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(IndustryNews247.Com, December 08, 2022 ) 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.
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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.
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.
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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.
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.
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Industrial News TV