According to IMARC Group’s latest report, titled “Small-Scale LNG Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global small-scale LNG market size reached US$ 30.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 48.1 Billion by 2027, exhibiting a growth rate (CAGR) of 7.94% during 2022-2027.
Small-scale liquefied natural gas (LNG) represents a natural gas that is available in liquefied form and is processed in industrial plants with low capacities. The gas is cooled at a highly cold temperature and is turned into an odorless and colorless liquid that can be re-gasified for various applications. As compared to oil and diesel, small-scale LNG is more environment-friendly and is extensively used for addressing off-grid power generation requirements in remote industrial and residential complexes. In line with this, it is widely utilized as a transportation fuel, as an industrial feedstock, for heating in industrial, commercial, and residential sectors, etc.
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The inflating industrialization levels and the escalating demand for energy-efficient and cost-effective energy sources are among the key factors stimulating the small-scale LNG market. Moreover, the expanding transportation industry is positively influencing the global market. Besides this, the shifting preferences among leading manufacturers of commercial vehicles from the traditionally utilized fuel sources towards LNG, as it has complete combustion and fewer carbon emissions, are bolstering the market growth. Furthermore, the increasing need for power generation from underdeveloped and remote areas across countries is acting as another significant growth-inducing factor. Apart from this, the widespread adoption of small-scale LNG as ship fuel over heavy fuel oil, marine gas oil, diesel oil, etc., is also propelling the global market. Additionally, the rising consumer inclination towards greener and cleaner fuel sources and extensive investments in R&D activities are expected to fuel the small-scale LNG market over the forecasted period.
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List of Key Companies Covered in this Market Report:
- Dresser-Rand Group Inc. (Siemens)
- Engie SA
- Excelerate Energy. L. P.
- PJSC Gazprom
- General Electric (GE) Company
- Honeywell International Inc.
- IHI Corporation
- Linde Aktiengesellschaft
- Plum Energy LLC
- Royal Dutch Shell PLC
- Sofregaz SAS
- Wärtsilä Oyj Abp
The report has segmented the market on the basis of terminal type, mode of supply, storage tank type, application and geography.
Breakup by Terminal Type:
- Liquefaction Terminal
- Regasification Terminal
Breakup by Mode of Supply:
- Trans-Shipment and Bunkering
- Pipeline and Rail
Breakup by Storage Tank Type:
- Atmospheric Tank
- Floating Storage Unit (FSU)
Breakup by Application:
- Electrical Power Generation
- Industrial Feedstock
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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