The Small-Scale LNG Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Small-Scale LNG Global Market Report 2024, The small-scale lng market size has grown strongly in recent years. It will grow from $17.35 billion in 2023 to $18.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to energy demand diversification, environmental regulations, natural gas abundance, remote area energy solutions, transportation fuel transition..
The small-scale lng market size is expected to see strong growth in the next few years. It will grow to $25.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to public perception and acceptance, flexibility and scalability, competitive pricing, global energy trade shifts, diversification in industrial use, rising energy demand.. Major trends in the forecast period include energy transition focus, environmental awareness, natural gas availability, remote area energy solutions, transportation industry shift..
Increasing inclination towards a greener and cleaner fuel is expected to propel the growth of the small-scale LNG market. Green fuels, also known as green hydrocarbons or biofuels, are fuels derived from biomass via a variety of biological and thermochemical processes that do not pollute the environment. The inclination towards a greener and cleaner fuel is increasing mainly due to the need to reduce environmental impact and depleting natural resources. This inclination will drive demand for small-scale LNG as it emits 40% less CO2 (carbon dioxide) than coal and 30% less than oil, making it the cleanest of the fossil fuels. In addition, it does not produce soot, dust, or particulates. For instance, in 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the global demand for biofuels is set to grow by 41 billion liters or 28%, over 2021 to 2026 in the main case. Therefore, increasing inclination towards a greener and cleaner fuel will drive the growth of the small-scale LNG market.
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The small-scale lng market covered in this report is segmented –
1) By Type: Liquefaction, Regasification
2) By Mode Of Supply: Truck, Rail, Transhipment And Bunkering, Captive Consumption Through Pipeline
3) By Application: Industrial, Transportation, Utilities, Marine
Major companies operating in the small-scale LNG market are launching new vessels such as small-scale LNG bunkering vessels to address the increasing demand for sustainable solutions. A small-scale LNG bunkering vessel is a ship designed and equipped to provide liquefied natural gas (LNG) bunkering services on a smaller scale, typically for the refueling of ships. For instance, in 2023, Axpo, a Switzerland-based company that specializes in renewable energy, launched a small-scale LNG bunkering vessel. The ship, with a potential capacity of 7,500 cubic meters, is set to be constructed at the San Giorgio shipyard in Piombino, Italy. In the future, the vessel may be utilized for transporting bio-LNG and ammonia, the latter of which is increasingly recognized as a zero-carbon fuel, especially within the maritime sector. The vessel is set to conduct ship-to-ship and ship-to-truck services off the coast of Naples, facilitating the transfer of LNG to onshore tanker trucks for distribution, contributing to the maritime industry’s shift towards cleaner and more sustainable energy sources.
The small-scale lng market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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