LNG-as-a-fuel Market by End-user and Geography - Forecast and Analysis 2022-2026
| Published: Mar 2022 | Pages: 127 | SKU: IRTNTR72454 |
The LNG-as-a-fuel market share is expected to increase to USD 59.22 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.45%.
This LNG-as-a-fuel market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers LNG-as-a-fuel market segmentation by end-user (power generation, transportation, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
What will the LNG-as-a-fuel Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the LNG-as-a-fuel Market Size for the Forecast Period and Other Important Statistics
The LNG-as-a-fuel market report also offers information on several market vendors, including BP Plc, Cheniere Energy Inc., Chevron Corp., China Petroleum and Chemical Corp., Equinor ASA, Exxon Mobil Corp., Freeport LNG Development LP, Gazprom, Indian Oil Corp. Ltd., INPEX Corp., Linde Inc., PAO NOVATEK, Petroliam Nasional Berhad, Porsche Automobil Holding SE, PT Pertamina(Persero), Qatargas Operating Co. Ltd., Royal Dutch Shell Plc, SK Inc., and TotalEnergies SE among others.
Parent Market Analysis
Technavio categorizes the global LNG-as-a-fuel market as a part of the global oil and gas storage and transportation market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the LNG-as-a-fuel market during the forecast period.
Who are the Major LNG-as-a-fuel Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- BP Plc
- Cheniere Energy Inc.
- Chevron Corp.
- China Petroleum and Chemical Corp.
- Equinor ASA
- Exxon Mobil Corp.
- Freeport LNG Development LP
- Gazprom
- Indian Oil Corp. Ltd.
- INPEX Corp.
- Linde Inc.
- PAO NOVATEK
- Petroliam Nasional Berhad
- Porsche Automobil Holding SE
- PT Pertamina(Persero)
- Qatargas Operating Co. Ltd.
- Royal Dutch Shell Plc
- SK Inc.
- TotalEnergies SE
This statistical study of the LNG-as-a-fuel market encompasses successful business strategies deployed by the key vendors. The LNG-as-a-fuel market is fragmented and the vendors are deploying growth strategies such as improving liquefaction capacity to compete in the market.
Product Insights and News
- BP Plc - The company offers LNG-as-a-fuel which is a natural gas that has been cooled to a liquid state for all markets, small and large.
- BP Plc - The upstream segment activities include oil and natural gas exploration, field development, and production.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The LNG-as-a-fuel market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
LNG-as-a-fuel Market: Key Drivers, Trends, and Challenges
The rise in demand for cleaner fuels is notably driving the LNG-as-a-fuel market growth, although factors such as rising adoption of renewable energy sources may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the LNG-as-a-fuel industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key LNG-as-a-fuel Market Driver
One of the key factors driving the global LNG-as-a-fuel industry growth is the rise in demand for cleaner fuels. According to the IEA, in 2021, global energy-related CO2 emissions increased by 4.8% after witnessing a consecutive year of decline in CO2 emissions globally in 2020. Thus, various regulations are being enforced by countries to reduce emissions. For instance, the Climate Change Act, which was introduced in 2008 in the EU, aims at reducing carbon emissions. The objective of this act is to reduce GHG emissions by 80% by 2050 over the GHG emissions levels in 1990. In addition, various vendors are expanding gas pipeline networks. For instance, in December 2021, Saudi Aramco signed a USD 15.5 billion lease and leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and Hassana Investment Company in its second major infrastructure deal year. Thus, the expansion of LNG pipelines will positively impact the market in focus during the forecast period.
Key LNG-as-a-fuel Market Trend
Growing use of floating liquefied natural gas (FLNG) vessels is one of the key LNG-as-a-fuel market trends that is expected to impact the industry positively in the forecast period. The use of FLNG technology allows underwater gas resources, which were difficult to obtain, to be exploited economically. Several vessels are expected to be commissioned during the forecast period. For instance;
- In January 2022, led by the Mozambique Rovuma Venture (MRV), the Coral-Sul Floating Liquefied Natural Gas (FLNG) vessel arrived at Area 4 in the Rovuma Basin, offshore Mozambique.
The project represents the first of its kind in the country as well as the world's first ultra-deepwater FLNG operating at a depth of 2,000 meters. Thus, the various benefits of using FLNG vessels, such as shorter lead times than onshore liquefaction units, will further support the market growth in the coming years.
Key LNG-as-a-fuel Market Challenge
One of the key challenges to the global LNG-as-a-fuel industry growth is the rising adoption of renewable energy sources. According to the IEA, the demand for energy increased globally by 5% in 2021. The demand for new energy is largely being met through renewable sources of energy due to changes in policies. For instance;
- According to the Global Wind Energy Council (GWEC), the total global investments in clean energy increased by 3% in 2017 over that in 2016 and reached USD 333.5 billion.
- Solar energy will become the largest low-carbon energy source by 2040, owing to the rapid deployment of solar photovoltaics (PV), especially in China and India.
- The EU has set a target to achieve a 35% share in power generation from renewable energy sources by 2030.
Moreover, wind power is expected to become the leading source of electricity after 2030. Such factors will challenge the market growth during the forecast period.
This LNG-as-a-fuel market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
LNG-as-a-fuel Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the LNG-as-a-fuel market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for LNG-as-a-fuel Market?
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59% of the market's growth will originate from APAC during the forecast period. China, Japan, India, and Russia are the key markets for LNG-as-a-fuel in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in the demand for LNG from countries such as Japan, India, and Taiwan, owing to the demand-supply mismatch in power generation and energy resources from domestic production and the competitive pricing of LNG, will facilitate the LNG-as-a-fuel market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The market in the region is witnessing certain challenges due to the outbreak of COVID-19. The outbreak has affected several countries in the region, such as China, India, South Korea, and Japan. It has also affected the supply chain of end-user industries, such as mobility and oil and gas, thereby affecting the region's economy. However, the region is gradually ramping up its economic activities and simultaneously vaccinating its population with the newly developed COVID-19 vaccines. Thus, the market is expected to witness a gradual recovery in the coming years.
What are the Revenue-generating End-user Segments in the LNG-as-a-fuel Market?
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The LNG-as-a-fuel market share growth by the transportation segment will be significant during the forecast period. The use of LNG in the transportation sector is expected to increase in the coming years as more countries are focusing on expanding their dependence on LNG. For instance, as of January 2021, the Government of India announced plans to spend USD 60 billion in creating gas infrastructure till 2024, including pipelines, LNG terminals, and city gas distribution (CGD) networks.
This report provides an accurate prediction of the contribution of all the segments to the growth of the LNG-as-a-fuel market size and actionable market insights on post COVID-19 impact on each segment.
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LNG-as-a-fuel Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.45% |
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Market growth 2022-2026 |
$ 59.22 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.91 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 59% |
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Key consumer countries |
US, China, Japan, India, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
BP Plc, Cheniere Energy Inc., Chevron Corp., China Petroleum and Chemical Corp., Equinor ASA, Exxon Mobil Corp., Freeport LNG Development LP, Gazprom, Indian Oil Corp. Ltd., INPEX Corp., Linde Inc., PAO NOVATEK, Petroliam Nasional Berhad, Porsche Automobil Holding SE, PT Pertamina(Persero), Qatargas Operating Co. Ltd., Royal Dutch Shell Plc, SK Inc., and TotalEnergies SE |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this LNG-as-a-fuel Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive LNG-as-a-fuel market growth during the next five years
- Precise estimation of the LNG-as-a-fuel market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the LNG-as-a-fuel industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of LNG-as-a-fuel market vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by End-user
- 5.1 Market segments
- Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
- Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
- 5.2 Comparison by End-user
- Exhibit 26: Chart on Comparison by End-user
- Exhibit 27: Data Table on Comparison by End-user
- 5.3 Power generation - Market size and forecast 2021-2026
- Exhibit 28: Chart on Power generation - Market size and forecast 2021-2026 ($ billion)
- Exhibit 29: Data Table on Power generation - Market size and forecast 2021-2026 ($ billion)
- Exhibit 30: Chart on Power generation - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Power generation - Year-over-year growth 2021-2026 (%)
- 5.4 Transportation - Market size and forecast 2021-2026
- Exhibit 32: Chart on Transportation - Market size and forecast 2021-2026 ($ billion)
- Exhibit 33: Data Table on Transportation - Market size and forecast 2021-2026 ($ billion)
- Exhibit 34: Chart on Transportation - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Transportation - Year-over-year growth 2021-2026 (%)
- 5.5 Others - Market size and forecast 2021-2026
- Exhibit 36: Chart on Others - Market size and forecast 2021-2026 ($ billion)
- Exhibit 37: Data Table on Others - Market size and forecast 2021-2026 ($ billion)
- Exhibit 38: Chart on Others - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Others - Year-over-year growth 2021-2026 (%)
- 5.6 Market opportunity by End-user
- Exhibit 40: Market opportunity by End-user ($ billion)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 42: Chart on Market share by geography 2021-2026 (%)
- Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 44: Chart on Geographic comparison
- Exhibit 45: Data Table on Geographic comparison
- 7.3 APAC - Market size and forecast 2021-2026
- Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
- Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
- Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
- Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
- Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 North America - Market size and forecast 2021-2026
- Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.6 South America - Market size and forecast 2021-2026
- Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
- Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
- Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.8 China - Market size and forecast 2021-2026
- Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ billion)
- Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ billion)
- Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.9 US - Market size and forecast 2021-2026
- Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ billion)
- Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ billion)
- Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.10 Russia - Market size and forecast 2021-2026
- Exhibit 74: Chart on Russia - Market size and forecast 2021-2026 ($ billion)
- Exhibit 75: Data Table on Russia - Market size and forecast 2021-2026 ($ billion)
- Exhibit 76: Chart on Russia - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on Russia - Year-over-year growth 2021-2026 (%)
- 7.11 Japan - Market size and forecast 2021-2026
- Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
- Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
- Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)
- 7.12 India - Market size and forecast 2021-2026
- Exhibit 82: Chart on India - Market size and forecast 2021-2026 ($ billion)
- Exhibit 83: Data Table on India - Market size and forecast 2021-2026 ($ billion)
- Exhibit 84: Chart on India - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on India - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 86: Market opportunity by geography ($ billion)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 87: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 89: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 90: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 91: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 92: Matrix on vendor position and classification
- 10.3 BP Plc
- Exhibit 93: BP Plc - Overview
- Exhibit 94: BP Plc - Business segments
- Exhibit 95: BP Plc - Key offerings
- Exhibit 96: BP Plc - Segment focus
- 10.4 Chevron Corp.
- Exhibit 97: Chevron Corp. - Overview
- Exhibit 98: Chevron Corp. - Business segments
- Exhibit 99: Chevron Corp. - Key news
- Exhibit 100: Chevron Corp. - Key offerings
- Exhibit 101: Chevron Corp. - Segment focus
- 10.5 Equinor ASA
- Exhibit 102: Equinor ASA - Overview
- Exhibit 103: Equinor ASA - Business segments
- Exhibit 104: Equinor ASA - Key offerings
- Exhibit 105: Equinor ASA - Segment focus
- 10.6 Exxon Mobil Corp.
- Exhibit 106: Exxon Mobil Corp. - Overview
- Exhibit 107: Exxon Mobil Corp. - Business segments
- Exhibit 108: Exxon Mobil Corp. - Key offerings
- Exhibit 109: Exxon Mobil Corp. - Segment focus
- 10.7 Freeport LNG Development LP
- Exhibit 110: Freeport LNG Development LP - Overview
- Exhibit 111: Freeport LNG Development LP - Product / Service
- Exhibit 112: Freeport LNG Development LP - Key offerings
- 10.8 PAO NOVATEK
- Exhibit 113: PAO NOVATEK - Overview
- Exhibit 114: PAO NOVATEK - Business segments
- Exhibit 115: PAO NOVATEK - Key offerings
- Exhibit 116: PAO NOVATEK - Segment focus
- 10.9 Porsche Automobil Holding SE
- Exhibit 117: Porsche Automobil Holding SE - Overview
- Exhibit 118: Porsche Automobil Holding SE - Business segments
- Exhibit 119: Porsche Automobil Holding SE - Key offerings
- Exhibit 120: Porsche Automobil Holding SE - Segment focus
- 10.10 Qatargas Operating Co. Ltd.
- Exhibit 121: Qatargas Operating Co. Ltd. - Overview
- Exhibit 122: Qatargas Operating Co. Ltd. - Product / Service
- Exhibit 123: Qatargas Operating Co. Ltd. - Key offerings
- 10.11 Royal Dutch Shell Plc
- Exhibit 124: Royal Dutch Shell Plc - Overview
- Exhibit 125: Royal Dutch Shell Plc - Business segments
- Exhibit 126: Royal Dutch Shell Plc - Key offerings
- Exhibit 127: Royal Dutch Shell Plc - Segment focus
- 10.12 TotalEnergies SE
- Exhibit 128: TotalEnergies SE - Overview
- Exhibit 129: TotalEnergies SE - Business segments
- Exhibit 130: TotalEnergies SE - Key news
- Exhibit 131: TotalEnergies SE - Key offerings
- Exhibit 132: TotalEnergies SE - Segment focus
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 133: Inclusions checklist
- Exhibit 134: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 135: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 136: Research methodology
- Exhibit 137: Validation techniques employed for market sizing
- Exhibit 138: Information sources
- 11.5 List of abbreviations
- Exhibit 139: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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lng-as-a-fuel market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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