Energias Market Research has released a report regarding the prospects of the European small scale LNG market.
According to Energias, the demand in the European small scale LNG market is projected to grow from €1.90 billion in 2020 to €5.81 billion by 2030, while actuating at an estimated CAGR of 11.8% from 2020 to 2030. Europe is likely to experience faster growth as compared to other regions in the global market owing to the mandate set by European Union on sulfur emissions. For instance, the sulfur emissions cap for marine fuel is set as 0.5% by the year 2020.
Favourable prices of LNG along with growing demand from key sectors, such as transportation and power generation, are projected to augment market demand over the forecast period. Also, various government regulations in light of environmental benefits of LNG have fostered the market growth in the region.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24012019/small-scale-lng-powering-european-initiatives-to-build-greener-fuel-economy/