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- Global Small-Scale LNG Market
Global Small-Scale LNG Market to Reach US$ 48.1 Billion by 2027, Bolstered by Growing Adoption of Greener Fuel Sources
June 21, 2021
The latest report by IMARC Group, titled “Small-Scale LNG Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global small-scale LNG market reached a value of US$ 30.6 Billion in 2021. Small-scale liquified natural gas (SSLNG) refers to the process of producing and distributing smaller fuel quantities from liquefaction plants. Also known as micro LNG, it involves the direct use of LNG in its liquid form and its introduction into the gas transmission grid than the traditional model of regasification units. Due to its flexibility, SSLNG finds demand in off-grid power generation locations and remote areas for bunkering and as fuel for heavy road transport.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Small-Scale LNG Market Trends:
The increasing usage of LNG as fuel represents the primary growth-inducing factor bolstering the market growth. With the rising pressure on large-scale LNG plants, end users are adopting small scale LNG initiatives as they are scalable and can easily add capacity to serve increased demand while gaining supply chain synergies. This technology also offers investors more immediate and attractive returns with lower investment requirements and accelerated commissioning schedules. Besides this, there have been growing environmental concerns and the rising inclination toward greener and cleaner fuel sources, which has encouraged governments of several nations to promote the adoption of SSLNG. Moreover, numerous manufacturers of commercial vehicles are also shifting toward LNG as it has fewer carbon emissions and complete combustion over traditionally used fuel sources. Looking forward, the market value is expected to reach US$ 48.1 Billion by 2027, exhibiting a CAGR of 7.94% during the forecast period (2022-2027).
Market Summary:
- Based on the terminal type, the market has been segmented into liquefaction and regasification terminals. Liquefaction terminal currently represents the most popular terminal type.
- On the basis of the mode of supply, the market has been categorized into truck, trans-shipment and bunkering, pipeline and rail, and others.
- The market has been classified based on the storage tank type into pressurized, atmospheric tank and floating storage unit (FSU).
- On the basis of the application, the market has been segregated into electrical power generation, industrial feedstock, transportation and others.
- Region-wise, Asia Pacific (China, Japan, India, South Korea, Indonesia, Australia and others) exhibits a clear dominance in the market. Other major regions are North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Dresser-Rand Group Inc. (Siemens), Engie SA, Excelerate Energy. L. P., PJSC Gazprom, General Electric (GE) Company, Honeywell International Inc., IHI Corporation, Linde Aktiengesellschaft, Novatek, Plum Energy LLC, Royal Dutch Shell PLC, Sofregaz SAS and Wärtsilä Oyj Abp.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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