Global Small Scale LNG Market is expected to foresee significant growth. Asia-Pacific is expected to lead the growth!
- Vikas Kumar
- July 30, 2022
- ENERGY & POWER, NEWS
- Small Scale LNG Market, Small Scale LNG Market Forecast, Small Scale LNG Market Growth, Small Scale LNG Market Share, Small Scale LNG Market size, Small Scale LNG Market Trend
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The Global Small Scale LNG Market is expected to register CAGR growth of around 2% during forecasted period (2021-2027). One of the main reasons for the growth of the market is the growing demand for efficient and cost-effective energy sources. In addition, the wide acceptance of the product by the transportation industry is driving the growth of the market. The growing energy demand has increased the demand for liquefied natural gas (LNG), which results in rising LNG production as well. In addition, many remote areas suffer from electricity shortages, and government measures to improve rural electrification would positively influence the demand for liquefied natural gas (LNG). The challenges the market faces are expensive to supply chain which can create a hindrance to the growth of the market.
However, the COVID-19 pandemic has had a considerable impact on the marketplace, inflicting delivery chain disruptions, decreased electricity use, and discouraging investments in new technology. Also, various industries such as oil & gas, marine, automotive, manufacturing, and power generation use small-scale LNG. Companies in the power-producing industry faced a number of difficulties resulting in a drop in electricity consumption during COVID-19. Additionally, sectors including manufacturing and construction witnessed entirely ceased operations, which had a negative influence on the small-scale LNG industry across the globe.
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Based on the terminal type, the market is classified into liquefaction and regasification. Amongst terminal types majority have witnessed growth in liquefaction. The increased export of LNG, which requires liquefaction before being transferred from one port to another, is driving this segment’s expansion. Furthermore, the increased demand for LNG is driving the growth of liquefaction terminals around the world. Exporters of natural gas in the form of LNG generally require liquefaction infrastructure while importers require regasification infrastructure.
Based on the Application, the market is segmented into heavy-duty, marine transport, industrial, and power. In 2020, heavy-duty vehicles are predicted to account for the greatest percentage of the market. The rising usage of LNG as a fuel in heavy-duty vehicles, particularly in China and Europe, is credited with the segment’s growth. Long-haul LNG-fueled trucks are the most realistic alternative internationally. The density of LNG in heavy-duty vehicles can vary significantly over a wide range of saturation pressures and storage temperatures. The LNG vehicle fuel system provides natural gas to the engine at a predetermined supply pressure while maximizing fuel density in car tanks and fuelling facilities. During the projected period, these variables are expected to drive demand.
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For a better understanding of the market adoption of the small-scale LNG, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and the rest of North America); Europe (Germany, UK, France Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. APAC is the largest and fastest-growing small-scale LNG market. It is mainly owing to the increasing business expansion and awareness among the customers along with the growing demand for the small-scale LNG in transportation within the region. In addition, the growing economic development of China, South Korea, and Taiwan coupled with growing populations, and increased disposable income are some factors expected to boost demand for small-scale LNG in the region.
Some of the major players operating in the market include Buffalo Marine Service INC, Gasum Ltd, Gazprom Ltd, ENN Energy Holdings Ltd, China Petroleum & Chemical Ltd, Ovintiv Inc, Equinor ASA, Ferus, Inc, Flint Hills Resources LLC, Hokkaido gas co. ltd.
Global Small Scale LNG Market Segmentation
Market Insight, by Terminal type
Market Insight, by Location
Market Insight, by Application
- Marine Transport
- Industrial and Power
Market Insight, by Region
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Buffalo Marine Service INC
- Gasum Ltd
- Gazprom Ltd
- ENN Energy Holdings Ltd
- China Petroleum & Chemical Ltd
- Ovintiv Inc
- Equinor ASA
- Ferus, Inc
- Flint Hills Resources LLC
- Hokkaido gas co., ltd