Market Analysis —
LNG, as an energy source is growing with splendid demands as compared to coal and oil. This is making small-scale LNG market grow by leaps and bounds for not only it is cheaper, but due to Government policies to reduce emission in the environment. Taking this into consideration, a good number of energy source manufacturers are coming up with natural gas production to cater the needs keeping environmental factor in the list. Natural gas emits approximately 20%-30% less gas compared to diesel or gasoline. On the flip side, natural gas emits 50% less than coal during the electricity generation process.
Hence, Global gas demand growth has initiated small-scale LNG market growth at a CAGR of 2.5.
March 2018: Okra Energy was awarded the power generation contract for Peru’s first small-scale natural gas liquefaction (ssLNG) facility.
February 2018: ICE developed new small-scale LNG carrier concept.
September 2017: Keppel signed Heads of Agreement with Pavilion Energy and PLN to explore LNG solutions for Indonesia.
The global small-scale LNG market is likely to have a huge number of advancements over the forecast period, owing to the liquefaction providers as they are offering reduced prices, operating cost, and deployment time. The market is also probable to have high development activities by multinationals and well-established companies.
Market Key Holders
The key players of global small-scale LNG market are Gazprom (Russia), Engie SA (France), Honeywell International Inc. (U.S.), Wärtsilä Corporation (Finland), and The Linde Group (Germany). Skangas AS (Norway), IHI Corporation (Japan), Excelerate Energy L.P (U.S), Prometheus Energy (U.S), Cryostar (U.S.), GE Oil & Gas (U.S.), and Novatek (Russia), are among others.
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Factors driving Market Growth
In the detailed reports by MRFR, the energy sector is facing some obstacles owing to stringent environmental regulations like climatic change, abundant supply, reducing fossil resources. The demand for cleaner and sustainable energy resource and storage issues have also stood up as a significant concern for the market to spread its growth. To cater right amount of benefit, natural gas is converted into liquid for which eases to get stored and in transportation. The leading manufacturers are investing a good amount of share to the small-scale LNG market so that these issues get resolved to make the market growth better in the forecast period.
Furthermore, the primary demand for LNG comes from power plants, fertilizer industry, cooking, commercial usage, transportation fueling and more. Due to such demands, recently, the smaller scale LNG projects have come up to boost requirement for LNG uses. The global gas demand expanded at 2% CAGR in 2017 mainly from power, transport, and others.
The need for small-scale LNG market growth arises from simpler storage facilities, less capacity liquefaction terminal, tankers, ship and trucks for transportation, and minimum risks.
The Global Small-Scale LNG Market is wisely segmented by Mode Of Supply, Type, and Application.
Based on the Mode of Supply : Trucks, Trans-Shipment and Bunkering, and through Pipeline and Rail.
Based on the Type : Liquefaction and Regasification terminals, where liquefaction holds stronger position due to ongoing work for gas storage infrastructure.
Based on Applications : Utilities, Residential, Industrial & Commercial Purposes.
Market Research Future report provides a comprehensive regional segmentation for the global small-scale LNG market. The regions covered are North America, Europe, Asia-Pacific, Middle East & Africa.
The market is likely to grow splendidly in Asia Pacific region and Africa region. This is due to aggregate demand for natural gas as fuel for power and automobile industry. Regions like Japan and South Korea are experiencing a significant surge in liquefaction projects and regasification terminal, helping the market share to grow gradually.
Egypt is the newcomer as an exporter for LNG. Europe is followed by the Asia Pacific and Africa to upsurge small-scale LNG market by fulfilling the demands for LNG usages for various purposes.
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