As per the recently published report by MarketsandMarkets™, the “Small-Scale LNG Market by Type (Liquefaction, Regasification), Application (Heavy-Duty Vehicles, Industrial & Power, Marine Transport), Mode of supply (Trucks, Trans-shipment & Bunkering) Region (North America, Europe, APAC, MEA) – Global Forecast to 2028″, size is projected to grow from USD 46.4 billion in 2023 to USD 92.8 billion by 2028, recording a CAGR of 14.9% during the forecast period.
The small-scale LNG market is being propelled by several significant factors. First and foremost is the energy cost advantage offered by small-scale LNG solutions. Compared to other conventional fuels, LNG has a lower cost, making it an attractive option for various applications. Additionally, small-scale LNG provides environmental benefits as it emits lower greenhouse gases and pollutants compared to traditional fossil fuels. This aligns with the increasing global focus on sustainability and cleaner energy sources. Furthermore, there is a growing demand for small-scale LNG across diverse sectors such as heavy-duty vehicles, industrial and power generation, and marine transport. This demand is driven by the need for efficient and cleaner energy solutions in these industries. Altogether, the combination of energy cost advantage, environmental benefits, and expanding demand from various applications positions small-scale LNG as a key player in the energy market, shaping a more sustainable and diverse energy landscape.
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- 298 Market data Tables
- 44 Figures
- 288 Pages and in-depth TOC on “Small-Scale LNG Market – Global Forecast to 2028″
This report also provides a comprehensive analysis of the companies listed below:
The major Players in cosmetic preservatives Market include Linde plc (US), Wartsila Corporation (Finland), Honeywell International Inc. (US), Shell plc (UK), Air Products & Chemicals, Inc. (US), ENGIE S.A (France), Chart Industries, Inc. (US), Gasum oy (Finland), Sofregaz (France), Excelerate Energy Inc (US) and others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the small-scale LNG market.
Other companies have initiated the following developments:
- In June 2023, Wartsila Corporation has got the contract to increase the capacity of the regasification system on the floating storage and regasification unit (FSRU). This floating storage and regasification unit (FSRU) vessel is owned by LNG Hrvatska, based in Zagreb, and serves as an LNG terminal on Krk island. The Wartsila Corporation will work together with the existing regasification system on the ship and increase its capacity by 212 million standard cubic feet per day or 250,000 cubic meters per hour.
- In February 2021, Elengy, a subsidiary of ENGIE S.A, has entered into an agreement with Delta Rail, a transportation company. The purpose of this agreement is to introduce a new service for loading LNG containers from multimodal platforms in Europe. This agreement will allow customers to load LNG containers onto Delta Rail’s wagons at Elengy’s LNG terminals in France and Belgium, and then transport the containers to their final destinations by rail.This agreement is expected to reduce the cost and environmental impact of transporting LNG by making it possible to transport LNG containers by rail over longer distances.
- In July 2022, Snam and Edison entered into a collaborative agreement to work together on various initiatives spanning the entire small-scale LNG value chain. The partnership entails the joint identification and development of opportunities in areas such as road and ship transportation, liquefaction processes, and distribution networks within the small-scale LNG sector.
- In December 2021, Elengy, a subsidiary of ENGIE S.A, successfully launched Micro-LNG carrier loading service. This loading services enables micro-LNG carriers, upon loading at the terminal, to efficiently supply LNG-powered container ships, ferries, and cruise ships arriving at the port of Marseille-Fos.
- In March 2019, Chart Industries, Inc. and Indian Oil Corporation signed and MoU to promote the development of the LNG Market in India. Both the companies will be focusing on modular liquefaction, regasification, LNG bunkering for marine applications, LNG and LCNG vehicle fueling stations, alternative LNG transportation methods, LNG Micro Bulk systems. Their collaboration aims to tap into the growing demand for natural gas in India and promote its development in industrial and commercial sectors.
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Liquefaction to dominate the global small-scale LNG market during the forecast period
The small-scale LNG industry has been segmented based on type as liquefaction and regasification. The liquefaction segment accounted for the larger share of the market in 2022. The small-scale LNG industry is experiencing significant growth, and the liquefaction segment has emerged as a dominant force within the market. This dominance can be attributed to the rising demand for LNG exports, which necessitates the liquefaction process before transportation between ports can occur. As a result, there has been a surge in the number of liquefaction terminals established worldwide to cater to this increasing demand. This trend is projected to persist and drive the demand for small-scale LNG in the foreseeable future. With the expansion of liquefaction infrastructure and the growing export opportunities, the small-scale LNG market is poised for substantial growth, providing an impetus to the overall LNG industry.
By application, Heavy-duty vehicles segment to lead the global small-scale LNG market during the forecast period
The market has been segmented based on application into heavy-duty vehicles, marine transport, industrial & power, and others. The heavy-duty vehicles segment has emerged as a key driver in the market for liquefied natural gas (LNG) as a fuel. With the increasing adoption of LNG as an alternative fuel in heavy-duty vehicles, particularly in China and European countries, this segment accounted for the largest share of the market in 2022 and is projected to witness substantial growth in the forecast period. LNG offers a viable solution for long-haul LNG-fueled trucks on a global scale. One significant factor contributing to this growth is the variability in LNG density across different saturation pressures and storage temperatures in heavy-duty vehicles. This versatility makes LNG a desirable fuel choice for a wide range of applications, leading to increased demand in the foreseeable future. As the world seeks more sustainable and cleaner energy options, the continued growth of LNG in heavy-duty vehicles showcases its potential to drive positive environmental impact and meet the evolving demands of the transportation sector.
By mode of supply, Trucks segment to lead the global small-scale LNG market during the forecast period
The trucks segment is expected to dominate the small-scale LNG (liquefied natural gas) market during the forecast period. This can be attributed to several key factors. First and foremost, the growing demand for cleaner and more sustainable fuel alternatives in the transportation sector has led to an increased adoption of LNG as a viable option for long-haul trucking. LNG offers significant environmental advantages over conventional fuels, such as reduced emissions of greenhouse gases and pollutants. Moreover, the flexibility and mobility of trucks make them well-suited for transporting LNG to various locations, including remote areas that lack pipeline infrastructure. Additionally, advancements in trucking technology, such as improved LNG storage and fueling systems, have made it easier and more efficient to transport and distribute LNG via trucks. These factors, coupled with the expanding LNG infrastructure and a supportive regulatory environment, are expected to drive the growth of the Trucks segment in the small-scale LNG market, making it the leading mode of supply in the industry.
By region, Asia Pacific is expected to have the largest market size in the global small-scale LNG market during the forecast period
The Asia Pacific region is set to dominate the global small-scale LNG industry in the forecast period due to several key factors. One of the primary drivers of this growth is the increasing demand for small-scale LNG in the heavy-duty vehicles, industrial, and power sectors. The region boasts a robust industrial base, favorable government policies, and low labor costs, creating an attractive environment for market players. Additionally, the rising demand for small-scale LNG in the Asia Pacific region further bolsters the market, drawing major investments from key industry players. As a result, the region is experiencing a surge in infrastructure development, technological advancements, and strategic collaborations, all of which contribute to the region’s position as a leader in the global small-scale LNG industry.
