Over the past decade, India's liquefied natural gas (LNG) imports have experienced a fluctuating yet generally upward trend. In 2023, LNG import volume stood at 29.38 billion cubic meters, a slight increase of 3.53% from the previous year. However, this follows a significant drop in 2022, where imports fell by 15.4% to 28.38 billion cubic meters. The compound annual growth rate (CAGR) over the last five years is -0.75%, indicating a recent downward trend. Forecasted data suggests modest growth, with a projected 2.33% CAGR from 2024 to 2028, resulting in an estimated volume of 34.08 billion cubic meters by 2028.
Future trends to watch for:
- Increased domestic production efforts could impact LNG import volumes.
- Government policies and subsidies aimed at increasing the use of cleaner fuels may bolster LNG demand.
- Global LNG market dynamics, including price fluctuations and geopolitical factors, will play a crucial role.
- Technological advancements in LNG shipping and storage could influence cost structures and import levels.
