Liquefied Natural Gas Market Size, Share, Trends, Industry Analysis Report: By Application (Transportation Fuel, Power Generation, and Others) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 202

The global Liquefied natural gas (LNG) market size is expected to reach USD 363.15 billion by 2034, according to a new study by Polaris Market Research. The report “Liquefied Natural Gas Market Size, Share, Trends, Industry Analysis Report: By Application (Transportation Fuel, Power Generation, and Others) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Liquefied natural gas (LNG), created by cooling natural gas to −162°C (−260°F), serves as a vital energy generation alternative in the global transition toward cleaner energy sources, especially as countries and industries aim to reduce carbon footprints. Increasing energy demand and shifting geopolitical dynamics drive the Liquefied natural gas market expansion.

The rising global energy demand, especially in emerging economies, is propelling the global LNG market growth. Rapid industrialization, urbanization, and population in countries such as China, India, and Southeast Asia have increased energy needs, making LNG a preferred option due to its relatively low environmental impact compared to coal and oil. LNG’s flexibility in transportation and its compatibility with existing energy infrastructure make it an attractive alternative for regions that lack extensive natural gas pipelines. In addition, its role in power generation and as a feedstock in the petrochemical industry contributes to the Liquefied natural gas market development.

Technological advancements have significantly impacted the LNG market expansion by improving efficiency and cost-effectiveness across the supply chain. Innovations in liquefaction technology, floating LNG facilities (FLNG), and regasification terminals have expanded market accessibility and reduced logistical barriers. Additionally, the development of small-scale LNG projects has opened new opportunities for supplying remote areas. These innovations enhance operational efficiency and reduce costs, making LNG more economical in the global energy market.

Liquefied Natural Gas Market Report Highlights

Based on application, the power generation segment held the largest Liquefied natural gas (LNG) market share in 2024 due to the rising global demand for cleaner and more efficient energy sources.

The transportation fuel segment, in terms of application, is expected to grow at a rapid pace during the forecast period owing to the economic and environmental advantages of LNG over diesel and heavy fuel oil.

In the global market, the Asia Pacific LNG market held the largest revenue share in 2024 due to surging energy demand and increasing investments in cleaner energy sources.

The Middle East & Africa Liquefied natural gas market is expected to register the fastest growth during the forecast period due to the presence of abundant natural gas reserves and increasing investments in export infrastructure to meet global demand.

A few of the global key market players are Eni SpA, Equinor ASA, Exxon Mobil Corporation, Gazprom Energy, PetroChina Company Limited, Shell PLC, Total S.A., British Petroleum (BP) p.l.c., Chevron Corporation, China Petroleum & Chemical Corporation, Fluor Corporation, Bechtel Corporation, Gasum AS, and TechnipFMC plc.

Polaris Market Research has segmented the Liquefied natural gas market report on the basis of application and region:

By Application Outlook (Volume, Billion Tons; Revenue, USD Billion, 2020–2034)

Transportation Fuel

Power Generation

Others

By Regional Outlook (Volume, Billion Tons; Revenue, USD Billion, 2020–2034)

North America

• US
• Canada

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Vietnam
• Rest of Asia Pacific

• Saudi Arabia
• UAE
• Israel
• South Africa
• Rest of Middle East & Africa

• Mexico
• Brazil
• Argentina
• Rest of Latin America