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The latest report by IMARC Group, titled “Small-Scale LNG Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global small-scale LNG market size reached US$ 2.3 Billion in 2020. 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$ 2.7 Billion by 2026, exhibiting a CAGR of 2.6% during the forecast period (2021-2026).
Market Summary:
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