APAC to Spearhead Small-Scale LNG Market
The global small-scale LNG market is likely to grow at a 2.5% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Liquefied natural gas or LNG, put simply, is a natural gas in its liquid form. This gas is cooled at a -1600C for converting it into a colorless, odourless liquid that can be re-gasified at end use destinations. The typical value chain for the LNG comprises gas production and transmission, liquefaction and treatment plant, LNG shipping in ballasts, storage, regasification, receiving terminals, and then to end user.
Various factors are fuelling the global small-scale LNG market growth. As per the recent MRFR market estimates, such factors include the growing need for small-scale LNG, growing demand in various end use applications like heavy-duty vehicles, industrial, power, marine transport, the high demand for natural gas as a transportation, increasing demand of natural gases in residential, commercial and industrial, rising need for electricity in recent days, growing population, fall in the prices of natural gas, fluctuation in the prices of crude oil caused by excessive production of crude oil, rising inclination towards cleaner and greener and cleaner fuel, low prices of natural gas, growing number of LNG-fuelled fleet, and the energy cost advantage of LNG.
On the contrary, high-cost production of LNG fluctuations in the prices of crude oil and natural gas may limit the global small-scale LNG market growth over the forecast period.
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The COVID-19 pandemic has put huge unprecedented stress on society and economies and its impact will be severe and while its duration is uncertain. The LNG market has been tremendously impacted in several ways with several challenges yet some opportunities are likely to be created. The shipments have been affected by vessels being placed into quarantine yet this has delayed supply rather than reducing it.
By region, the global small-scale LNG market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and the Middle East and Africa. Of these, the APAC region will spearhead the market over the forecast period. Increasing need for natural gas as fuel for power and automobile industry, surge in projects of regasification and liquefaction terminal, Egypt has emerged as a new importer for LNG, Mozambique has discovered a new gas field that has made the nation a huge gas exporter, growing need for heavy-duty vehicles and industrial and power sectors, presence of a robust industrial base, low labor costs, favorable government policies, and growing need for small-scale LNG in the region are adding to the global small-scale LNG market growth in the region.
In Europe, the global small-scale LNG market is predicted to have healthy growth over the forecast period. The nations are phasing out coal-based power plants, hence creating surge in demand for LNG.
The prominent players profiled in the small scale lng business market report include Novatek (Russia), GE Oil Gas (U.S.), Cryostar (U.S.), Prometheus Energy (U.S), Excelerate Energy L.P (U.S), IHI Corporation (Japan), Skangas AS (Norway), The Linde Group (Germany), Wärtsilä Corporation (Finland), Honeywell International Inc. (U.S.), Engie SA (France), and Gazprom (Russia), among others. Mergers and acquisitions, partnerships, new product launches, and others are the key strategies adopted by key players to stay at the forefront.
The MRFR report throws light on an inclusive segmental analysis of the global small-scale LNG market based on application, type, and mode of supply.
By type, the global small-scale LNG market is segmented into regasification terminals and liquefaction. Of these, the liquefaction segment will lead the market over the forecast period for the increasing natural gas storage infrastructure.
By mode of supply, the global small-scale LNG market is segmented into captive consumption through pipeline and rail, trans-shipment and bunkering, and trucks. Of these, the trans-shipment and bunkering segment will dominate the market over the forecast period for booming shipping industry.
By applications, the global small-scale LNG market is segmented into transportation, marine, industrial and commercial, residential, and utilities.
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