The Australia LNG Market is being propelled by increasing demand for clean energy and the transition to LNG as a transportation fuel.
According to TechSci Research’s “Australia Liquified Natural Gas Market – By Region, Competition, Forecast & Opportunities, 2028F” report, government initiatives promoting LNG as a transportation fuel to reduce greenhouse gas emissions are expected to drive market growth. Australia ranked third in LNG exports by value in 2020–21, with exports totaling 77.7 Mt valued at USD 30.5 billion. The oil and gas sector employed 22,900 Australians directly in November 2021. Australia aims to maintain its export markets while achieving net zero emissions by 2050, with a focus on lowering renewable energy costs through innovation and technology.
Australia possesses abundant gas reserves, primarily offshore in Western Australia and the Northern Territory, and onshore in South Australia’s Cooper Basin. Queensland hosts the world’s only LNG projects from coal seam gas and significant onshore unconventional gas reserves. LNG capacity distribution mirrors reserve locations, with Western Australia contributing 57% of Australia’s LNG capacity, the Northern Territory contributing 12.6 Mtpa, and Queensland contributing 25.3 Mtpa.
Australia’s construction sector, valued at USD 112 billion annually and contributing 9% to GDP, is embracing smart city initiatives. The Smart Cities Plan aims to enhance investment performance and sustainability nationwide, aligning with global trends in urban civilization. The plan includes modifications to existing financing, coordination of smarter city policies, and the development of models for sustainability and innovation, further driving demand for LNG in Australia.
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Australia, a major LNG exporter, may halt some shipments to address potential domestic shortages. It competes with the US and Qatar for top LNG market rank. Global shortages are exacerbated by Europe’s efforts to secure supplies amidst potential Russian supply disruptions. Australia faces LNG supply issues, with projections of shortages on its east coast by 2023, per the Australian Competition and Consumer Commission.
In the application segment, including transportation fuel, power generation, and others, power generation is expected to hold the largest market share and sustain a high CAGR. Increased natural gas consumption reduces greenhouse gas emissions, driving its use in mining, industrial, and power sectors with low fuel switching costs promoting sectoral expansion.
Regional analysis divides the Australia LNG Market into regions like Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia. The Australia Capital Territory & New South Wales region, including Sydney, is expected to dominate, driven by numerous corporate headquarters based there.
Key market players in the Australia Liquified Natural Gas Market include:
- Shell Australia Pty Limited
- BHP Group Limited
- Woodside Energy Group Ltd
- Santos Limited
- Origin Energy Limited
- AGL Energy Ltd
- Beach Energy Limited
- Ampol Australia Petroleum Pty Ltd
- Japan Australia LNG Pty Ltd
- Chevron Australia Pty. Ltd
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“The Australia LNG market is set to grow with a high CAGR between 2024 and 2028. Factors driving this growth include increased demand for natural gas as a cleaner energy source, expanding adoption of LNG in transportation, government policies promoting natural gas use, harsh weather conditions, economic growth driving demand, and expanding LNG export facilities. LNG is currently produced from four projects in Western Australia: the Northwest Shelf Joint Venture, Woodside’s Pluto project, the Gorgon Gas project, and the Wheatstone project. These factors are fueling market growth,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The report “Australia LNG Market – Segmented By LNG Infrastructure, Application, Mode of Supply, Region, Competition, Forecast & Opportunities, 2028F” evaluates the market’s future growth potential, providing statistics, and information on market structure, size, share, and future growth. It aims to provide advanced market intelligence to aid investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the Australia LNG Market.
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