Small-Scale LNG Market 2023 – 2030 by Application (Heavy-Duty Vehicles, Industrial & Power, Marine Transport), Type (Liquefaction, Regasification) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Chemicals & Materials | Pages : 176 Pages | Published On : Jul 2023
In 2023, the small-scale LNG market had a valuation of USD 2.3 billion, and it is expected to reach USD 2.6 billion by 2030, with a compound annual growth rate (CAGR) of 2.6% during the period from 2023 to 2030. The increasing demand for small-scale LNG primarily stems from its various applications in end-use sectors such as heavy-duty vehicles, marine transport, and industrial and power sectors. These factors drive the demand for small-scale LNG in the market.
Based on type, the liquefaction segment is expected to be the most significant contributor in the small-scale LNG market during the forecast period.
The liquefaction segment is projected to hold a significant market share during the forecast period. The growth of this segment can be attributed to the rising export of liquefied natural gas (LNG), which necessitates the liquefaction process for its transportation between ports. Additionally, the global increase in LNG demand is driving the establishment of more liquefaction terminals worldwide. These factors are expected to contribute to the demand for liquefaction in the market throughout the forecast period.
By application, the heavy-duty vehicles segment is expected to be the most significant contributor in the small-scale LNG market during the forecast period.
In 2020, the heavy-duty vehicles segment is projected to hold the largest market share. This growth can be attributed to the rising adoption of liquefied natural gas (LNG) as a fuel in heavy-duty vehicles, particularly in China and European countries. LNG serves as the most viable option for long-haul LNG-powered trucks on a global scale. Within heavy-duty vehicles, the density of LNG can vary significantly depending on the range of saturation pressures and storage temperatures. To optimize fuel density at vehicle tanks and fueling stations, the LNG vehicle fuel system ensures the delivery of natural gas to the engine at the required supply pressure. These factors are anticipated to drive the demand for LNG in heavy-duty vehicles throughout the forecast period.
APAC is expected to be the largest market during the forecast period
The Asia-Pacific region is the largest and most rapidly expanding market for small-scale LNG, driven by its growing utilization in diverse end-use applications, including heavy-duty vehicles, industrial, and power sectors. The surge in demand is attributed to factors such as a growing population, increasing disposable income, and robust economic growth in countries like China, South Korea, and Taiwan. These factors are anticipated to further propel the demand for small-scale LNG in the APAC region throughout the forecast period.
Key Market Players
Key players in the small-scale LNG market consist of The Linde Group (Germany), Wartsila Corporation (Finland), Honeywell International Inc. (US), General Electric (US), Engie (France), and Gazprom (Russia).
This research report categorizes the small-scale LNG market based on type, application, and region.
• Heavy-duty vehicles
• Industrial & power
• Marine transport
• Others (mining activities and rail engines)
• Asia Pacific (APAC)
• North America
• Middle East & Africa
• South America
• Honeywell made an announcement in September 2018 regarding the acquisition of Ortloff Engineers, Ltd., a privately held company recognized for its expertise as a licensor and developer of specialized technologies that yield substantial returns in natural gas processing and sulfur recovery.
• In February 2018, The Linde Group successfully constructed a new LNG storage plant named Linde in Russia. The Engineering Division accomplished the construction of full-containment LNG storage tanks associated with the project in an unprecedented timeframe, highlighting their efficiency and proficiency in this domain.
• Wartsila expanded its operations in February 2017 through the acquisition of Trident BV, a company based in the Netherlands specializing in underwater ship maintenance, inspection, and repair services. This acquisition positions Wartsila as a prominent global player in the underwater services market, solidifying its position as a leading operator in this industry.
The report aims to answer the following key questions:
• Where are the potential revenue opportunities in the small-scale LNG market?
• Which significant developments are anticipated to have a significant impact on the market?
• Which products/technologies are expected to surpass the current technologies in the market?
• How will the regulatory scenario influence the market in the future?
• What will be the future product portfolio in the small-scale LNG market?
• What are the primary strategies employed by market leaders?
Table and Figures
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Covered Key Topics
Market Growth Drivers
Leading Market Players
Company Market Share
Market Size and Growth Rate
Market Trend and Technological