New York, United States , Jan. 25, 2024 (GLOBE NEWSWIRE) -- The Global Small-Scale LNG Market Size To Grow from USD 51.2 Billion in 2022 to USD 95.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 15.1% during forecast period.
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The Small-Scale LNG industry has increased in prominence in recent years. It comprises producing, storing, and distributing liquefied natural gas on a smaller scale, making it more accessible and feasible in areas that may lack the infrastructure required for large-scale LNG operations. This opens up new options for corporations in areas such as transportation, energy generation, and even remote locales that were previously off the grid.
Small-Scale LNG Market Value Chain Analysis
The initial step in the process is the extraction and production of natural gas. This process includes the exploration, drilling, and extraction of natural gas from wells. Following extraction, the natural gas is cleaned to remove pollutants and processed to meet liquefaction specifications. The natural gas is then treated and chilled to extremely low temperatures before being turned into liquefied natural gas (LNG). This liquefaction method employs cryogenic technology and specific equipment. The LNG is stored in tanks or containers designed to keep it cool. It is then transported by dedicated LNG carriers, cars, or containers to its final destination.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Small-Scale LNG Market Size By Type (Liquefaction Terminal, Regasification Terminal), Mode of Supply (Trucks, Shipment and Bunkering, Rail Tanks, Pipeline, Others), Application (Transportation, Heavy-Duty Vehicles, Industrial and Power, Others), By Region, And Segment Forecasts, By Geographic Scope And Forecasts to 2032."
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Insights by Type
Liquefaction Terminal segment accounted for the largest market share over the forecast period 2023 to 2032. As the need for LNG grows, particularly in transportation, industrial processes, and power generation, so does the demand for liquefaction stations. Liquefaction is a critical process that enables for the transportation and storage of liquefied natural gas. LNG production in remote or off-grid places is dependent on liquefaction terminals. These terminals liquefy natural gas at the point of origin, allowing LNG to be transported to locations without direct pipeline access.
Insights by Application
Heavy duty vehicles segment accounted for the largest market share over the forecast period 2023 to 2032. The economic competitiveness of LNG with diesel in heavy-duty vehicles is an essential consideration. The economic benefits of using LNG in heavy-duty vehicles contribute to market expansion as small-scale LNG infrastructure becomes more accessible. LNG prices have been relatively consistent in compared to the volatility of petroleum costs. This stability offers fleet managers with some predictability, making LNG an intriguing long-term fuel cost management option.
Insights by Mode of Supply
Trucks segment accounted for the largest market share over the forecast period 2023 to 2032. LNG's economic benefits, including as cost savings and price stability over diesel, contribute to its rising use in the trucking industry. The development of LNG refuelling infrastructure, including truck-friendly LNG stations, is vital to the growth of the truck segment. The rising availability of LNG refuelling facilities makes employing LNG in truck fleets more viable and convenient. The global nature of the trucking industry, as well as the ability to transport LNG across borders, all contribute to the segment's growth. Many trucking businesses are embarking on fleet conversion programmes in order to convert their cars to LNG.
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Insights by Region
North America is anticipated to dominate the Small-Scale LNG Market from 2023 to 2032. Small-scale LNG demand is growing in North America, driven by factors such as the need for cleaner energy sources, a greater emphasis on reducing carbon emissions, and the expansion of LNG applications in various industries. The transportation sector in North America has been a major driver of small-scale LNG demand. The use of LNG as a fuel for vehicles, buses, and marine vessels is gaining popularity because to its environmental benefits and cost-effectiveness. To provide regional LNG distribution, small-scale LNG infrastructure is being created.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032. The Asia-Pacific small-scale LNG market is rapidly increasing. This growth is being driven by increased demand for cleaner energy sources, economic development, and regional efforts to reduce emissions. Small-scale LNG is being used to generate electricity in remote and off-grid areas in Asia-Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Key Players In the Gazprom (Russia), Engie (France), Honeywell International Inc. (U.S.), Wärtsilä (Finland), Linde plc (Germany), Gasum Ltd., (Norway), IHI Corporation (Japan), Excelerate Energy L.P (U.S), Prometheus Fuels (U.S), Cryostar (U.S.), General Electric (U.S.), Novatek (Russia), Engie (France), NYK Line (Japan), Mitsui O.S.K.Lines (Japan), Teekay Corporation (Bermuda), Hyundai Heavy Industries Co., Ltd., (South Korea), HANJIN HEAVY INDUSTRIES & CONSTRUCTION HOLDINGS CO., LTD. (South Korea), Kawasaki Heavy Industries, Ltd., (Japan), and Others
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Recent Market Developments
- In November 2020, First Gen Corporation (FPIP) subsidiary FGEN LNG was investigating the L.N.G. development in the First Philippine Industrial Park.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Small-Scale LNG Market, Type Analysis
- Liquefaction Terminal
- Regasification Terminal
Small-Scale LNG Market, Application Analysis
- Transportation
- Heavy-Duty Vehicles
- Industrial and Power
- Others
Small-Scale LNG Market, Mode of Supply Analysis
- Trucks
- Shipment and Bunkering
- Rail Tanks
- Pipeline
- Others
Small-Scale LNG Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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