The ‘Small Scale LNG Market by Type (Liquefaction, Regasification), Application (Heavy-Duty Vehicles, Industrial & Power, Marine Transport), Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Global Forecast to 2025’ report has recently been added to ResearchAndMarkets.com's offering.
The small scale LNG market size is estimated to be US$2.3 billion in 2020 and is projected to reach US$2.6 billion by 2025, at a CAGR of 2.6%. It is driven by various factors, such as increasing demand for small-scale LNG from heavy-duty vehicles, marine transport, and industrial and power applications. The growth of these industries is expected to further propel the growth of the market during the forecast period. However, factors such as limited receiving terminal infrastructure in APAC and fluctuating price of small-scale LNGs are likely to hinder the growth of the market.
Liquefaction segment is likely to drive the global market during the forecast period
The small-scale LNG market has been segmented on the basis of type as liquefaction and regasification. The liquefaction segment accounted for the larger share of the market during the forecast period. The market growth in this segment is attributed to the increase in export of LNG, which requires liquefaction before it can be transported from one port to another. These factors are expected to increase demand during the forecast period.
Heavy-duty vehicles segment is expected to account for the largest market share during the forecast period
The heavy-duty vehicles segment is growing rapidly owing to the increasing use of LNG as fuel in heavy-duty vehicles, especially in China and European countries. LNG is the most viable option for long-haul LNG-fuelled trucks globally. In heavy-duty vehicles, the density of LNG can vary considerably over a range of saturation pressures and storage temperatures.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to witness the highest growth rate during the forecast period due to significant developments in various end-use applications such as industrial and power, heavy-duty vehicles, and marine transport. The growing population and economic growth in major countries, such as China and Taiwan, and growing disposable income will also drive the market. Europe is projected to be the second-largest market during the forecast period.
Companies profiled in the report include: The Linde Group; Wartsila Corporation; Honeywell International Inc.; General Electric; Engie; Gazprom; Gasum Oy; Sofregaz; Dresser-Rand; Prometheus Energy; Plum Energy; Excelerate Energy L.P.; Cryostar Sas; IHI Corporation; Novatek.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/18062020/small-scale-lng-market-report-published/
You might also like
TotalEnergies has signed a sale and purchase agreement with Sembcorp Fuels to deliver of up to 0.8 million tpy of LNG for a duration of 16 years, commencing in 2027.