Luton, Bedfordshire, United Kingdom, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Small Scale LNG Market.
From 2019 to 2028, the global small scale LNG market is anticipated to expand at a 2.8% CAGR. From USD 2.30 billion in 2019, it is anticipated to rise to above USD 2.87 billion by 2028.
Natural gas that is present in liquefied form and is processed at industrial facilities with modest capacities is referred to as small-scale liquefied natural gas (LNG). The gas is transformed into an odourless, colourless liquid that can be re-gasified for a variety of uses after being cooled at extremely low temperatures. Small-scale LNG is used frequently to meet the needs of isolated industrial and residential complexes for off-grid power generation because it is more environmentally benign than oil and diesel. Additionally, it is extensively utilised as a fuel for transportation, as a feedstock for industry, and for heating in the industrial, commercial, and residential sectors. The expanding demand for small-scale LNG in a variety of end-use applications, including heavy-duty vehicles, maritime transportation, and industrial & power, is the key driver of this demand.
The liquefied natural gas (LNG) car fuel system increases fuel density in vehicle tanks and filling stations while supplying natural gas to the engine at the needed supply pressure. During the projection period, the demand for the worldwide small-scale LNG market would increase due to the rising need for heavy-duty vehicles. Additionally, since LNG is increasingly utilised for heating and cooking, the market for small-scale LNG is anticipated to develop throughout the course of the projected period. Additionally, governments and international organisations' severe emission control policies have increased LNG production in both developed and emerging economies. The worldwide small-scale LNG market is struggling to expand due to the high cost of LNG production and the usage of sophisticated technologies in the production process.
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Our Report Scope
| Attributes | Details |
| Forecast Period | 2019 to 2028 |
| Growth Rate | 2.8% |
| Estimated Market Value | USD 2.30 billion in 2019 |
| Forecasted Market Value | USD 2.87 billion by 2028 |
| Analysis Duration | 9 Years |
| No. of Pages | 160 |
| No. of Figures & Tables in the Report | 17 and 106 |
| Regions Covered | 5 |
| Company Analysis | More than 10 |
| Regions Covered | North America Europe Asia Pacific South America Middle East and Africa |
| Countries Covered | US, Canada, Mexico, Japan, South Korea, India, Australia, ASEAN and Rest of APAC, UK, Germany, France, Italy, Spain, Russia, and Rest of Europe, Brazil, Argentina and Rest of South America, Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA |
Market Opportunities
Technology and government policy integration
In addition, over the forecast period of 2019–2028, the market players will benefit from the incorporation of new technology, rising investments, and the adoption of favourable government policies encouraging the use of liquefied natural gas (LNG). The future expansion of the small-scale liquefied natural gas (LNG) market will also be aided by the ease with which small-scale reserve sites can be established.
Regional Analysis
There are numerous motivations for small-scale LNG, most of which are essentially location-based. The greatest need is for power to support economic growth in Asia and the majority of Latin America's underdeveloped regions. These growing regions do not require natural gas in its gaseous form in order to maintain their rising standards of living, in contrast to North America or Europe, which have established and developed gas markets. Some villages employ modest, diesel-powered generators, which obviously has an adverse effect on the environment (unless they use expensive low-sulfur diesel).
With sporadic demands of between 100 MW and 150 MW, most emerging regions require power generation capacities of less than 50 MW. Such an application is ideal for small-scale LNG. In contrast to conventional facilities, the author has created modularized LNG facilities for small-scale power generation that are cost-competitive and can be operational relatively soon. The entire cost and complexity must be evaluated against the turnaround costs and time.
The replacement of diesel, which natural gas is perfectly suited for, is one of the main drives in Europe and North America. The US has a parallel programme to the EU's significant sulphur emission control areas (SECAs) effort. A significant push for small-scale LNG facilities is seen in both projects. Due to the excess of oil being processed, diesel prices are currently somewhat low, but over the long term, natural gas will be more affordable and superior.
Historically, bunker oil has been the fuel of choice for naval transportation. For the purpose of reducing the pollution that maritime boats create, the EU and US emissions efforts require that bunker fuel be replaced with natural gas. The development of LNG engines for marine, truck, bus, and rail transportation around the globe has been ignited by this replacement, which is an important turning point for the industry. Engines are already accessible for usage in industry. Additionally, there is a sizable market for converting diesel generator sets into dual-fuel systems that use LNG as a substitute fuel. In addition, new LNG-powered cruise ships, passenger ferries, and petroleum supply tankers are being constructed.
Small-scale companies for the distribution of LNG from micro-LNG facilities are emerging in the US. In these projects, a small- or micro-LNG producer obtains feed gas from a grid of gas pipelines, liquefies the gas in a compact liquefaction facility, and then transports the resulting LNG fuel to nearby harbours, like those in Los Angeles or Long Beach in California, where new environmental regulations are being enforced. Even tiny trucking or bus fleets can receive fuel from these LNG small-scale operations.
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Top Market Leading Companies
- The Linde Group
- Wartsila Corporation
- Honeywell International Inc.
- General Electric
- Engie
- Gazprom
- Gasum Oy
- Sofregaz
- Dresser-Rand
- Prometheus Energy
Small Scale LNG Market Key Segments
By Type
- Liquefaction
- Regasification
By Application
- Heavy-Duty Vehicles
- Industrial & Power
- Marine Transport
- Others (Mining Activities and Rail Engines)
By Region
- Asia Pacific
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Important Countries in All Regions Are Covered.
Key Questions Answered in the Report
- What is the current market size of this high growth market?
- What is the overall growth rate?
- What are the key growth areas, Tire types, Applications and tire types?
- Key reasons for growth
- Challenges for growth
- What technological developments are happening in this area?
Whom does this report help?
- Investors
- Environment, Health and Safety Professionals
- Research Organizations
- Automotive industry
- Original Equipment Manufacturer
- Regulatory Authorities
- Others
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Irfan Tamboli (Head of Sales) - Exactitudeconsultancy Phone: + 1704 266 3234 sales@exactitudeconsultancy.com LinkedIn: https://www.linkedin.com/company/exactitudeconsultancy/
