LNG Liquefaction Equipment Market Forecast to Double by 2035 as US Export Surge Anchors Global Spending
Future Market Insights projects the $25.4 billion market will reach $55.9 billion by 2035, underpinned by record US export volumes and accelerating equipment demand from China, India and Germany.
ICE Endex TTF front-month gas climbed 6.78% to €55.74/MWh Thursday (2026-08-06), reinforcing the European price environment that has driven LNG supply commitments globally and the equipment spending that follows those commitments.6,7
The equipment market behind those investment decisions is expanding fast. Future Market Insights estimated global LNG liquefaction equipment at $25.4 billion in 2025, projecting it will reach $55.9 billion by 2035, a compound annual growth rate of 8.2% over the decade. The forecast, issued May 29 (2026-05-29), reflects demand for new liquefaction trains and terminal expansions as importing nations push to secure supply through direct infrastructure rather than spot purchases alone.2
The volumes underpinning those projections are already on record. Global LNG trade reached 436.98 million tonnes in 2025, up 6.3% from 2024, according to the International Gas Union, reported July 7 (2026-07-07). The United States drove the largest share of that growth: US exports reached 110.74 million tonnes in 2025, up from 88.42 million tonnes in 2024, a 22.3-million-tonne year-on-year gain. Forbes reported in July (2026-07-19) that the US accounted for 93% of global LNG export growth in 2025.5,6
Qatar ranked second at 81.51 million tonnes, up from 77.23 million tonnes in 2024. Australia was third at 80.32 million tonnes. Russia cut shipments by nearly 3 million tonnes to 30.52 million tonnes, holding fourth place. Malaysia ranked fifth at 28.8 million tonnes.5
That US-led build-out has made large-scale plant manufacturers the dominant equipment category, with Future Market Insights projecting they will account for 58.4% of market revenue in 2025. But mid-scale plants are gaining share, offering lower capital requirements and faster construction timelines, attributes that suit Asian and European buyers adding incremental capacity without committing to greenfield megaprojects.1,2
The fastest equipment growth is not where the current export leaders sit. Future Market Insights projects China's liquefaction equipment market will grow at 11.1% CAGR through 2035, India's at 10.3%, and Germany's at 9.4%, all ahead of the US forecast of 7.8% and Japan's 6.2%. China and India are building both import terminals and domestic LNG production simultaneously. Germany's elevated rate reflects an infrastructure rebuild that has not yet peaked.1,2
New offtake agreements keep converting projected demand into committed orders. INEOS signed a deal with Japan's Marubeni Corp in early June (2026-06-03) to supply LNG to key Asian markets, marking INEOS's first deliveries to Asia-Pacific. Agreements linking European or US production to Asian buyers provide the long-term contracted volumes that lenders require before approving project finance. Project finance approval is what triggers the equipment procurement cycle.3
Shell's LNG Outlook 2026, released June 30 (2026-06-30), projects global LNG demand will reach nearly 700 million tonnes per year by 2050, a 65% increase from 2025 levels. Shell carries a commercial stake in that projection being correct. Still, a demand ceiling that far out has been enough to sustain financing conversations for projects years away from first gas, and it is influencing the order books of major plant manufacturers now.4
JKM Asian LNG spot stood at $21.14 per MMBtu (2026-08-07), carrying near-term bearish demand signals that pose a timing risk to new-train investment decisions. NYMEX Henry Hub front-month at $2.63 per MMBtu (2026-08-07) keeps US feedgas costs low. That supports export project economics for trains already under construction. But a sustained JKM softening would reduce urgency for Asian buyers to sign long-term contracts — and without those contracts, FIDs slip and the equipment order intake that underpins the 8.2% growth forecast gets pushed out.2