Canada LNG Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada LNG Market Analysis
The Canadian LNG market is expected to register a CAGR of over 4% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
- Over the medium term, the upcoming LNG projects and growing demand for gas power generation are expected to drive the growth of the market studied.
- On the other hand, the growth of renewable energy in the nation is expected to hamper the growth of Canada's LNG market during the forecast period.
- Nevertheless, as developing nations phase out coal power plants, natural gas demand increases will likely create lucrative growth opportunities for the Canadian LNG market during the forecast period.
Canada LNG Market Trends
This section covers the major market trends shaping the Canada LNG Market according to our research experts:
Upcoming LNG Projects Expected to Drive the Market
- Canada aims to become one of the prominent LNG producers in global markets. This is expected to increase investments in LNG projects. Further, the export of LNG could facilitate Canadian natural gas production growth and result in significant investment and economic development.
- As per BP Statistical Review of World Energy 2022 statistics, Canada's natural gas production amounted to 172.3 billion cubic meters in 2021. This is expected to drive the Canadian LNG market during the forecast period.
- In 2022, LNG Newfoundland and Labrador proposed a USD 5.5 billion project in Newfoundland and Labrador, Canada, that would liquefy gas offshore from offshore oil production to produce around 2.6 million tonnes of gas per year.
- As of April 2022, three liquefied natural gas (LNG) projects on Canada's West Coast continue progressing. The largest, LNG Canada, is under construction, while the other two, Cedar LNG and Woodfibre LNG, are moving through the regulatory approvals process.
- The Cedar LNG terminal is a proposed floating liquefied natural gas (FLNG) facility in Kitimat, British Columbia, Canada, with the traditional territory of the Haisla Nation. The proposed project would process and liquefy natural gas to produce approximately 3 to 4 million tonnes of LNG per year and include storage capacity for up to 250,000 cubic meters of LNG.
- Therefore, the upcoming LNG projects and increasing LNG exports are expected to drive the Canadian LNG market in the coming years.
LNG Liquefaction Sector to Dominate the Market
- In 2021, Canada was the world's largest natural gas producer after the United States, Iran, China, and Russia. Canada accounts for a 4.3% share of total natural gas production. Most of Canada's gas is used domestically or exported through pipelines to the United States.
- As per Canada National Energy Board statistics, Canada exported nearly 80 billion cubic meters of natural gas by pipelines in 2021, up from 70.9 billion cubic meters in the previous year. This is expected to drive the Canadian LNG market during the forecast period.
- However, due to the ongoing Ukraine-Russia war, natural gas prices have increased globally. The development of an LNG liquefaction plant for export can help Canada maximize its profit by exporting natural gas to Europe.
- There has also been a growing focus on operator-based technologies for LNG liquefaction facilities. The Shell DMR technology will be used at LNG Canada (scheduled to run in 2025).
- Similarly, in early 2022, Repsol revived the plan to build Saint John LNG Export Terminal at its existing import facility in New Brunswick. The Repsol project is the frontrunner for early completion because there is an existing facility. However, estimates for completion still range from 3 to 5 years.
- As of October 2022, the LNG Kitimat project is under development. It is one of Canada's largest LNG export terminals, with a capacity of 14 million tons per year and an estimated project lifeline of 40 years. The project is expected to be commissioned by 2023. The first phase of the LNG project is 70% completed, and the Coastal GasLink (CGL) pipeline is 75% completed. Once complete, the terminal for the liquefaction, storage, and loading of liquefied natural gas will export LNG produced by the project's partners in the Montney Formation gas fields near Dawson Creek.
- Overall, the global rise in natural gas prices would aid the development of LNG liquefaction facilities during the forecast period.
Canada LNG Industry Overview
The Canadian LNG market is moderately consolidated in nature. Some of the major players in the market (in no particular order) include Shell PLC, Fluor Corporation, TechnipFMC PlC, LNG Canada, and Chevron Corporation.
Canada LNG Market Leaders
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Shell PLC
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Fluor Corporation
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TechnipFMC Plc
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LNG Canada
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Chevron Corporation
*Disclaimer: Major Players sorted in no particular order
Canada LNG Market News
- October 2022: LNG Canada ramped construction at its Kitimat liquefied natural gas (LNG) terminal. The workforce is expected to peak at 7,500 people next year. The first phase of the LNG project is 70% completed, and the Coastal GasLink (CGL) pipeline is 75% completed. Once complete, the terminal for the liquefaction, storage, and loading of liquefied natural gas will export LNG produced by the project's partners in the Montney Formation gas fields near Dawson Creek.
- February 2022: The Haisla Nation-owned Cedar Liquefied Natural Gas Project (Cedar LNG) reached critical milestones for its proposed export facility in Kitimat, British Columbia. Cedar LNG's application for an Environmental Assessment Certificate (EAC) was submitted to the British Columbia Environmental Assessment Office, moving the project into the 180-day application review phase. The critical project milestone comes following detailed studies, engineering, and meaningful engagement with Indigenous and local communities. Cedar LNG is a partnership between the Haisla Nation and Pembina Pipeline Corporation (Pembina).
Canada LNG Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope Of The Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size And Demand Forecasts In USD Billion, Till 2027
4.3 Recent Trends And Developments
4.4 Government Policies And Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 By LNG Infrastructure
5.1.1 LNG Liquefaction Plants
5.1.2 LNG Regasification Facilities
5.1.3 LNG Shipping
5.2 By Application
5.2.1 Transportation Fuel
5.2.2 Power Generation
5.2.3 Other Application Types
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, And Agreements
6.2 Strategies Adopted By Leading Players
6.3 Company Profiles
6.3.1 LNG Canada
6.3.2 TechnipFMC PLC
6.3.3 Fluor Corporation
6.3.4 Shell PLC
6.3.5 Chevron Corporation
6.3.6 ExxonMobil Corporation
6.3.7 TotalEnergies SE
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada LNG Industry Segmentation
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state, at about -260° Fahrenheit, for shipping and storage. The volume of natural gas in its liquid state is about 600 times smaller than in a gaseous state.
The Canada LNG Market is Segmented by LNG Infrastructure (LNG Liquefaction Plants, LNG Regasification Facilities, and LNG Shipping) and Application (Transportation Fuel, Power Generation, and Other Application Types). The report also covers the market size and forecasts for the Canadian LNG market. For each segment, the market sizing and forecasts have been done based on revenue in USD billion.
| By LNG Infrastructure | |
| LNG Liquefaction Plants | |
| LNG Regasification Facilities | |
| LNG Shipping |
| By Application | |
| Transportation Fuel | |
| Power Generation | |
| Other Application Types |
Canada LNG Market Research FAQs
What is the current Canada LNG Market size?
The Canada LNG Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Canada LNG Market?
Shell PLC, Fluor Corporation, TechnipFMC Plc, LNG Canada and Chevron Corporation are the major companies operating in the Canada LNG Market.
What years does this Canada LNG Market cover?
The report covers the Canada LNG Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Canada LNG Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada LNG Industry Report
Statistics for the 2024 Canada LNG market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada LNG analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
