Small-Scale LNG Market Worth 48.3 Million Tons per Annum by 2022 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 23, 2019 /PRNewswire/ -- According to the new market research report "Small-Scale LNG Market by Type (Liquefaction Terminal and Regasification Terminal), Application (Heavy-Duty Vehicles, Marine Transport, and Industrial and Power), and Region (North America, Europe, Asia-Pacific, South America) - Global Forecast to 2022", published by MarketsandMarkets™, From the supply-side, Small-Scale LNG capacity is projected to reach 48.3 Million tons per annum by 2022, at a CAGR of 6.7% from 2017 to 2022.
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Increasing use of liquefied natural gas (LNG) by various applications, such as heavy-duty vehicles and electric power generation, technological advancements being carried out in liquefied natural gas (LNG) liquefaction and regasification processes, and increasing demand of liquefied natural gas (LNG) from the Asia-Pacific region are expected to fuel the growth of the Small-Scale LNG Market during the forecast period. Increasing demand for liquefied natural gas (LNG) from the remote locations for use in power generation plants and global commoditization of liquefied natural gas (LNG) are the major factors driving the demand for liquefied natural gas (LNG) from small-scale regasification terminals. This, in turn, is expected to fuel the growth of the Small-Scale LNG Market during the forecast period.
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The industrial and power segment of the Small-Scale LNG Market is expected to gain maximum traction during the forecast period, 2017 to 2022.
In terms of volume, the industrial and power segment is projected to lead the Small-Scale LNG Market during the forecast period. There are significant opportunities for Island-based LNG to drive the demand in the industrial & power applications, especially in countries such as Indonesia, the Philippines, and Myanmar. Islands in the Mediterranean Sea such as Malta and Sardinia (Italy) are also investing in small-scale LNG infrastructure to serve applications such as industrial & power plants. The key enabler for small-scale LNG in the industrial & power application is the development of a sustainable and efficient logistic network, as most of the small-scale terminals and end users are in remote locations. In 2016, Royal Dutch Shell (Netherlands) and the Government of Gibraltar signed an agreement for the supply of LNG for use in power generation in Gibraltar.
Among types, the liquefaction terminals segment is projected to lead the Small-Scale LNG Market during the forecast period, 2017 to 2022.
Among types, the liquefaction terminals segment is projected to lead the Small-Scale LNG Market during the forecast period. The increasing demand of LNG from remote locations and global commoditization of LNG are some of the major factors that are driving the demand for LNG from small-scale liquefaction terminals. Similarly, the development of downstream infrastructure and logistics, remote regasification terminals, trucking stations, and bunkering are some of the key factors for building up a robust market for small-scale LNG. Small-scale LNG liquefaction terminals are an attractive complement to large-scale LNG terminals. Technological advancements have made monetization of stranded gas reserves possible in new locations, providing opportunities for energy companies to take advantage of the growing LNG market.
The North America Small-Scale LNG Market is projected to grow at the highest CAGR during the forecast period.
The North America Small-Scale LNG Market is projected to grow at the highest CAGR during the forecast period. In North America, most of the small-scale LNG demand in industrial & power applications is met through peak shaving facilities. The peak shaving facilities are used to meet adequate supply of LNG to address the peak demand. In 2015, there were more than 100 peak shaving facilities in the U.S., among which one-half of the peak shaving facilities were located in the Northeast, while a quarter of them were located in the Midwest. Currently, the U.S. has among the highest number of peak shaving plants. However, less than 10% of them are available for any other use due to the current electricity demand. The commissioning of small-scale liquefaction plants can expand the peak shaving capacities in the region.
The key players profiled in the report are:
- The Linde Group (Germany)
- Wärtsilä (Finland)
- Honeywell International Inc. (U.S.)
- General Electric (U.S.)
- ENGIE (France)
- Gazprom (Russia)
- Skangas (Norway)
- Sofregaz (France)
- Dresser-Rand (U.S.)
- Prometheus Energy (U.S.)
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