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-1-68038-553-3
  • Number of Pages: 94
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the liquefied natural gas market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for liquefied natural gas market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of liquefied natural gas market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Liquefied Natural Gas Market Categorization:

The liquefied natural gas market was categorized into two segments, namely application (Transportation Fuel, Power Generation), region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The liquefied natural gas market was segmented into application and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The liquefied natural gas market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirteen countries, namely, the U.S.; Canada; Mexico; the UK; Italy; France; China; India; Japan; Brazil; Argentina; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Liquefied natural gas market companies & financials:

The liquefied natural gas market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Exxon Mobil Corporation - Exxon Mobil Corporation was founded in 1882 and is headquartered in Texas, the U.S. It is an oil, gas, and petrochemical company and produces products such as polymers (polyethylene, polypropylene, butyl polymers, specialty elastomers, and tackifying resins) and chemicals & fluids (hydrocarbon & oxygenated fluids, plasticizers, synthetic fluids, and lubricant base stocks). The company produces compressor gas oils, compressor wash oil, and lubricants under its chemicals business segment. The company is known for the brands Exxon, Esso, Mobil and Exxon Mobil Chemicals. The company has a broad portfolio of fuels, lubricants and petrochemicals refining technologies. Exxon Mobil, recently in 2017, launched its own branded service stations and fuels in Mexico. Through its affiliates and LNG joint ventures, ExxonMobil produces 23 MTA of LNG globally and delivers to 30 countries with LNG suppliers. It owns many small subsidiaries including Imperial Oil Limited, Aera Energy, and Esso. Its upstream activities involve oil exploration, extraction, wholesale operations, and shipping. Its downstream operations involve refining, retail, and marketing.

  • Eni S.p.A. - Eni S.p.A. was founded in 1953 and headquartered in Rome, Italy. The company is involved in the exploration, and production of hydrocarbons and development, in the supply and marketing of gas, liquefied natural gas (LNG) and power, in the refining and marketing of petroleum products, in the manufacturing and marketing of basic petrochemicals, elastomers and plastics and commodity trading. The Company's divisions comprise Exploration & Production, Refining & Marketing and Gas & Power. Its Exploration & Production division is involved in oil and natural gas exploration and field development and production, as well as LNG operations in over 40 countries, including, Libya, Congo Norway Italy, the United Kingdom, Egypt Angola, Nigeria, the United States, Venezuela Algeria, Australia, Kazakhstan, Iraq, Ghana and Mozambique. Its Gas & Power segment engrosses supply, marketing and trading of gas, LNG and electricity, international gas transport activities, commodity trading, and derivatives.

  • China Petroleum & Chemical Corporation (Sinopec Corp.) - China Petroleum & Chemical Corporation was founded in 2020 and headquartered in Beijing, China. It is a Chinese oil & gas company operating as a subsidiary of Sinopec Group, a state-owned petroleum & chemicals group. The company is engaged in petroleum and petrochemical business across the globe. The company categorized its business as chemical, research and development, exploration and oil production, refining and sales, IT applications, environment and safety, and foreign trade and technology cooperation. Further, the company is also involved in the pipeline transportation of crude oil and natural gas, and production and sale of electricity, cement, and coal.

  • Gazprom - China Petroleum & Chemical Corporation was founded in 1989 and headquartered in Moscow, Russia. The company’s main activities comprise; sales of gas within the Russian Federation and abroad; gas storage; exploration and production of gas production of crude oil and gas condensate; processing of oil, gas condensate and other hydrocarbons, transportation of gas and sales of refined products, and electric and heat energy generation and sales. The company's sections include gas production, crude oil and gas, gas distribution, transportation, gas storage, condensate, electric and refining heat energy generation and sales, and others. The production of gas segment is involved in the exploration and production of gas. The company supplies LNG across all the regions. In 2019, the Gazprom Group's sales of large-scale LNG amounted to 3.78 million tons (5.04 billion cubic meters).

  • Equinor ASA - Equinor ASA was founded in 1972 and is headquartered in Stavanger, Norway. Formerly known as Statoil, the company changed its name to Equinor in March 2018, to support company’s strategy and development as a broad energy company. The company is engaged in exploration, development, and production of oil & gas, wind and solar power. It is also involved in supply of crude oil and is a major natural gas supplier. It is integrated across processing, refining, and trading activities. The company manages its business activities through eight business areas; namely, development & production Norway (DPN); development & production international (DPI); development & production Brazil (DPB); marketing, midstream & processing (MMP); technology, projects & drilling (TPD); exploration (EXP); new energy solutions (NSE); and global strategy & business development (GSB). It sells liquid natural gas (LNG) from the Snøhvit field in the Barents Sea, transported by specialised ships to customers to more than 20 countries.

  • Royal Dutch Shell - Royal Dutch Shell PLC was established in 1907 and is headquartered at The Hague, The Netherlands. The company is involved in E&P and natural gas and crude oil processing. It also manufactures & supplies petrochemical products and biofuels for commercial and industrial applications. The business portfolio primarily caters to the clients in marine, aviation, transport, power, mining, and manufacturing segment. The company is one of the leading LNG suppliers in the world. Its operations include LNG shipping operators, managing and operating more than 40 carriers and has 50 on time-charter. These approximately 90 LNG carriers are around 20% of the global LNG shipping fleet. As of 2019, the company employed over 83,000 individuals globally.

  • BP p.l.c. - British Petroleum (BP) p.l.c. is an integrated oil & gas company. The company’s upstream segment includes exploration & production (E&P) of oil and gas, midstream transportation, processing, and storage. BP operates through upstream & downstream segment and alternative energy. Additionally, it includes trading of natural gas, liquefied natural gas (LNG) and power & natural gas liquids (NGLs) The company’s downstream segment includes manufacturing and distribution of products such as fuels, petrochemicals, and lubricants. The company’s alternative energy segment builds sustainable energy based on biofuels, low-carbon solutions, and bagasse electrification. Its brands include BP, ARAL, Castrol, and Wild Bean Café. The company produces over 3.3 million barrels of oil equivalent per day. The company specializes in technical, commercial and project management expertise and extensive LNG supply and shipping portfolio. It also builds, finance new land-based or offshore import infrastructure and develop integrated pow globally.

  • PetroChina Company Limited (China National Petroleum Corporation) - PetroChina Company Limited was established in 1999 and is headquarters in Beijing, China. The company is one of the largest oil producers globally and has become an international energy company. PetroChina is the chief producer and distributor of petroleum products and petroleum globally. The company’s activities include exploration, production, development and marketing of natural gas and crude oil. It also includes marketing, storage and transportation of oil and oil products. Natural gas exploration is done by the coal bed methane and its major area of exploration is Baxian County depression in Bohai Bay Basin, palaeohigh in Sichuan. The company also markets natural gas and transports them, additionally refined oil and crude oil. It has three LNG terminals in Tangshan of Hebei Province, Rudong of Jiangsu Province and Dalian of Liaoning Province respectively. PetroChina is listed in various stock exchanges namely New York stock exchange, Stock Exchange of Hong Kong Limited and Shanghai Stock Exchange.

  • Total S.A. - Total S.A. is a fully integrated oil & gas company. The company operates in various business segments including upstream, refining & specialty chemicals, and marketing & services. The company performs oil exploration and extraction activities in more than 50 countries. The company also operates in the renewable energy and power generation sector. The company is in the United States, Canada, South America, Middle East, Europe & CIS, Africa, Asia-Pacific and Australia/ Oceania. The company products have numerous applications in transportation, household appliances, food and industrial packaging and other sectors. The company transports 131 million metric tons of crude oil and other refined products. It is present across the entire LNG value chain, from production and liquefaction of natural gas, to LNG shipping and trading, to regasification using terminals or floating storage regasification units (FSRUs).

  • Chevron Corporation - Chevron Corporation was established in 1879 and is head quartered at California, the U.S. It is a vertically integrated oil & gas company engaged in upstream and downstream operations. The company’s upstream business includes exploration and production of oil and natural gas. In exploration and production process, the technologies used to dig out heavy oil, deep-water, natural gas, LNG, oil, shale, and tight oil. The company’s downstream business includes refining. Its refineries are proficient in producing and processing high-value products and crude oils including compressor oil. Its other business operations include mining, power generation, and technology. Chevron, Texaco, and Caltex are some of the company's main brands operating in the market. Its upstream business includes exploration and production of oil and natural gas. In exploration and production process, the technologies used to dig out heavy oil, deep-water, natural gas, LNG, oil, shale, and tight oil.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Liquefied Natural Gas Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2021, historic information from 2019 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Liquefied Natural Gas Market Report Assumptions:

  • The report provides market value for the base year 2021 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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