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Small-Scale LNG Market to Gain a Massive Growth of US$ 2.6 Billion by 2025, at a CAGR of 2.6%, Says MarketsandMarkets™ Research

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Small-Scale LNG Market to Gain a Massive Growth of US$ 2.6 Billion by 2025, at a CAGR of 2.6%, Says MarketsandMarkets™ Research

August 26
00:36 2022
Small-Scale LNG Market to Gain a Massive Growth of US$ 2.6 Billion by 2025, at a CAGR of 2.6%, Says MarketsandMarkets™ Research
Browse 115 market data Tables and 40 Figures spread through 134 Pages and in-depth TOC on “Small-Scale LNG Market
Small-Scale LNG Market by Type (Liquefaction, Regasification), Application (Heavy-Duty Vehicles, Industrial & Power, Marine Transport), Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)

Small-scale LNG terminals are facilities that include liquefaction and regasification terminals with a capacity of less than 1 million tons per annum (MTPA) and vessels with an LNG storage capacity of less than 30,000 cubic meters, considered as a part of the overall LNG infrastructure. In 1964, the first commercial LNG cargo was shipped from an LNG export terminal in Algeria. Currently, small-scale LNG infrastructure is in the development stage in many countries, including Norway, Sweden, Canada, and Finland. 

Small-scale LNG has gained attractiveness in the recent years, due to environmental emission policies, increasing LNG demand from remote locations in applications, such as industrial & power, and the ability to transport LNG over long distances without the need for heavy investment in pipelines, land acquisition across multiple states or countries, and the operational costs of such pipelines.          

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MarketsandMarkets projects that the global small-scale LNG market will grow from USD 2.3 billion in 2020 to USD 2.6 billion by 2025, at a CAGR of 2.6%, during the forecast period. The growth of the market can be attributed to the increasing consumption of small-scale LNG in various end-use applications, such as heavy-duty vehicles, industrial & transport, and marine transportation. Furthermore, the energy cost advantage of LNG and environmental benefits are propelling the growth of the small-scale LNG market across the globe. However, the volatility in prices, and limited receiving terminal infrastructure of LNG act as restraints to the growth of the small-scale LNG market. 

Based on type, the liquefaction segment is projected to account for the larger share in terms of value during the forecast period. The growth of the segment is attributed mainly to the increasing export of LNG, which requires liquefaction before it can be transported from one port to another. The factors mentioned above will drive demand for small-scale LNG during the forecast period.  

Based on application, the heavy-duty vehicles segment will account for the largest share, in terms of value, during the forecast period. The growth of the segment is attributed to the increasing use of LNG as fuel in heavy-duty vehicles and long trucks in APAC, especially in China, as it reduces carbon emission and thus has environmental benefits. 

APAC is the largest and fastest-growing market for small-scale LNG. The growth in the APAC region can be attributed to an increase in the consumption of small-scale LNG. The increasing demand for small-scale LNG in heavy-duty vehicles, industrial, and power applications supports market growth in the region. There are significant opportunities for the island-based LNG (small-scale LNG terminals located at islands) segment to grow, particularly in industrial and power applications, in Indonesia, the Philippines, Myanmar, among others. In Southeast Asia, players such as PERTAMINA (Indonesia) and Energy World Corporation (EWC) are investing in the development of small-scale LNG facilities. The rapidly growing demand for small-scale LNG applications, competitive manufacturing costs, and high economic growth rates are the favorable forces driving the small-scale LNG market in this region.    

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Many major players are expanding into emerging economies of APAC, such as China and South Korea, to explore the untapped markets of the region. The low cost of setting up manufacturing facilities is also driving the growth of the small-scale LNG market in the region.

The Linde Group (Germany), Wartsila Corporation (Finland), Honeywell International Inc. (US), General Electric (US), Engie (France), and Gazprom (Russia) among others are the key players operating in the small-scale LNG market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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