Global Small-Scale LNG Market to Reach US$ 2.6 Billion by 2025, at a CAGR of 2.6%- Latest Report by MarketsandMarkets™

Global Small-Scale LNG Market to Reach US$ 2.6 Billion by 2025, at a CAGR of 2.6%- Latest Report by MarketsandMarkets™
Browse 115 market data Tables and 40 Figures spread through 134 Pages and in-depth TOC on “Small-Scale LNG Market
Small-Scale LNG Market by Type (Liquefaction, Regasification), Application (Heavy-Duty Vehicles, Industrial & Power, Marine Transport), Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)

The global small-scale LNG market size is projected to reach USD 2.6 billion by 2025, at a CAGR of 2.6% during the forecast period. It is mainly driven by the economies of scale in the design and construction of facilities. Small-scale LNG has gained attractiveness in the recent years, due to several factors including environmental emission policies, increasing LNG demand from remote locations in applications, such as industrial & power, and the ability to transport LNG over long distances without the need for heavy investment in pipelines, land acquisition across multiple states or countries, and the operational costs of such pipelines. 

Based on type, the liquefaction segment is projected to account for the larger share in terms of value during the forecast period. The growth of the segment is attributed mainly to the increasing export of LNG, which requires liquefaction before it can be transported from one port to another. The factors mentioned above will drive demand for small-scale LNG during the forecast period.  

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Based on application, the heavy-duty vehicles segment will account for the largest share, in terms of value, during the forecast period. The growth of the segment is attributed to the increasing use of LNG as fuel in heavy-duty vehicles and long trucks in APAC, especially in China, as it reduces carbon emission and thus has environmental benefits. 

APAC is the largest and fastest-growing market for small-scale LNG. The growth in the APAC region can be attributed to an increase in the consumption of small-scale LNG. The increasing demand for small-scale LNG in heavy-duty vehicles, industrial, and power applications supports market growth in the region. There are significant opportunities for the island-based LNG (small-scale LNG terminals located at islands) segment to grow, particularly in industrial and power applications, in Indonesia, the Philippines, Myanmar, among others. In Southeast Asia, players such as PERTAMINA (Indonesia) and Energy World Corporation (EWC) are investing in the development of small-scale LNG facilities. The rapidly growing demand for small-scale LNG applications, competitive manufacturing costs, and high economic growth rates are the favorable forces driving the small-scale LNG market in this region.   

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The rising demand for LNG from different end-use applications such as heavy-duty vehicles, and industrial & power are propelling the growth of the small-scale LNG market globally. However, factors such as the global economic slowdown and limited receiving terminal infrastructure in APAC could affect market growth. 

The Linde Group (Germany), Wartsila Corporation (Finland), Honeywell International Inc. (US), General Electric (US), Engie (France), and Gazprom (Russia) are some of the key players dealing in small-scale LNG globally. These companies have focused on expansion, agreements, joint ventures, and mergers & acquisition as their key business strategies to be competitive in the market. 

The Linde Group was selected as licenser by Gazprom and Project EPC contractor SRDI Oil & Gas Peton for a mid-scale LNG production, storage, and shipment complex in Portovaya, located in Russia at the Baltic Sea. The plant liquefies natural gas coming from the nearby compressor station, which is part of Gazprom’s Nord Stream pipeline. 

Wartsila Corporation, one of the leading companies operating in the small-scale LNG market, acquired Trident BV, a Netherlands-based company specialized in underwater ship maintenance, inspection, and repair services. The acquisition enables Wartsila to become a leading global operator in the underwater services market.

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