“Increasing demand from heavy-duty vehicles and industrial & power applications will drive the overall growth of the small-scale LNG market.”
The small-scale LNG market size is expected to grow from USD 2.3 billion in 2020 to USD 2.6 billion by 2025, at a CAGR of 2.6%, during the forecast period. 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.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the small-scale LNG marketplace.
- By Company Type - Tier 1: 30%, Tier 2: 30%, and Tier 3: 40%
- By Designation – C-Level Executives: 30%, Directors: 50%, Others: 20%
- By Region – North America: 30%, Europe: 40%, APAC: 10%, Middle East & Africa: 10% and South America: 10%
The small-scale LNG market comprises major solution providers, such as The Linde Group (Germany), Wartsila Corporation (Finland), Honeywell International Inc. (US), General Electric (US), Engie (France), and Gazprom (Russia) among others. The study includes an in-depth competitive analysis of these key players in the small-scale LNG market, with their company profiles, and key market strategies.
The report covers the small-scale LNG market based on application, type, and region. This study aims at estimating the size and future growth potential of the market across various segmentation types. It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of size of the overall small-scale LNG market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights into position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.