Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
Growth in the application of small-scale LNG within heavy-duty vehicles, industrial power generation, and marine transportation is projected to propel the small-scale LNG market from a valuation of USD 46.4 billion in 2023 to an impressive USD 92.8 billion by 2028. This market is experiencing a robust compound annual growth rate (CAGR) of 14.9% during the forecast period.
The expansion of liquefaction technologies is set to spearhead the global growth of the small-scale LNG market through the forecast timeline. Regasification, the process that prepares LNG for various applications by converting it back to its gaseous form, accounts for a significant share of the market, underscoring its critical role in the energy sector.
In the face of stringent environmental regulations, the Marine Transport segment emerges as a substantial contributor to the market. The surge in LNG adoption as a cleaner fuel alternative for ships is enhanced by its capacity to significantly lower harmful emissions and increase energy efficiency.
Whilst North America maintains a strong market presence, Europe is anticipated to hold the second largest share within the forecast period. Europe’s commitment to energy diversification, intensified environmental policies, and an increased uptake of LNG in transportation underscore the region's market prowess.
Industry heavyweights emphasize innovation and strategic partnerships to consolidate their small-scale LNG market shares. Key players are driving forward with initiatives that focus on compatibility with environmental standards, operational efficiency, and market penetration.
The market faces challenges such as an inadequate LNG receiving terminal infrastructure in Asia-Pacific and the volatility of LNG prices. Despite these obstacles, the market is expected to witness opportunities stemming from technological integration, which can complement the existing dynamics and offer new avenues for expansion.
Comprehensive Analysis of Market Influencers and Competitive Landscape
- Insightful analysis on key market drivers like LNG’s price competitiveness and smaller-scale plant advantages.
- Examination of market restraints includes Asia-Pacific’s infrastructure deficit and natural resource depletion.
- Exploration of market opportunities forged by technological advancements.
- In-depth competitive assessment spotlighting market spread, growth strategies, and advanced service offerings.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 278 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $46.4 Billion |
| Forecasted Market Value (USD) by 2028 | $92.8 Billion |
| Compound Annual Growth Rate | 14.9% |
| Regions Covered | Global |
Companies Mentioned
- Air Products and Chemicals, Inc.
- Anthony Veder
- Baker Hughes Co.
- Black & Veatch Holding Company
- Chart Industries, Inc.
- Engie S.A.
- Excelerate Energy, Inc.
- Gasum Oy
- Gasnore
- Honeywell International Inc.
- Hangzhou Fortune Gas Cryogenic Group Co. Ltd.
- KC LNG
- Linde plc
- McDermott
- Nikkiso's Clean Energy & Industrial Gases Group
- Plum Energy
- Petronet Lng Limited
- PGNiG S.A.
- Pilot LNG LLC
- Shell plc
- Sofregaz
- Stabilis Energy
- Snam S.p.A.
- Scale Gas Solutions
- Wartsila Corporation
For more information about this report visit https://www.researchandmarkets.com/r/j5g5ru
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