DUBLIN–(BUSINESS WIRE)–The “Small-Scale LNG Market by Type (Liquefaction, Regasification), Application (Heavy-Duty Vehicles, Industrial & Power, Marine Transport), Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The small-scale LNG market size is estimated to be USD 2.3 billion in 2020 and is projected to reach USD 2.6 billion by 2025, at a CAGR of 2.6%.
It is driven by various factors, such as increasing demand for small-scale LNG from heavy-duty vehicles, marine transport, and industrial & power applications. The growth of these industries is expected to further propel the growth of the market during the forecast period. However, factors, such as limited receiving terminal infrastructure in APAC and fluctuating price of small-scale LNGs are likely to hinder the growth of the market.
Liquefaction segment is likely to drive the global market during the forecast period
The small-scale LNG market has been segmented on the basis of type as liquefaction and regasification. The liquefaction segment accounted for the larger share of the market during the forecast period. The market growth in this segment is attributed to the increase in export of LNG, which requires liquefaction before it can be transported from one port to another. These factors are expected to increase demand during the forecast period.
Heavy-duty vehicles segment is expected to account for the largest market share during the forecast period
The heavy-duty vehicles segment is growing rapidly owing to the increasing use of LNG as fuel in heavy-duty vehicles, especially in China and European countries. LNG is the most viable option for long-haul LNG-fueled trucks globally. In heavy-duty vehicles, the density of LNG can vary considerably over a range of saturation pressures and storage temperatures.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to witness the highest growth rate during the forecast period due to significant developments in various end-use applications such as industrial & power, heavy-duty vehicles, and marine transport. The growing population and economic growth in major countries, such as China and Taiwan, and growing disposable income will also drive the market. Europe is projected to be the second-largest market during the forecast period.
- Energy Cost Advantage of LNG
- Environmental Benefits
- Fiscal Regime and Subsidies
- Limited LNG Receiving Terminal Infrastructure in APAC
- Integration of New Technology
- The Linde Group
- Wartsila Corporation
- Honeywell International Inc.
- General Electric
- Gasum Oy
- Prometheus Energy
- Plum Energy
- Excelerate Energy L.P.
- Cryostar Sas
- IHI Corporation
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