Market Synopsis and Forecast:
The growth of the small-scale LNG market is mainly driven by the increased use of LNG in transportation and stand up power operations. The growth of the small-scale LNG market can be attributed to the low cost of small-scale liquefied natural gas in comparison to other fuels used in heavy-duty vehicles and reduced emissions when compared to diesel and other fossil fuels. Increasing demand for liquefied natural gas from remote locations for use in electric power plants and global commoditization of liquefied natural gas are some of the major factors driving the demand for liquefied natural gas. Furthermore, there is huge development of downstream infrastructure and logistics for LNG gas supply in Europe and North America regions. The Global Small Scale LNG Market is expected to grow over the CAGR of around 2.5% during the period 2014 to 2022.
Regional Research Insights:
Asia-Pacific is expected to be the largest market for LNG, especially because of countries such as China and India in the region. For providing power in remote locations, LNG is increasingly used because of its clean and low emission properties that are further supported by government commitments to change to LNG based economies. These countries are increasingly investing in LNG infrastructure and there is adequate availability of LNG through subsidized schemes and distribution network.
Europe and the North America regions are investing heavily for developing the LNG gas infrastructure. In Europe, there has been significant increase in demand for LNG, especially in countries such as UK, France and Italy. Continuous adaptation from countries to switch to cleaner fuels for power generation and in transportation sector is essentially driving the growth of LNG market in the region. New climate change regulations and requirement by transport authorities to reduce carbon emissions from fleet operations, are driving the use of LNG.
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Top Market Players:
The key players of Global Small Scale LNG Market are:
- Public Joint Stock Company Gazprom (Russia)
- Engie SA(France)
- The Linde Group (Germany)
- Honeywell International Inc. (U.S)
- General Electric (U.S)
- Wärtsilä Corporation (Finland)
- Skangas AS (Norway)
- Prometheus Energy (U.S)
- Excelerate Energy L.P (U.S)
- IHI Corporation (Japan)
Utilities and Industrial Sector is Expected to Dominate the Small Scale LNG Market:
With advancement in technologies, LNG is increasingly being used in power generation applications and also to provide power to remote areas where power infrastructure is weak. The increased use of LNG is mainly due to the fact that natural gas power generation results in the cleaner generation of electricity. Lower capital costs, higher fuel efficiency, shorter construction times and reduced CO2 emissions are other advantages of using LNG. This has encouraged global utilities to invest in LNG infrastructure such as LNG bunkering and has increased the use of renewable natural gas while providing low cost electricity. The government and local policies and regulations further support the incorporation of more LNG into energy generation mix. The industrial sector also relies on natural gas as a fuel for manufacturing many of the products such as paper and pulp, metals, chemicals, fertilizers, fabrics, pharmaceuticals and plastics.
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The scope of the study segments the Global Small Scale LNG Market by its Type, Application, Operational Depth and Regions;
- By Type
- Liquefaction terminal,
- Regasification terminal
- By Application
- Industrial and Commercial
- By Region
- North America
- Asia Pacific
- Rest of the World
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