Global Small Scale LNG Market Research Report: Information by Type (Liquefaction Terminal, Regasification Terminal), Mode of Supply, Application (Utilities, Residential, Industrial, Commercial, Marine, Transportation), and Region – Forecast till 2023
Pune, India – December 3, 2018 —
The Global Small-Scale LNG Market is presumed to expand at 2.5% CAGR during the forecast period (2018-2023) owing to environmental benefits, asserts Market Research Future (MRFR). Liquefied natural gas (LNG) is a form of natural gas which is converted into liquid form with the help of liquefaction. It is a clean source of fossil fuel with the lowest emission of pollutants. The gas is cooled at -1600 degree Celsius in order to convert it into a colorless and odorless liquid which can be re-gasified at end-use destination. Small-scale LNG sums up the transportation of LNG from the liquefaction terminal to the re-gasification terminal through ships, tankers, and trucks.
Drivers and Constraints Impacting the Global Market
With the increasing demand for electricity, the demand for LNG has triggered during the review period, which has further resulted in the higher production of LNG. Growing government initiatives regarding rural electrification have spurred the demand for LNG. Moreover, several remote areas are devoid of electricity supply. This is further considered to augment the demand for small-scale LNG in the coming years. Additionally, rapid industrialization and growing household requirement have increased the demand for the production of electricity, which has augmented the market for small-scale LNG across the globe. With the reduction in natural gas prices and fluctuation in the crude oil prices caused due to excessive production of crude oil are contributing to the market growth globally.
On the flip side, LNG production is not cost-effective as it involves substantial amount of technology. Use of high-end technologies further makes the process challenging which impedes the market growth.
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Global Small-Scale LNG Market: Segmental Analysis
The Global Small-Scale LNG Market has been segmented on the basis of Type, Mode of Supply, Application, and Region.
By Mode of Type, the Global Small-Scale LNG Market has been segmented into regasification and liquefaction terminals. Among these, the liquefaction terminal is considered to hold the larger market share owing to the rising natural gas storage infrastructure.
By Mode of Supply, the Global Small-Scale LNG Market has been segmented into trans-shipment and bunkering, trucks, and captive consumption through pipeline & rail. Among these, the trans-shipment and bunkering holds the prominent share owing to the flourishing shipping industry.
By Mode of Application, the Global Small-Scale LNG Market has been segmented into residential, utilities, marine, industrial & commercial, and transportation. Among these, the industrial segment is projected to lead the small-scale LNG market. There are several opportunities for Island-based LNG to augment the demand in the industrial applications, especially in economies such as the Philippines, Indonesia, and Myanmar.
Geographically, the Small-Scale LNG Market span across regions namely, Europe, North America, Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific is considered to expand at a rapid pace owing to the growing demand for natural gas in the automobile and power industry. The region is also experiencing a surge in regasification and liquefaction terminal which is further influencing the market growth in this region. Economies such as Japan and South Korea are growing their liquefaction capacity, which is augmenting the market growth.
European is presumed to follow the Asia Pacific region during the review period. As per the European Union policies, the regions are phasing out their coal-based power plants, thus creating a surge in demand for LNG.
The noteworthy players operating the Global Small-Scale LNG Market are GE Oil & Gas (U.S.), Honeywell International Inc. (U.S.), Prometheus Energy (U.S), Novatek (Russia), Gazprom (Russia), Skangas AS (Norway), IHI Corporation (Japan), Cryostar (U.S.), Engie SA (France), Wärtsilä Corporation (Finland), The Linde Group (Germany), and Excelerate Energy L.P (U.S).
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November, 2018: Golar is looking forward to small-scale sources of LNG demand in Brazil in order to increase the utilization of its Nanook FSRU. Nanook is Golar’s eighth FSRU and was delivered by the Samsung Heavy Industries shipyard in the South Korean region on September. It is on its way to Sergipe, where it will be moored in preparation for supplying 1.5 GW power project.
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This news is published on Reuters.