LNG Liquefaction Equipment Sales Market Size, Share, Growth, and Industry Analysis by Type (Heat Exchanger, Compressor, LNG Pump, and Others) By Application (Small LNG Plants (Below 0.25 MTPA), Mid-Scale LNG Plants (0.25 to 2.0 MTPA), and Large LNG Plants (Above 2.0 MTPA)), Regional Forecast To 2031

Updated On: 22 April 2024

LNG Liquefaction Equipment Sales Market REPORT OVERVIEW

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global lng liquefaction equipment sales market size was USD 758 Million in 2021 and market is projected to touch 1211.38 Million by 2031, exhibiting a CAGR of 4.8% during the forecast period.

The LNG Liquefaction Equipment is made up of a liquefaction process, a pretreatment process for liquefying natural gas, a storage system, a control system, and a fire suppression system. Its most crucial element is the liquefaction procedure. Natural gas that has been chilled to a liquid state of approximately 260° Fahrenheit for transportation and storage is known as liquefied natural gas (LNG). Natural gas has a mass that is roughly 600 times smaller in liquid form than in gaseous form. About 1/600th of the volume of natural gas in the gaseous state is exerted by it. Natural gas is odorless, colorless, nontoxic, and noncorrosive.

 The LNG train is the collective name for a series of pieces of machinery used to treat and liquefy natural gas. The main factors propelling the growth of the worldwide LNG Liquefaction Equipment Market are rising environmental expectations for emissions reductions and rising energy demands. The widespread consensus is that liquefied natural gas is a reliable, accessible, and safe source of energy. Due to improved storage and transportation capabilities, liquefaction techniques have changed significantly in recent years. During the projected period, there will likely be a large increase in global LNG consumption due to environmental pressure to reduce emissions and rising energy needs.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

Over the past two years, the LNG liquefaction equipment sales market's conditions have significantly changed, going from extreme price lows during an overstock in the middle of 2020 to extreme price highs in 2021 as demand quickly recovered from the COVID-19 epidemic. Spot LNG prices have surpassed all previous records, and as the supply is not expected to increase significantly over the coming years, it is expected that prices will remain at or very close to record highs. This has a negative impact on LNG liquefaction equipment sales market growth.

LATEST TRENDS

"Demand for LNG Liquefaction Equipment to Boost Market Growth"

An essential component of the ongoing need for innovation and improvement to reduce costs, boost LNG plant capacity, and enhance plant performance is LNG liquefaction equipment. Natural gas is one of the most sought-after feedstocks in the world, and as demand for clean energy sources grows, so does LNG demand, driving the LNG liquefaction equipment sales market. Consequently, it is projected that the liquefaction equipment market would grow significantly due to increased demand. The LNG liquefaction equipment sales market is said to provide new and experienced business alike growth potential.

LNG Liquefaction Equipment Sales Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Heat Exchanger, Compressor, LNG Pump, and Others. The heat exchanger segment is anticipated to lead the LNG liquefaction equipment sales market share.

• By Application Analysis

Based on application, the market is segmented as follows: Small LNG Plants (Below 0.25 MTPA), Mid-Scale LNG Plants (0.25 to 2.0 MTPA), and Large LNG Plants (Above 2.0 MTPA). The Large LNG plants are expected to dominate the LNG liquefaction equipment sales market share.

DRIVING FACTORS

"Growing Awareness of Environmental Issues to Facilitate Market Development"

Due to growing awareness of environmental issues and the stringent implementation of laws and regulations by government regulatory agencies, industries are now looking for green solutions. Currently, LNG is used in place of gasoline and diesel. LNG offers consumers a practical, affordable answer. As a result, global LNG liquefaction equipment sales will develop over the next few years as the use of LNG sharply increases across a variety of industries. The energy source liquefied natural gas is well-liked, secure, and practical. Due to its simplicity in transportation and increased storage capacity, the LNG liquefaction equipment sales market has seen tremendous growth in recent years. The development of large onshore liquefaction and regasification facilities, as well as increased exploration and production from unconventional oil and liquids-rich sources such as tight gas, shale, and coalbed methane (CBM), are further factors contributing to the expansion of the global LNG liquefaction equipment sales market.

"Increasing Exploration and Production Efforts to Promote Industry Progress"

Other factors affecting the growth of the global LNG liquefaction equipment sales market include increasing exploration and production efforts from unconventional oil and liquids-rich reservoirs like shale, tight gas, and coalbed methane (CBM), as well as building large-scale onshore liquefaction and regasification facilities. A natural gas pretreatment process, a liquefaction process, a storage system, a control system, and a fire protection system make up. The most crucial part of it is the liquefaction process. Due to its great cost performance, LNG liquefaction equipment sales have been growing quickly. The market for LNG liquefaction equipment sales is fairly consolidated. These manufacturers compete in this market, ranging from major multinational organizations to tiny privately owned businesses.

RESTRAINING FACTORS

"High Installation and Running Expenses to Hinder Market Growth"

Despite the LNG liquefaction equipment's many benefits, some obstacles limit and hinder market expansion. The LNG liquefaction equipment sales market's growth is constrained by the high installation and running expenses of the LNG liquefaction equipment. Additionally, low crude oil prices have forced many Explorations and Production (E&P) companies to cut back on spending, which has slowed the expansion of the global LNG liquefaction equipment Sales Market. However, the main companies are focusing on developing fresh ideas and cutting-edge approaches to improving capacity, effectiveness, and cost-cutting. Smaller and floating liquefaction trains are the main focus of businesses. As a result, the LNG liquefaction equipment sales market will experience new opportunities over the course of the forecast period.

LNG Liquefaction Equipment Sales Market REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in Asia"

The highest CAGR in the LNG liquefaction equipment sales market is anticipated for the Asian area during the projection period. Global LNG imports increased by nearly 12% in the first nine months of 2019. where LNG imports into China rose by 14–16% in 2019. Liquefied natural gas exporters include Australia, with significant projects in Queensland and Western Australia. Due to the increase in infrastructural development, India is anticipated to continue to be a desirable place for exporters and manufacturers. By 2025, it is anticipated that over 30% of the additional LNG supply capacity will have been built.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Air Products and Chemicals (U.S.)
• Linde Group (Ireland)
• ConocoPhillips Company (U.S.)
• Atlas Copco (Sweden)
• Ingersoll Rand (India)
• General Electric (U.S.)
• Kobelco Compressors (Japan)
• Chart Energy and Chemicals (U.S.)
• Elliott (U.S.)
• MITSUI E&S (Japan)
• MCO (India)
• IHI Corporation (Japan)
• Mitsubishi Heavy Industries (MHI) (Japan)
• NEUMAN & ESSER (Germany)
• Cryostar (France)
• Nikkiso (Japan)
• Fives Group (France)
• Sichuan Air Separation Equipment (Group) (China)
• Liaoning CIMC Harbin Cryogenic Gas Liquefaction Equipment (China)
• Suzhou Oxygen Plant (China)
• Shaanxi Blower (Group) (China)
• Chengdu Shenleng Liquefaction Plant (China)
• Hangzhou Zhongtai Cryogenic Technology (China)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.