Westford, USA, March 16, 2023 (GLOBE NEWSWIRE) -- North America contributed the largest market shares in the global small scale LNG industry and emerged dominant. This is owing to the presence of large industries that require storage units, receiving terminals, vessels, and others for energy and power storage. The need for low magnitude is further projected to aid in market expansion during the forecast period. In adition to this, the rise in demand for energy, especially in remote locations is projected to boost market growth during the forecast period.
SkyQuest's worldwide research predicts the increase in demand for natural gas across residential and commercial sectors to augment market demand. This coupled with the rise in offshore and onshore activities post COVID era where businesses are back on track will further help create lucrative business opportunities for the global small scale LNG market in the coming years.
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Tables – 116
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According to a recent study by SkyQuest, the rise in need for ship inspection and maintaining activities for the marine sector is considered a key growth driver. For instance, Trident B.V. was acquired by Wartsila, thereby helping the Netherlands-based company, Wartsila to emerge as a global operator for the underwater services market. This acquisition is projected to strengthen the underwater inspection, maintenance, and repair services.
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The key function of LNG terminals is to store and regasification of LNG that is shipped from their respected production units. They use LNG terminals in their liquefied natural form unlike traditional regasification mode. These terminals help to develop and provide natural directly to the consumer. Thus, it is not compulsory to have LNG setups in onshore and offshore markets as they are flexible in terms of manufacturing and transportation bases.
Prominent Players in Small Scale LNG Market
- Novatek
- Prometheus Energy
- Excelerate Energy L.P.
- IHI Corportaion
- Gasnor
- Skangass AS
- Engie
- Plum Energy
- Gazprom
- Energy Holdings Limited
- Glong Indonesia
- General Electric
- Wartsila Corporation
- The Linde Group
- FLUXYS
- Kunlun Energy
- Honeywell International
- Linde Plc.
- Gasum Ltd.
- Cryostar
- NYK Line
- Teekay Corporation
- Mitsui O.S.K. Lines
- Shell Plc.
- Novatek
- Hyundai Heavy Industries & Construction Holdings Co. Ltd.
- Kawasaki Heavy Industries Ltd.
- Hanjin Heavy Industries & Construction Holdings Co. Ltd.
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Liquefaction Segment to Emerge Dominant Attributing to Rise in Exports of LNG
The small scale LNG market is bifurcated into regasification, and liquefaction on the basis of type analysis. Among these, the liquefaction segment earned the largest market share in 2022 and is likely to continue dominating the market in the forecast period as well. Factors supporting the growth of this segment include the rise in transportation activities that includes shifting of natural gas or LNG from one port to another. In addition to this, the increase in the number of liquefaction terminals worldwide is also expected to augment the demand for LNG, thereby creating new growth opportunities for the liquefaction section in the coming years.
Heavy-duty Vehicles Segment to Lead Market in Future Attributing to Increasing use of LNG as fuel for such vehicles
In terms of classification by application, the global market for small scale LNG is categorized into heavy-duty vehicles, industrial & power, marine transport, and others such as rail engines and mining activities. Among these, the heavy-duty vehicles segment held the dominant share in 2022 and is likely to continue so in the forecast period. Factors supporting the growth of this market include the rise in use of LNG as fuel for heavy-duty vehicles.
Regionwise, the small scale LNG market witnessed high market shares from North America on account of the rise in number of LNG export activities. In addition to this, the rise in demand for fiber cement LNG in the developing nations is further projected to augment the growth of this regional market. On the other side, Asia Pacific is projected to rise significantly in the forecast period owing to the increase in number of residential construction activities and rising demand for natural gas from countries such as Japan, Singapore, India, China, and others.
SkyQuest offers both qualitative and quantitative overview of the market focusing on all possible strategies and initiatives taken by market players. It also focuses on the drivers, restraints, challenges, and upcoming opportunities that may shape the future of this market during the forecast period. The table of segmentation is discussed in details with factors supporting the growth of each segment.
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Recent Developments in Small Scale LNG Market
- Ennore LNG terminal was launched in Tamil Nadu, India. This new small scale LNG aims at transporting LNG to consumers with the help of a pipeline that spreads across Tuticorin in South Tamil Nadu via Trichy and Poducherry.
- CNOOC provided LNG distributors such as Longkou Shengtong Energy and pipeline developers such as ENN Energy to utilize their LNG terminals with specific slots on the east coast of China for more than a decade.
Key Questions Answered in Small Scale LNG Market Report
What factors are promoting the growth of the global small scale LNG market?
What are the key application sectors in the small scale LNG market?
Who are the key players of the small scale LNG market and what are their key strategies?
Which region will dominate the small scale LNG market and why?
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