LNG Liquefaction Equipment Market Report 2024 (Global Edition)

Global LNG Liquefaction Equipment Market Report 2024 Market Size Split by Equipment Type (Liquefaction Units, Heat Exchangers, Compressors, Storage Tanks, Pumps, Others), by Technology (Conventional L...

LNG Liquefaction Equipment Market Report Description

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Competitive Landscape of the LNG Liquefaction Equipment Market

The competitive landscape of the LNG Liquefaction Equipment Market is characterized by the presence of several key players who operate globally and are involved in various aspects of the LNG value chain. This includes equipment manufacturing, engineering, procurement, construction, and commissioning services.

Apirl 2022: Petronet LNG announced the development of a floating LNG terminal in Odisha by 2025 at a cost of USD 195 million. Furthermore, Petronet is likely to invest USD 73 million in raising the capacity of the Dahej LNG import terminal to 22.5 million metric tons per year from the current 17.5 million metric tons. (Source: https://petronetlng.in/Dahej_LNG_Terminal.php) February 2020: ExxonMobil India LNG Limited has signed a Letter of Cooperation with Indian Oil Corporation Limited and Chart Industries, Inc. to establish a system of transportation infrastructure to expand gas access in India. (Source:https://corporate.exxonmobil.com/locations/india/02242020-exxonmobil-and-indianoil-and-chart-industries-to-pioneer-virtual-pipeline-initiative)

Top Companies Market Share in LNG Liquefaction Equipment Industry: (In no particular order of Rank)

• Air Products and Chemicals
• Linde Group
• ConocoPhillips Company
• Atlas Copco
• Ingersoll Rand
• General Electric
• Kobelco Compressors
• Chart Energy and Chemicals
• Elliott
• MITSUI E&S
• MCO
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the LNG Liquefaction Equipment Market

Which Region Dominates the LNG Liquefaction Equipment Market in 2024?

According to Cognitive Market Research, North America dominates the LNG liquefaction equipment market due to abundant natural gas reserves, particularly from shale formations, and advanced technological capabilities. The region's extensive pipeline infrastructure supports efficient gas transport to liquefaction facilities. Additionally, North America's strategic investments in LNG export terminals, favorable regulatory environment, and strong financial backing from key industry players enhance its market leadership. The growing demand for LNG in international markets and North America's commitment to energy security and environmental sustainability further drive the region's dominance in the LNG liquefaction equipment market.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is the fastest-growing region in the LNG liquefaction equipment market due to rising energy demand driven by rapid industrialization and urbanization. Countries like China, India, and Japan are increasingly turning to LNG to diversify energy sources and reduce carbon emissions. Significant investments in LNG infrastructure and supportive government policies further boost market growth. Additionally, strategic partnerships and long-term contracts with global LNG suppliers enhance the region's liquefaction capacity. The push for cleaner energy alternatives and regional collaborations for energy security contribute to the robust growth of the LNG liquefaction equipment market in Asia Pacific.

The current report Scope analyzes LNG Liquefaction Equipment Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America LNG Liquefaction Equipment

According to Cognitive Market Research, the global LNG Liquefaction Equipment market size was estimated at USD 851.9 Million,out of which North America held the major market of more than 40% of the global revenue with a market size of USD 340.76million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4%from 2024 to 2031

• According to Cognitive Market Research, the US had a major share in the LNG Liquefaction Equipment market with a market size of USD 268.86 million in 2024 and is projected to grow at a CAGR of 3.2% during the forecast period. The demand is amplified by the nation's region's abundant natural gas reserves and expanding LNG export infrastructure.
• The Canada LNG Liquefaction Equipment market had a market share of USD 40.89 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period. Canada's expanding LNG export infrastructure.
• The Mexico LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 31.01 million in 2024.

Europe LNG Liquefaction Equipment

According to Cognitive Market Research, the global LNG Liquefaction Equipment market size was estimated at USD 851.9 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 255.57million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7%from 2024 to 2031.

• The United Kingdom LNG Liquefaction Equipment market had a market share of USD 42.94 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. In the UK, LNG Liquefaction Equipment sales witness an upswing due to the nation's commitment to diversifying energy sources and enhancing energy security.
• The France LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 2.9% during the forecast period, with a market size of USD 23.51 million in 2024.
• According to Cognitive Market Research, the Germany LNG Liquefaction Equipment market size was valued at USD 50.60 million in 2024 and is projected to grow at a CAGR of 3.9% during the forecast period. In Germany, LNG Liquefaction Equipment sales surged due to the enhancing energy security.
• The Italy LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 3.1% during the forecast period, with a market size of USD 21.98 million in 2024.
• The Russia LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 39.61 million in 2024.
• The Spain LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 2.8% during the forecast period with a market size of USD 20.96 million in 2024
• The LuxembourgLNG Liquefaction Equipment market is projected to witness growth at a CAGR of 3.8% during the forecast period, with a market size of USD 7.92 million in 2024.
• The PortugalLNG Liquefaction Equipment market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 5.37 million in 2024.
• The GreeceLNG Liquefaction Equipment market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 3.07 million in 2024.
• Rest of Europe'sLNG Liquefaction Equipment market is projected to witness growth at a CAGR of 2.4% during the forecast period, with a market size of USD 39.61 million in 2024.

Asia Pacific LNG Liquefaction Equipment

According to Cognitive Market Research, the global LNG Liquefaction Equipment market size was estimated at USD 851.9Million, out of which Asia Pacific held the market ofaround23% of the global revenue with a market size of USD 195.94million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2%from 2024 to 2031.

• According to Cognitive Market Research, the China LNG Liquefaction Equipment market size was valued at USD 88.17 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. LNG Liquefaction Equipment sales surge in China due to the increasing energy demand and the need to diversify energy sources.
• The Japan LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 27.04 million in 2024.
• The India LNG Liquefaction Equipment market had a market share of USD 23.51 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. India's and the need to diversify energy sources.
• The South Korea LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 19.59 million in 2024.
• The Australia LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 10.19 million in 2024.
• The South East Asia LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 13.52 million in 2024.
• The Rest of Asia Pacific LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 13.91 million in 2024.

South America LNG Liquefaction Equipment

According to Cognitive Market Research, The LNG liquefaction equipment market in Latin America is growing steadily, driven by the region's rich natural gas reserves and increasing demand for cleaner energy sources. Countries such as Brazil, Argentina, and Peru are investing in LNG infrastructure to enhance energy security and support economic development. Within this market, Conventional LNG Liquefaction technology remains dominant.

• According to Cognitive Market Research, the Brazil LNG Liquefaction Equipment market size was valued at USD 18.23 million in 2024 and is projected to grow at a CAGR 5.2% during the forecast period. LNG Liquefaction Equipment sales flourish in Brazil due to the rich natural gas reserves and increasing demand for cleaner energy sourcess.
• Argentina LNG Liquefaction Equipment market had a market share of USD 7.16 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Argentina's increasing demand for cleaner energy sourcess.
• Colombia LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 4.4% during the forecast period with a market size of USD 3.79 million in 2024.
• Peru LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 3.49 million in 2024.
• Chile LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 4.9% during the forecast period with a market size of USD 3.07 million in 2024.
• The Rest of Latin America LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 6.86 million in 2024.

Middle East and Africa LNG Liquefaction Equipment

According to Cognitive Market Research, the global LNG Liquefaction Equipment market size was estimated at USD 851.9 Million, out of which the Middle East and Africa held the major market ofaround 2% of the global revenue with a market size of USD 17.04million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9%from 2024 to 2031.

• The GCC Countries LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 7.29 million in 2024. LNG Liquefaction Equipment sales flourish due to the abundant natural gas reserves and strategic initiatives to expand LNG infrastructure.
• The Egypt LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 1.79 million in 2024.
• The South Africa LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 5.9% during the forecast period, with a market size of USD 2.69 million in 2024. LNG Liquefaction Equipment sales flourish in South Africa due to the strategic initiatives to expand LNG infrastructure.
• The Turkey LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 1.47 million in 2024.
• The Nigeria LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 1.79 million in 2024.
• The Rest of MEA LNG Liquefaction Equipment market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 2.01 million in 2024.

LNG Liquefaction Equipment Market Analysis

LNG Liquefaction Equipment Market Equipment Type Segment Analysis

According to Cognitive Market Research, Liquefaction units dominate the LNG liquefaction equipment market due to their central role in the process of converting natural gas into liquid form for ease of storage and transport. These units are critical as they perform the core function of cooling natural gas to cryogenic temperatures, facilitating efficient storage and long-distance transportation. The increasing demand for LNG as a cleaner alternative to traditional fossil fuels drives the need for reliable and efficient liquefaction units.

Storage tanks are the fastest-growing category in the LNG liquefaction equipment market, driven by the expanding global LNG trade and the need for robust infrastructure to store large volumes of LNG safely. The rise in LNG import and export activities, along with the development of new LNG terminals, has heightened the demand for advanced storage solutions. Innovations in tank design that enhance safety and capacity, along with the need to meet stringent regulatory standards, are accelerating the growth of this segment.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of LNG Liquefaction Equipment Industry. Request a Free Sample PDF!

LNG Liquefaction Equipment Market Technology Segment Analysis

According to Cognitive Market Research, Conventional LNG liquefaction technology dominates the market due to its established infrastructure and proven efficiency in large-scale LNG production. This technology has been widely adopted by major LNG producers because it allows for high-capacity processing and reliable performance. The extensive experience and historical success of conventional plants provide a significant advantage, as they are trusted to deliver consistent output and meet global LNG demand. Additionally, the economies of scale achieved by these large installations make them cost-effective for long-term operations, reinforcing their dominant position in the LNG liquefaction equipment market.

The Floating LNG (FLNG) liquefaction is the fastest-growing category in the LNG liquefaction equipment market, driven by its flexibility and ability to unlock stranded gas reserves. FLNG units can be deployed offshore, allowing for the direct extraction and liquefaction of natural gas at sea, bypassing the need for extensive onshore infrastructure. This technology significantly reduces the environmental footprint and capital expenditure compared to traditional onshore facilities. The ability to move FLNG units to different locations based on demand and resource availability enhances their attractiveness.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

LNG Liquefaction Equipment Application Segment Analysis

According to Cognitive Market Research, Small LNG Plants (2.0 MTPA), dominate the LNG liquefaction equipment market due to their flexibility and lower capital requirements. These plants are ideal for regional markets and remote locations where large-scale infrastructure is not feasible. They enable localized production and distribution of LNG, catering to niche markets and specific industrial needs. The ability to quickly set up and operate small LNG plants allows for rapid deployment and adaptation to changing market demands.

The FLNG Plants (Offshore Floating Plants) are the fastest-growing category in the LNG liquefaction equipment market, driven by their innovative approach to accessing and processing offshore gas reserves. These offshore floating plants offer significant advantages in terms of mobility, reduced environmental impact, and lower initial capital investment compared to onshore plants. The ability to operate directly at the gas source eliminates the need for extensive pipeline infrastructure, making FLNG plants a cost-effective solution for remote or stranded gas fields.

• Small LNG Plants (2.0 MTPA)
• FLNG Plants (Offshore Floating Plants)

LNG Liquefaction Equipment End Use Segment Analysis

According to Cognitive Market Research, Export/import terminals dominate the LNG liquefaction equipment market due to their critical role in the global LNG supply chain. These terminals facilitate the large-scale transfer of LNG between producing and consuming countries, enabling the global distribution of natural gas. The infrastructure at these terminals includes liquefaction and regasification facilities, storage tanks, and loading/unloading equipment, which are essential for handling vast quantities of LNG efficiently.

The Distributed LNG production units are the fastest-growing category in the LNG liquefaction equipment market, driven by the need for localized and flexible LNG production solutions. These units cater to remote areas and smaller markets where large-scale infrastructure is not feasible. The modular nature of distributed LNG production units allows for quick deployment and scalability, meeting regional and industrial needs efficiently. As the demand for decentralized energy solutions increases, these units offer a practical and cost-effective alternative, contributing to their rapid adoption and growth in the market.

• Export/Import Terminals
• Bunkering Facilities
• Peak Shaving Plants
• Distributed LNG Production Units

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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