The global small-scale LNG market is believed to record a CAGR of 2.5 per cent from 2020 to 2026. The demand for the global small-scale LNG market is primarily boosted by growing demand for small-scale LNG in various end-use applications, namely, heavy-duty vehicles, marine transport, and industrial and power.
With respect to type, the liquefaction segment is likely to be the most noteworthy contributor in the global small-scale LNG market during the forecast period. The liquefaction segment is estimated to account for the higher market share over the forecast period. The growth in this segment is attributed to the rising export of LNG, which requires liquefaction prior to be transported from one port to another. In addition, the growing number of liquefaction terminals across the world is boosted by the increase in the demand for LNG. These afore-mentioned factors are expected to drive demand during the forecast period.
On the basis of application, the heavy-duty vehicles segment is predicted to be the most important contributor in the global small-scale LNG market over the forecast period. The growth in this segment is majorly ascribed to the growing use of LNG as fuel in heavy-duty vehicles, particularly in China and European countries. LNG is the most feasible option for long-haul LNG-fuelled trucks around the world. In heavy-duty vehicles, the density of LNG can vary substantially across a range of saturation pressures and storage temperatures. The LNG vehicle fuel system delivers natural gas to the engine at a required supply pressure while maximizing the fuel density at vehicle tanks and fuelling stations. These factors are expected to drive demand during the forecast period.
Geographically, the Asia-Pacific region is likely to be the largest market within the global small-scale LNG market during the forecast period. The APAC region is the largest and fastest-growing small-scale LNG market, given its enhancing usage in various end-use applications, such as, heavy-duty vehicles and industrial and power. The upsurge in the demand is due to the growing population, rising disposable income, and overall economic growth in the South East Asian nations of China, South Korea, and Taiwan. These factors are attributed to fuel the demand for small-scale LNG in the region during the forecast period.
Some of the major vendors in the global small-scale LNG market include: Wartsila Corporation (Finland), The Linde Group (Germany), General Electric (US), Honeywell International Inc. (US), Engie (France), and Gazprom (Russia).
Check for the report description at: Global Small-Scale LNG Market Size, Trends, Analysis - Forecasts to 2026