Yahoo Finance Global Small-Scale LNG Market Report 2024-2032: Rising Utilization in Transportation and Power Generation Fostering Market Growth
Global Small-Scale LNG Market
Dublin, June 17, 2024 (GLOBE NEWSWIRE) -- The "Global Small-Scale LNG Market Report by Terminal Type, Mode of Supply, Storage Tank Type, Application, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global small-scale LNG market size reached US$ 35.8 Billion in 2023. Looking forward, the market is projected to reach US$ 64.8 Billion by 2032, exhibiting a growth rate (CAGR) of 6.82% during 2023-2032. The growing application in transportation and power generation, surging energy demand, and rising investments in floating LNG represent some of the key factors driving the market
The small-scale LNG market has been experiencing continuous growth. The increasing usage of small-scale LNG in transportation and power generation represents one of the primary drivers resulting in the increasing sales of small-scale LNG. The shifting preference toward LNG as an alternative to diesel for high horsepower vehicular transport applications, such as heavy trucks, mining trucks, and fleet vehicles. Additionally, the rising oil prices and concerns about reducing emissions are bolstering the market growth. Moreover, the rising utilization of LNG assists in reducing the fuel and maintenance costs of a vehicle. Besides this, LNG is widely used in the power generation sector as it is a cheap source.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is moderately fragmented as the market is controlled by few regional and international players. The volume of new entrants is low due to price sensitive buyers, stringent government regulations, and high capital investment. In addition, the market has low product differentiation, as players differentiate themselves based on the price and quality of LNG.
What is Small-Scale LNG?
Small-scale liquefied natural gas (LNG) refers to the direct use of LNG in its liquid form as compared to the traditional process of regasification and subsequent introduction into the gas transmission grid. It has shorter construction timelines, reduced capital expenditure (CAPEX), and payoff periods as compared to large-scale LNG. It is environment-friendly as it does not emit carbon dioxide or other harmful gases compared to oil and diesel. It is widely utilized in addressing off-grid power generation needs in remote industrial and residential complexes. Small-scale LNG also finds applications in power generation, industrial feedstock, and transportation activities across the globe.
COVID-19 Impact:
The COVID-19 pandemic outbreak caused a severe problem for the small-scale LNG industry and imposed unprecedented challenges on numerous countries. It paused the production of small-scale LNG due to lockdowns and curfews imposed by the governing agencies of various countries. It caused a huge and sudden reduction in energy demand and the players in this industry suffered huge losses due to the closure of production at that time. Moreover, the pandemic has restricted the distribution of small-scale LNG and created a shortage of truck drivers. This caused postponed or canceled contracts between the parties and the producers were delaying the construction of new projects due to safety concerns.
In addition, there was a reduced energy demand due to the steep decline in economic and industrial activities caused by the pandemic and the sudden decline in small-scale LNG prices due to the rapid oil price crash. Besides this, the industry was suffering a downward demand, low prices, high storage levels, and increased concerns over the viability of projects and supply cuts. Various investment decisions for projects were also witnessed unprecedented drops due to the halted production and supply chain problems in the small-scale LNG industry.
Small-Scale LNG Market Trends
At present, the rising demand for energy-efficient and cost-effective energy sources among the masses worldwide represents one of the key factors supporting the growth of the market. Besides this, the growing utilization of small-scale LNG in the transportation sector as an alternative to diesel fuel is offering a positive market outlook. Additionally, the increasing utilization of small-scale LNG in the power generation sector, as it is inexpensive and efficient, is propelling the growth of the market.
Apart from this, rising improvements in small-scale floating LNG facilities wherein the process of gas is carried out at sea, such as production, liquefaction, storage, and transfer, before carriers ship it directly to markets is offering lucrative growth opportunities to industry investors. Moreover, governing agencies of various countries are encouraging the adoption of LNG by implementing stringent rules and regulations to lower emissions of harmful gases across the globe, which is contributing to the growth of the market.
In addition, the growing demand for small-scale LNG in marine bunkering is positively influencing the market. Furthermore, the rising demand for small-scale LNG due to the increasing awareness among individuals about environmental pollution is strengthening the market growth.
Key Questions Answered in This Report
What was the size of the global small-scale LNG market in 2023?
What is the expected growth rate of the global small-scale LNG market during 2024-2032?
What are the key factors driving the global small-scale LNG market?
What has been the impact of COVID-19 on the global small-scale LNG market?
What is the breakup of the global small-scale LNG market based on the terminal type?
What is the breakup of the global small-scale LNG market based on the mode of supply?
What is the breakup of the global small-scale LNG market based on storage tank type?
What is the breakup of the global small-scale LNG market based on the application?
What are the key regions in the global small-scale LNG market?
Who are the key players/companies in the global small-scale LNG market?
Key Attributes:
Report Attribute | Details |
No. of Pages | 135 |
Forecast Period | 2023 - 2032 |
Estimated Market Value (USD) in 2023 | $35.8 Billion |
Forecasted Market Value (USD) by 2032 | $64.8 Billion |
Compound Annual Growth Rate | 6.8% |
Regions Covered | Global |
Competitive Landscape
Dresser-Rand Group Inc. (Siemens)
Engie SA
Excelerate Energy. L. P.
PJSC Gazprom
General Electric (GE) Company
Honeywell International Inc.
IHI Corporation
Linde Aktiengesellschaft
Novatek
Plum Energy LLC
Royal Dutch Shell PLC
Sofregaz SAS
Wartsila Oyj Abp
Key Market Segmentation
Terminal Type Insights:
Liquefaction Terminal
Regasification Terminal
Mode of Supply Insights:
Truck
Trans-Shipment and Bunkering
Pipeline and Rail
Others
Storage Tank Type Insights:
Pressurized
Atmospheric Tank
Floating Storage Unit (FSU)
Application Insights:
Electrical Power Generation
Industrial Feedstock
Transportation
Others
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/3bldm
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