Small-Scale LNG Market worth $9.95 billion by 2028 - Exclusive Report by TechSci Research
Increasing energy consumption and technological integration, along with government policies, are driving growth in the Small-Scale LNG Market.
TechSci Research, the
Global Small
Scale LNG Market is projected to grow significantly from 2024 to 2028. LNG,
preferred over diesel and fuel oil due to its economic and environmental
benefits, is widely used in ship and truck fueling. Its non-corrosive and
non-toxic nature can extend vehicle lifespan up to three times. Moreover, LNG's
low boiling point requires minimal energy for conversion to gas, making it an
efficient transportation fuel.
Asia-Pacific is expected to
dominate the market, leading in small-scale LNG project implementation.
Countries like China, India, Singapore, and Japan are witnessing a rising
demand for natural gas, driving interest in small-scale LNG adoption. China, in
particular, has experienced a significant increase in LNG demand, becoming the
world's largest LNG importer in 2021. This surge is attributed to China's
industrial, residential, and power generation sectors, with the transportation
sector showing promising growth.
With over 113 thousand LNG
trucks in China by 2020, there is a growing focus on low-carbon emission fuel
alternatives for heavy truck transportation, positioning LNG as a viable
replacement for diesel engines. The higher cost of diesel compared to natural
gas is likely to drive the expansion of small-scale LNG plants in China,
catering to the increasing demand from the transportation sector.
https://www.techsciresearch.com/report/small-scale-lng-market/15206.html
The Global Small Scale LNG Market is categorized into Type, Mode of supply,
Storage Tank, Application, and region. Types include Liquefaction Terminal and
Regasification Terminal, while Mode of Supply comprises Trucks, Shipment and
Bunkering, Rail Tanks, Pipeline, and Others. Storage Tank options include
Atmospheric, Pressurized, and Floating Storage (FSU). Applications range from
Transportation, Industrial Feedstock, Power Generation, to Other Applications,
across regions like North America, Asia-Pacific, Europe, South America, and the
Middle East.
In terms of Application, the
Transportation segment is poised to lead the market. LNG offers economic and
environmental advantages over diesel and fuel oil, making it the preferred
choice for fueling ships and trucks. LNG's non-corrosive and non-toxic nature
extends vehicle lifespan up to three times. Additionally, its low boiling point
requires minimal energy for conversion to gas at high pressure, making it an
efficient transportation fuel. However, challenges arise in handling LNG due to
its sensitivity to temperature changes, resulting in fuel waste and limiting
its application in passenger automobiles. Despite constraints, global adoption
of LNG in transportation is increasing, particularly in long-distance freight
transportation in China, the US, and Europe, driven by government initiatives
like China VI and the European Green Deal. The European Green Deal, introduced
in 2019, aims for carbon neutrality by 2050 and emphasizes LNG use in trucks
and marine vessels to achieve this goal.
Major market players in the Global Small Scale LNG
Market: -
- PJSC Gazprom
- Engie
SA
- Honeywell
International Inc.
- Wärtsilä
Corporation
- The
Linde Group
- Skangas
AS
- IHI
Corporation
- Excelerate
Energy L.P
- Prometheus
Energy s.r.o.
- GE
Oil & Gas
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"The market is primarily influenced by the cost-effectiveness of L.N.G.,
its environmental advantages, and increasing demand from various sectors such
as heavy trucks, contemporary force, and marine vehicles," explained Mr.
Karan Chechi, Research Director at TechSci Research.
The report "Global Small
Scale LNG Market –Global Industry Size, Share, Trends, Opportunity, and
Forecast 2018-2028" assesses the future growth prospects of
the market. It provides insights into market size, structure, and future
growth, aiming to offer valuable market intelligence for informed investment
decisions. Additionally, the report identifies and analyzes emerging trends,
drivers, challenges, and opportunities in the Global Small Scale LNG Market.
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