Small-scale LNG Market Valued at USD 14.109 Billion in 2022, Set for Strong Growth with an 6.05% CAGR Until 2028

Posted by TechSci Research on March 21st, 2024

Increasing energy consumption and technological integration, along with government policies, are driving growth in the Small-Scale LNG Market.

TechSci Research, the Global Small Scale LNG Market is projected to grow significantly from 2024 to 2028. LNG, preferred over diesel and fuel oil due to its economic and environmental benefits, is widely used in ship and truck fueling. Its non-corrosive and non-toxic nature can extend vehicle lifespan up to three times. Moreover, LNG's low boiling point requires minimal energy for conversion to gas, making it an efficient transportation fuel.

Asia-Pacific is expected to dominate the market, leading in small-scale LNG project implementation. Countries like China, India, Singapore, and Japan are witnessing a rising demand for natural gas, driving interest in small-scale LNG adoption. China, in particular, has experienced a significant increase in LNG demand, becoming the world's largest LNG importer in 2021. This surge is attributed to China's industrial, residential, and power generation sectors, with the transportation sector showing promising growth.

With over 113 thousand LNG trucks in China by 2020, there is a growing focus on low-carbon emission fuel alternatives for heavy truck transportation, positioning LNG as a viable replacement for diesel engines. The higher cost of diesel compared to natural gas is likely to drive the expansion of small-scale LNG plants in China, catering to the increasing demand from the transportation sector.

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The Global Small Scale LNG Market is categorized into Type, Mode of supply, Storage Tank, Application, and region. Types include Liquefaction Terminal and Regasification Terminal, while Mode of Supply comprises Trucks, Shipment and Bunkering, Rail Tanks, Pipeline, and Others. Storage Tank options include Atmospheric, Pressurized, and Floating Storage (FSU). Applications range from Transportation, Industrial Feedstock, Power Generation, to Other Applications, across regions like North America, Asia-Pacific, Europe, South America, and the Middle East.

In terms of Application, the Transportation segment is poised to lead the market. LNG offers economic and environmental advantages over diesel and fuel oil, making it the preferred choice for fueling ships and trucks. LNG's non-corrosive and non-toxic nature extends vehicle lifespan up to three times. Additionally, its low boiling point requires minimal energy for conversion to gas at high pressure, making it an efficient transportation fuel. However, challenges arise in handling LNG due to its sensitivity to temperature changes, resulting in fuel waste and limiting its application in passenger automobiles. Despite constraints, global adoption of LNG in transportation is increasing, particularly in long-distance freight transportation in China, the US, and Europe, driven by government initiatives like China VI and the European Green Deal. The European Green Deal, introduced in 2019, aims for carbon neutrality by 2050 and emphasizes LNG use in trucks and marine vessels to achieve this 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 market is primarily influenced by the cost-effectiveness of L.N.G., its environmental advantages, and increasing demand from various sectors such as heavy trucks, contemporary force, and marine vehicles," explained Mr. Karan Chechi, Research Director at TechSci Research.

The report "Global Small Scale LNG Market –Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028" assesses the future growth prospects of the market. It provides insights into market size, structure, and future growth, aiming to offer valuable market intelligence for informed investment decisions. Additionally, the report identifies and analyzes emerging trends, drivers, challenges, and opportunities in the Global Small Scale LNG Market.

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