Small Scale LNG Market Overview:
According to the latest research report published by DataM Intelligence, the Global Small Scale LNG Market was valued at US$ 49,765.03 million in 2022 and is projected to reach US$ 25,898.03 million by 2030. The market is expected to exhibit a CAGR of 10.4% during the forecast period (2023-2030).
Small-scale LNG (SSLNG) is a term used to describe LNG-related facilities (receiving terminals, storage units, boats, and so on) that are smaller in scale than typical LNG infrastructure but have comparable features. Because the LNG market is characterized by economies of scale (more extensive facilities and supply chains decrease per-unit pricing), there aren’t many SSLNG plants.
Natural gas is liquefied by chilling it to around -162°C, causing it to condense into a liquid state. After being cooled to shallow temperatures, the gas becomes an odorless, colorless fluid that may be re-gasified for various purposes. The liquid is stored in specialized tanks before being delivered, railroaded, or transported by vehicle. Small-scale LNG is a dangerous gas discovered in melting buildings and handled by mechanical companies with inadequate safety regulations.
For more insights: https://www.datamintelligence.com/download-sample/small-scale-lng-market
Small Scale LNG Market Drivers:
The Need for Liquefied Natural Gas (LNG) Has Grown Due to The Growing Energy Demand, Leading to an Increase in LNG Production (LNG)
One of the primary reasons driving the market’s growth is the rising need for energy sources that are both inexpensive and efficient in terms of energy utilization. Furthermore, the product’s widespread adoption in transportation hastened market growth. Because of rising energy consumption, the demand for liquefied natural gas (LNG) has increased, resulting in a rise in LNG production (LNG). Demand for liquefied natural gas (LNG) has increased due to government measures to increase rural electrification and the availability of remote areas without power. The future of small-scale LNG is bright.
The sector is propelled ahead by rising natural gas consumption and the need for greener fuel alternatives. Small Scale LNG is becoming more cost-effective and accessible as technology advances, boosting its usage in several applications.
Small Scale LNG Market Restraints:
Price volatility is the word used to describe the variance in the price of a commodity. The small-scale LNG market confronts significant problems due to price volatility, making project planning and execution difficult for buyers and sellers. Furthermore, the risk of price changes makes it difficult for small-scale LNG producers to negotiate and sign long-term contracts with clients.
Small Scale LNG Market Opportunities:
The global small-scale liquefied natural gas (LNG) market presents several opportunities for growth and expansion. Small-scale LNG refers to producing and transporting LNG in smaller quantities than traditional large-scale facilities. The market for small-scale LNG is driven by the increasing demand for cleaner, low-carbon energy sources, especially in the transportation sector.
One of the key opportunities in the global small-scale LNG market is the growing demand for LNG as a marine fuel. Shipping companies increasingly turn to LNG as a cleaner alternative to traditional marine fuels, such as heavy fuel oil. The International Maritime Organization (IMO) has also implemented regulations to reduce the sulfur content of marine fuels, which has increased the demand for cleaner marine fuels such as LNG.
Small Scale LNG Market Challenges:
Nonetheless, the small-scale LNG business has several challenges. One of the major barriers is a lack of LNG distribution and storage infrastructure, particularly in developing countries. This makes it more difficult for Small Scale LNG producers to access markets and may limit the industry’s growth potential.
Covid-19 Impact Analysis:
The COVID-19 pandemic has had a mixed impact on the global small-scale liquefied natural gas (LNG) market. While the pandemic has led to disruptions in the supply chain and delayed some projects, it has also created new opportunities for growth and expansion in the market.
One of the key impacts of the pandemic on the small-scale LNG market has been the delay or cancellation of some projects. Lockdowns, travel restrictions, and supply chain disruptions have led to delays in constructing and commissioning small-scale LNG facilities. However, many of these projects are expected to resume as the world recovers from the pandemic.
Competitive Landscape:
Some of the major companies contributing to the global small-scale LNG market growth include Linde PLC, Wärtsilä, Baker Hughes Company, Honeywell International Inc., Chart Industries, Black & Veatch Holding Company, Anthony Veder, Shell Global, Engie and Eni S.p.A.
Segmentation Analysis:
The global small scale LNG market is segmented based on type, application and, region. By type into liquefaction, and regasification; by application into heavy duty vehicles, marine, industrial & power, and others; by region into North America, Europe, South America, Asia-Pacific, Middle East, And Africa.
The Asia-Pacific Small-Scale LNG Industry is Driven by Rising Demand for Small-Scale LNG
The Asia-Pacific small-scale LNG industry is expanding due to rising demand for small-scale liquefied natural gas (LNG). The Asia-Pacific region relies significantly on energy imports, making it vulnerable to supply interruptions. Small-scale LNG can diversify energy sources in the region and increase energy security. Natural gas consumption is expanding in Asia-Pacific due to its clean-burning features, ample availability, and low cost. Small-scale LNG production can assist in addressing this rising need. Asia-Pacific accounts for 89% of the worldwide market shares and is predicted to increase at an 11.1% CAGR over the forecast period.
Key Developments:
• On March 8, 2022, Honeywell International Inc., a corporation located in Illinois, USA, was awarded a contract by New Fortress Energy, a business based in the United States, to offer technology for LNG pre-treatment at its small and mid-scale ‘Fast LNG’ projects.
• Baker Hughes Company, Texas, signed a memorandum of understanding (MoU) with Technip Energies on November 17, 2022, to develop modularized small and mid-scale LNG systems.
Related Reports:
Global LNG Storage Tank Market
Global Natural Gas Storage Market
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query with regard to the scope offered will be addressed within 24- 48 hours.
3) An Excel sheet with market numbers will be provided separately.
The Full Report has the below insights:
• The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
• Visualize the composition of the global small scale LNG market segmentation by type, application, and region highlighting the key commercial assets and players.
- By Type: Liquefaction, and regasification
- By Application: Heavy duty vehicles, marine, industrial & power, and others
- By Region: North America, Europe, South America, Asia-Pacific, Middle East and Africa.
• Identify commercial opportunities in the global small scale LNG market by analyzing trends and co-development deals.
• The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
• Excel data sheet with thousands of data points of global small scale LNG market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in Excel for the key product of all major market players
• The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
About DataM Intelligence:
DataM Intelligence 4Market Research is a Market Research firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you.
We encompass a multitude of Syndicate Reports & Customized Reports with a robust methodology. Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.
Media Contact
Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Send Email
Phone: 08774414866
Address:DATAM INTELLIGENCE 4MARKET RESEARCH LLP Ground floor, DSL Abacus IT Park, Industrial Development Area, Uppal, Hyderabad, Telangana 500039
City: HYDERABAD
State: Telangana
Country: India
Website: https://www.datamintelligence.com/research-report/small-scale-lng-market