Small-scale liquefied natural gas (LNG) refers to the conversion of natural gas into a colorless and odorless liquid form in industrial units with limited capacity. This process involves extreme cooling, enabling the LNG to be re-gasified for various applications. Small-scale LNG offers environmental advantages over oil and diesel, making it a preferred choice for off-grid power generation in isolated industrial and residential settings. It finds extensive use in transportation, industrial operations, commercial applications, and heating as a cleaner and more versatile energy source.
According to Data Bridge Market Research, the Small-Scale Liquefied Natural Gas (LNG) Market accounted for USD 7.68 billion in 2021 and is expected to reach USD 14.13 billion by 2029. The market is expected to grow with a CAGR of 7.91% in the forecast period of 2022 to 2029.
“High demand for small-scale liquefied natural gas (LNG)”
The market's growth is propelled by the increasing demand for cost-effective and energy-efficient energy sources. Additionally, the widespread adoption of liquefied natural gas (LNG) in the transportation industry contributes to market expansion. The rising energy requirements have led to a higher production of LNG, meeting the growing demand. Moreover, government initiatives aimed at improving rural electrification have further intensified the need for LNG in remote areas lacking electricity infrastructure.
What restraints the growth of the small-scale liquefied natural gas (LNG) market?
“Expensive supply chain”
The growth of the small-scale liquefied natural gas (LNG) market may face obstacles due to the expensive supply chain involved. The infrastructure required for the production, transportation, and distribution of small-scale LNG can be costly to establish and maintain. This expense can pose challenges for market players, limiting their ability to expand operations and reach new markets. Overcoming these cost-related hurdles will be crucial in fostering the growth of the small-scale LNG market.
Segmentation: Small-Scale Liquefied Natural Gas (LNG) Market
The small-scale liquefied natural gas (LNG) market is segmented on the basis of type, mode of supply, storage tank capacity, and application.
- On the basis of type, the small-scale liquefied natural gas (LNG) market has been segmented into liquefaction terminal, and regasification terminal.
- On the basis of mode of supply, the small-scale liquefied natural gas (LNG) market has been segmented into trucks, shipment and bunkering, rail tanks, pipeline, and others.
- On the basis of storage tank capacity, the small-scale liquefied natural gas (LNG) market has been segmented into atmospheric, pressurized, and floating storage (fsu).
- On the basis of application, the small-scale liquefied natural gas (LNG) market has been segmented into transportation, heavy-duty vehicles, industrial and power, and others.
Regional Insights: Asia-Pacific dominates the Small-Scale Liquefied Natural Gas (LNG) Market
Asia-Pacific dominates the small-scale liquefied natural gas (LNG) market. The region is experiencing a growth in the small-scale liquefied natural gas (LNG) market, driven by factors such as expanding business operations, heightened customer awareness, and a rising demand for small-scale LNG in transportation.
North America is estimated to show lucrative growth during the forecast period of 2022 to 2029. The region is witnessing growth in the small-scale liquefied natural gas (LNG) market due to several factors. These include the rising consumption of small-scale LNG, the presence of a significant number of natural gas manufacturing units, and the high availability of gas terminals in the region.
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Recent Developments
- In August 2020, According to Wipro Limited, a prominent global IT, consulting, and business process services company, Uniper Global Commodities SE and its subsidiary Liqvis GmbH, exclusively focused on LNG-for-trucks, have successfully introduced a blockchain-powered platform for trading and fulfillment of small-scale liquefied natural gas (ssLNG). Uniper SE, a major multinational energy company headquartered in Germany, spearheaded this initiative.
- In November 2020, FGEN LNG, a subsidiary of First Gen Corporation (FGEN), is investigating the L.N.G. development at the First Philippine Industrial Park (FPIP). FGEN LNG's Interim Offshore L.N.G. terminal has the potential to supply L.N.G. to FPIP through specialized trucks and secure storage units. This initiative is expected to significantly contribute to the market's growth and advancement in the region.
The Prominent Key Players Operating in the Small-Scale Liquefied Natural Gas (LNG) Market Include:
- Gazprom (Russia)
- Engie (France)
- Honeywell International Inc. (U.S.)
- Wärtsilä (Finland)
- Linde plc (Germany)
- Gasum Ltd., (Norway)
- IHI Corporation (Japan)
- Excelerate Energy L.P (U.S)
- Prometheus Fuels (U.S)
- Cryostar (U.S.)
- General Electric (U.S.)
- Novatek (Russia)
- Engie (France)
- NYK Line (Japan)
- Mitsui O.S.K.Lines (Japan)
- Teekay Corporation (Bermuda)
- Hyundai Heavy Industries Co., Ltd., (South Korea)
- HANJIN HEAVY INDUSTRIES & CONSTRUCTION HOLDINGS CO., LTD. (South Korea)
- Kawasaki Heavy Industries, Ltd., (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of small-scale liquefied natural gas (LNG) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Small-Scale Liquefied Natural Gas (LNG) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
