Newark, NJ, July 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global small-scale LNG market is expected to grow from USD 31.30 billion in 2019 and to reach USD 53.03 billion by 2027, growing at a CAGR of 6.81% during the forecast period 2020-2027.
Driving factors for the small-scale LNG market are government initiatives regarding electrification in rural areas as well as increased concern regarding the environment which resulted in switching the fuel from diesel to LNG. Increased requirement for the electricity in the household applications resulted in higher demand for electricity production, which has contributed to the higher production of LNG. Rapid growth in industrialization provides immense opportunity for the small-scale LNG market is. Also, a rise in the population along with higher demand for LNG for heating and cooking purposes results in future opportunities for the growth of the market over the forecast period.
LNG transportation is done between the terminals from liquefaction to regasification. Small-scale LNG transportation is carried out through trucks, ships and tankers. LNG stands for Liquefied Natural Gas. It is a natural gas converted into a liquid form by the process known as liquefaction. It is colourless and odourless. It is then re-gasified for further applications. The demand for small-scale LNG is increasing due to low capacity liquefaction terminals, a rise in the number of simpler storage facilities and higher demand for LNG. Emerging markets as net exporters and importers are also generating the growth of the economy. LNG has a higher requirement from different sectors such as industrial, transportation fueling, residential, commercial, fertilizer industry and power plants. LNG value chain involves receiving terminals, LNG shipping in ballasts, end-user, regasification, liquefaction plant, gas production, storage, treatment plant and transmission.
Challenging factors in the growth of the market are high-cost production of LNG as it involves a substantial amount of technology. It results in increased prices of LNG for the end-user. Also, the use of high-end technologies possesses a challenge in the production process. Fluctuations in the prices of natural gas and crude oil can restrict the growth of the market. Also, increased demand for production of LNG in the emerging economies is driving the growth of the market. Moreover, stringent emission control norms by international agencies and governments are also generating higher demand for the LNG. It will result in higher usage of LNG in industrial and commercial sectors. Change in preferences towards cleaner fuel and greener environment are contributing to the growth of the market.
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Key players operating in the global small-scale LNG market include Wartsila Corporation, General Electric, Gazprom, Skangas AS, Excelerate Energy L.P, Cryostar, Novatek, The Linde Group, Engie, IHI Corporation, GE Oil & Gas, Honeywell International Inc., Dresser-Rand Group, Inc. and Prometheus Energy. To gain the significant market share in the global small-scale LNG market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- In September 2018, Honeywell acquired Ortloff Engineers, Ltd. which is a developer of specialized technologies and a privately held licensor. The acquisition was made in order to get higher financial benefits in natural gas processing.
- In February 2018, The Linde Group started its new storage plant of LNG in Russia. The full-containment storage tanks of LNG were built in record speed by the engineering division in order to expand its business across the globe.
Regasification segment dominated the market and held the largest market share of 56.14% in the year 2019
The type segment includes regasification and liquefaction. Regasification segment held the largest market share of 56.14% in the year 2019. It was due to remote regasification terminals, trucking stations, LNG bunkering, enhanced infrastructure and development in the logistics. Also, LNG enabled power generation plants in remote areas is expected to generate significant growth over the forecast period.
Heavy-duty vehicles segment dominated the market and valued at USD 21.58 billion in the year 2019
The application segment includes mining activities, rail engines, marine transport, industrial & power and heavy-duty vehicles. The heavy-duty vehicles segment dominated the market and valued at USD 21.58 billion in the year 2019. The requirement for LNG is increasing in heavy-duty vehicles as it is fuel-efficient. Also, suppliers are offering LNG fuel at a reasonable price which results in generating higher demand for LNG-fueled heavy-duty vehicles. Moreover, concerns regarding air quality and sustainability of the environment are creating higher demand for the LNG in heavy-duty vehicles.
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Regional Segment Analysis of the small-scale LNG market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global small-scale LNG market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region accounted for the largest market share of 38.16% in the year 2019. It is due to an increased number of power generation plants and companies in the region. Also, factors such as a large number of electrification projects in remote areas are contributing to the growth of the market.
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About the report:
The global small-scale LNG market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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