IMARC Group, a leading market research company, has recently releases report titled “Small-Scale LNG Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global small-scale LNG market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the small-scale LNG market?
|Market Size in 2022||US$ 33.2 Billion|
|Market Forecast in 2028||US$ 51.3 Billion|
|Growth rate (2023 to 2028)||CAGR of 7.6%|
|Base Year of the Analysis||2022|
What is small-scale LNG?
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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What are the growth prospects and trends in the small-scale LNG
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.
What is included in market segmentation?
The report has segmented the market into the following categories:
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 Region:
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
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