Growing demand of energy consumption and Integration of Technologies and Government Policies propelling the Small-Scale LNG Market growth in the forecast period.
According to TechSci Research report, Small Scale LNG Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F, the Global Small Scale LNG Market is expected to register robust growth during the forecast period, 2024-2028. Due to its advantages over diesel and fuel oil from an economic and environmental standpoint, LNG is largely utilised to fuel ships and trucks. LNG can increase the life of a vehicle by up to three times because it is naturally non-corrosive and non-toxic. Also, because LNG has a very low boiling point, relatively less heat and mechanical energy are needed to transform it from a solid into a gas at high pressure. As a result, LNG is a useful fuel for transportation. Natural gas that has been cooled down to a liquid state for convenience and safety of non-pressurized storage or transport is known as liquefied natural gas (LNG). LNG is made up primarily of methane, CH4, with a little amount of ethane, C2H6. It occupies roughly 1/600th of the volume of natural gas when it is gaseous (at standard conditions for temperature and pressure). LNG has no smell, no colour, no toxicity, and no corrosion. Asphyxia, freezing, and flammability after vaporisation into a gaseous state are risk. Several elements that could cause issues later during the liquefaction process must be eliminated, including dust, acid gases, helium, water, and heavy hydrocarbons.
The market will be dominated by Asia-Pacific, in recent years, Asia-Pacific has led the world in the implementation of small-scale LNG projects. While the need for natural gas keeps rising in nations like China, India, Singapore, Japan, and others. There has been an increase in interest in the usage of small-scale LNG (SSLNG) in recent years. China is one of the principal nations in the globe that, as of 2021, contributed significantly to the rise in LNG demand. In 2020, there were about 12 million tonnes of LNG imported; in 2021, there were 79 million tonnes. This surge in demand caused China to overtake Japan to become the world’s largest LNG importer. Demand has increased because of Chinese LNG buyers negotiating long-term contracts for more than 20 million tonnes annually. China has LNG terminals and produces its own natural gas, which is imported through these facilities. The need for small-scale LNG is rising due to growth in China’s industrial, residential, and power generation sectors, with the transportation sector showing the most promise.
China has over 113 thousand LNG trucks by 2020, and with an increasing emphasis on finding a fuel alternative with low carbon emissions for heavy truck transportation, LNG would be the one of the greatest replacements for diesel-fueled engines. Small LNG plants are likely to expand in China mostly due to an increase in LNG trucks due to the higher cost of diesel compared to natural gas.
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The Global Small Scale LNG Market is divided into Type, Mode of supply, Storage Tank, Application, and region. Based on Type, the market is segmented into Liquefaction Terminal, Regasification Terminal. Based on Mode of Supply the market is divided into Trucks, Shipment and Bunkering, Rail Tanks, Pipeline, Others. Based on Storage Tank the market is divided into, Atmospheric, Pressurized and Floating Storage (FSU). Based on Application, the market is divided into Transportation, Industrial Feedstock, Power Generation, and Other Applications. Base on Region the market is segmented into North America, Asia-Pacific, Europe, South America, Middle East.
Based on Application, Transportation Segment Expected to Dominate the Market. Compared to diesel and fuel oil, LNG is more economically and environmentally advantageous, which is why it is mostly utilised to fuel ships and trucks. The life of a vehicle can be increased by up to three times thanks to LNG’s non-corrosive and non-toxic nature. Furthermore, LNG has a very low boiling point, which means that little heat and minimal mechanical energy are needed to transform it from a solid into a gas at high pressure. LNG is a good fuel for transportation because of this. It is extremely difficult to handle LNG since even a small temperature difference can cause the fuel to boil and vaporise, resulting in fuel waste. Consequently, it renders passenger automobiles far less economically viable than heavier vehicles like commercial trucks. The use of LNG in the transportation sector has been constrained as a result.
Global adoption of LNG as a fuel for transportation is on the rise. Trucks fuelled by LNG have already begun to be used in China, the US, and Europe, mostly for long-distance freight transportation. Government initiatives like China VI and the European Green Deal that address decarbonization and emission control are mostly to blame. The European Green Deal, created in 2019 by the European Commission, is a package of legislative proposals with the goal of making Europe carbon-neutral by the year 2050. The policies stress the use of LNG as a fuel for trucks and marine vessels and briefly highlight the significance of LNG in achieving the goal.
Major market players in the Global Small Scale LNG Market: –
- PJSC Gazprom
- Engie SA
- Honeywell International Inc.
- Wärtsilä Corporation
- The Linde Group
- Skangas AS
- IHI Corporation
- Excelerate Energy L.P
- Prometheus Energy s.r.o.
- GE Oil & Gas
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“The primary factors influencing the market are the energy cost-benefit of L.N.G., environmental benefits, and growing demand from various applications such as heavy trucks, contemporary force, and marine vehicles. Recently, there have been more and more needs for power, which has raised interest in L.N.G. and led to a rise in L.N.G. production.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Global Small Scale LNG Market –Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented By Type (Liquefaction Terminal, Regasification Terminal), Mode of Supply (Trucks, Shipment and Bunkering, Rail Tanks, Pipeline, Others), Storage tank (Atmospheric, Pressurized and Floating Storage (FSU)), Application (Transportation, Industrial Feedstock, Power Generation, and Other Applications), By Region has evaluated the future growth potential of Global Small Scale LNG Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities Global Small Scale LNG Market.
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