Small Scale LNG Market is expected to be Dominated by Transportation Segment in the Forecast Period
Growing demand of energy consumption and Integration of Technologies and Government
Policies propelling the Small-Scale LNG Market growth in the forecast period.
According to TechSci
Research report, Small Scale LNG Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018–2028F, the Global Small Scale LNG
Market is
expected to register robust growth during the forecast period, 2024-2028. Due
to its advantages over diesel and fuel oil from an economic and environmental
standpoint, LNG is largely utilised to fuel ships and trucks. LNG can increase
the life of a vehicle by up to three times because it is naturally
non-corrosive and non-toxic. Also, because LNG has a very low boiling point,
relatively less heat and mechanical energy are needed to transform it from a
solid into a gas at high pressure. As a result, LNG is a useful fuel for
transportation. Natural gas that has been cooled down to a liquid state for
convenience and safety of non-pressurized storage or transport is known as
liquefied natural gas (LNG). LNG is made up primarily of methane, CH4, with a
little amount of ethane, C2H6. It occupies roughly 1/600th of the volume of
natural gas when it is gaseous (at standard conditions for temperature and
pressure). LNG has no smell, no colour, no toxicity, and no corrosion.
Asphyxia, freezing, and flammability after vaporisation into a gaseous state
are risk. Several elements that could cause issues later during the
liquefaction process must be eliminated, including dust, acid gases, helium,
water, and heavy hydrocarbons.
The market will be
dominated by Asia-Pacific, in recent years, Asia-Pacific has led the world in
the implementation of small-scale LNG projects. While the need for natural gas
keeps rising in nations like China, India, Singapore, Japan, and others. There
has been an increase in interest in the usage of small-scale LNG (SSLNG) in
recent years. China is one of the principal nations in the globe that, as of
2021, contributed significantly to the rise in LNG demand. In 2020, there
were about 12 million tonnes of LNG imported; in 2021, there were 79 million
tonnes. This surge in demand caused China to overtake Japan to become the world's
largest LNG importer. Demand has increased because of Chinese LNG buyers
negotiating long-term contracts for more than 20 million tonnes annually. China
has LNG terminals and produces its own natural gas, which is imported through
these facilities. The need for small-scale LNG is rising due to growth in
China's industrial, residential, and power generation sectors, with the
transportation sector showing the most promise.
China has over
113 thousand LNG trucks by 2020, and with an increasing emphasis on finding a
fuel alternative with low carbon emissions for heavy truck transportation, LNG
would be the one of the greatest replacements for diesel-fueled engines. Small
LNG plants are likely to expand in China mostly due to an increase in LNG
trucks due to the higher cost of diesel compared to natural gas.
Browse over XX market data Figures spread through 80
Pages and an in-depth TOC on the "Global Small Scale LNG Market"
The Global Small
Scale LNG Market is divided into Type, Mode of supply, Storage Tank,
Application, and region. Based on Type, the market is segmented into
Liquefaction Terminal, Regasification Terminal. Based on Mode of Supply the
market is divided into Trucks, Shipment and Bunkering, Rail Tanks, Pipeline,
Others. Based on Storage Tank the market
is divided into, Atmospheric, Pressurized and Floating Storage (FSU). Based on
Application, the market is divided into Transportation, Industrial Feedstock,
Power Generation, and Other Applications. Base on Region the market is
segmented into North America, Asia-Pacific, Europe, South America, Middle East.
Based on Application,
Transportation Segment Expected to Dominate the Market. Compared to diesel and
fuel oil, LNG is more economically and environmentally advantageous, which is
why it is mostly utilised to fuel ships and trucks. The life of a vehicle can
be increased by up to three times thanks to LNG's non-corrosive and non-toxic
nature. Furthermore, LNG has a very low boiling point, which means that little
heat and minimal mechanical energy are needed to transform it from a solid into
a gas at high pressure. LNG is a good fuel for transportation because of this. It
is extremely difficult to handle LNG since even a small temperature difference
can cause the fuel to boil and vaporise, resulting in fuel waste. Consequently,
it renders passenger automobiles far less economically viable than heavier
vehicles like commercial trucks. The use of LNG in the transportation sector
has been constrained as a result.
Global adoption of
LNG as a fuel for transportation is on the rise. Trucks fuelled by LNG have
already begun to be used in China, the US, and Europe, mostly for long-distance
freight transportation. Government initiatives like China VI and the European Green
Deal that address decarbonization and emission control are mostly to blame. The
European Green Deal, created in 2019 by the European Commission, is a package
of legislative proposals with the goal of making Europe carbon-neutral by the
year 2050. The policies stress the use of LNG as a fuel for trucks and marine
vessels and briefly highlight the significance of LNG in achieving the goal.
Major market players in the
Global Small Scale LNG Market: -
- PJSC Gazprom
- Engie SA
- Honeywell
International Inc.
- Wärtsilä
Corporation
- The Linde Group
- Skangas AS
- IHI Corporation
- Excelerate Energy
L.P
- Prometheus Energy
s.r.o.
- GE Oil & Gas
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"The primary factors
influencing the market are the energy cost-benefit of L.N.G., environmental
benefits, and growing demand from various applications such as heavy trucks,
contemporary force, and marine vehicles. Recently, there have been more and
more needs for power, which has raised interest in L.N.G. and led to a rise in
L.N.G. production.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
Global management consulting firm.
Global Small Scale LNG Market –Global Industry Size,
Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented By Type (Liquefaction Terminal, Regasification
Terminal), Mode of Supply (Trucks, Shipment and Bunkering, Rail Tanks,
Pipeline, Others), Storage tank (Atmospheric, Pressurized and Floating Storage
(FSU)), Application (Transportation, Industrial Feedstock, Power Generation,
and Other Applications), By Region has evaluated
the future growth potential of Global Small Scale LNG Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities Global Small Scale LNG Market.
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