Small-Scale LNG Market worth $92.8 billion by 2028 - Exclusive Report by MarketsandMarkets™
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CHICAGO, Aug. 4, 2023 -- The report "Small-Scale LNG Market by Type (Liquefaction, Regasification), Application (Heavy-Duty Vehicles, Industrial & Power, Marine Transport), Mode of supply (Trucks, Trans-shipment & Bunkering) Region (North America, Europe, APAC, MEA) - Global Forecast to 2028", is projected to grow from USD 46.4 billion in 2023 to USD 92.8 billion by 2028, recording a CAGR of 14.9% during the forecast period.
The small-scale LNG market is being propelled by several significant factors. First and foremost is the energy cost advantage offered by small-scale LNG solutions. Compared to other conventional fuels, LNG has a lower cost, making it an attractive option for various applications. Additionally, small-scale LNG provides environmental benefits as it emits lower greenhouse gases and pollutants compared to traditional fossil fuels. This aligns with the increasing global focus on sustainability and cleaner energy sources. Furthermore, there is a growing demand for small-scale LNG across diverse sectors such as heavy-duty vehicles, industrial and power generation, and marine transport. This demand is driven by the need for efficient and cleaner energy solutions in these industries. Altogether, the combination of energy cost advantage, environmental benefits, and expanding demand from various applications positions small-scale LNG as a key player in the energy market, shaping a more sustainable and diverse energy landscape.
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298 – Tables
44 – Figures
288 – Pages
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Liquefaction to dominate the global small-scale LNG market during the forecast period
The small-scale LNG industry has been segmented based on type as liquefaction and regasification. The liquefaction segment accounted for the larger share of the market in 2022. The small-scale LNG industry is experiencing significant growth, and the liquefaction segment has emerged as a dominant force within the market. This dominance can be attributed to the rising demand for LNG exports, which necessitates the liquefaction process before transportation between ports can occur. As a result, there has been a surge in the number of liquefaction terminals established worldwide to cater to this increasing demand. This trend is projected to persist and drive the demand for small-scale LNG in the foreseeable future. With the expansion of liquefaction infrastructure and the growing export opportunities, the small-scale LNG market is poised for substantial growth, providing an impetus to the overall LNG industry.
By application, Heavy-duty vehicles segment to lead the global small-scale LNG market during the forecast period
The market has been segmented based on application into heavy-duty vehicles, marine transport, industrial & power, and others. The heavy-duty vehicles segment has emerged as a key driver in the market for liquefied natural gas (LNG) as a fuel. With the increasing adoption of LNG as an alternative fuel in heavy-duty vehicles, particularly in China and European countries, this segment accounted for the largest share of the market in 2022 and is projected to witness substantial growth in the forecast period. LNG offers a viable solution for long-haul LNG-fueled trucks on a global scale. One significant factor contributing to this growth is the variability in LNG density across different saturation pressures and storage temperatures in heavy-duty vehicles. This versatility makes LNG a desirable fuel choice for a wide range of applications, leading to increased demand in the foreseeable future. As the world seeks more sustainable and cleaner energy options, the continued growth of LNG in heavy-duty vehicles showcases its potential to drive positive environmental impact and meet the evolving demands of the transportation sector.
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By region, Asia Pacific is expected to have the largest market size in the global small-scale LNG market during the forecast period
The Asia Pacific region is set to dominate the global small-scale LNG industry in the forecast period due to several key factors. One of the primary drivers of this growth is the increasing demand for small-scale LNG in the heavy-duty vehicles, industrial, and power sectors. The region boasts a robust industrial base, favorable government policies, and low labor costs, creating an attractive environment for market players. Additionally, the rising demand for small-scale LNG in the Asia Pacific region further bolsters the market, drawing major investments from key industry players. As a result, the region is experiencing a surge in infrastructure development, technological advancements, and strategic collaborations, all of which contribute to the region's position as a leader in the global small-scale LNG industry.https://www.marketsandmarkets.com/requestsampleNew.asp?id=421 - utm_source=PRnewswire&utm_medium=Referal&utm_campaign=PaidPR
Market Players:
The key players in small-scale LNG market are Linde plc (US), Wartsila Corporation (Finland), Honeywell International Inc. (US), Shell plc (UK), Air Products & Chemicals, Inc. (US), ENGIE S.A (France), Chart Industries, Inc. (US), Gasum oy (Finland), Sofregaz (France), and Excelerate Energy Inc (US).
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