Small Scale LNG Market 2021: COVID-19 Impact In-Depth Analysis & Global Forecast to 2023
Market Synopsis
As per the analysis
by Market Research Future Reports (MRFR), the global small scale LNG market is
estimated to expand at a CAGR of 2.5 during the forecast period. The
small-scale LNG market is estimated to have several developments during the
forecast period. Lately, the small scale LNG projects have increased the demand
for LNG and emerging markets as net exporters and importers. The market is
expected to expand due to liquefaction providers providing plug-and-play
concepts with a lessened operating cost, price tag, and deployment time.
Besides, expansion initiatives taken by well-established and multinationals are
also likely to boom the market. The increasing global demand for sustainable
fuel sources is propelling market growth. The energy industry is facing
restrictions due to the implementation of stringent rules against climate
change, growing concern to avail cleaner and sustainable sources of energy,
which restricts the market. The source faces storage issues since the volume of
natural gas is high. For solution, natural gas is converted to liquid form at
liquefaction terminals for ease of transportation. In the last stage, the
liquefied gas is again converted to gas at regasification terminals. The number
of liquefaction & regasification terminals is growing due to the surging
demand for fuel energy. However, the outbreak of COVID-19 is anticipated to
hinder the sales and bring a downfall to the market.
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Market Segmentation
The global small scale LNG market can be classified into type, supply,
application, and region.
On the basis of type,
the global small scale LNG market can be divided into regasification and liquefaction terminals. Among these
two segments, the liquefaction terminal is estimated to hold a larger market
share.
On the basis of supply,
the global small scale LNG market can be divided into Trans-shipment and Bunkering, Trucks, Captive
Consumption through Pipeline & Rail. The transshipment and bunkering market
is leading owing to the expanding booming shipping industry.
On the basis of
application, the global small scale LNG market can be divided into marine, residential,
utilities, industrial & commercial, and transportation.
On the basis of
region, the global small scale LNG market can be divided into
Europe, North America, Middle East & Africa, and Asia-Pacific.
Regional Analysis
A geographical
analysis of Europe, North America, Middle East & Africa, and Asia-Pacific
has been performed. As per the analysis, the APAC and African regions are
anticipated to expand owing to the increasing demand for natural gas as fuel
for power and automobile industry. South Korea and Japan are enhancing their
liquefaction capacity, which surges the market. Both regions are taking
initiatives to expand the market. Several projects of liquefaction and
regasification terminal have been commenced with an objective of augmentation.
Mozambique has located a new gas field, which will make the country a globally
recognized gas exporter. Europe is estimated to take the next position after
APAC and Africa. As per the European Union Policies, the countries are giving
up on coal-based power plants, which increases the demand for LNG.
Key Players
The major players of
global small-scale LNG market are Engie SA
(France), Gazprom (Russia), Honeywell International Inc. (U.S.), The Linde
Group (Germany), Wärtsilä Corporation (Finland), Skangas AS (Norway),
Excelerate Energy L.P (U.S), IHI Corporation (Japan), Prometheus Energy
(U.S), G.E. Oil & Gas (U.S.), Cryostar (U.S.), Novatek (Russia) and a few
others.
Industry News
Virginia-based
utility company Dominion Energy has enhanced its LNG holdings as the company’s
home state pushes for 100% electricity to be produced from renewable sources by
2045. Dominion Energy acquired a small-scale Atlanta-based utility company,
Pivotal LNG, for USD 175 million.
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