Market Research Report
Small-Scale LNG Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||952969|
|Published||Content info||122 Pages
Delivery time: 2-3 business days
|Small-Scale LNG Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: July 18, 2020||Content info: 122 Pages||
The global small-scale LNG market grew at a CAGR of around 7% during 2014-2019. Small-scale liquefied natural gas (LNG) refers to a natural gas that is present in liquefied form and is processed in industrial plants with low capacities. The gas is cooled at extremely cold temperatures and is converted into an odorless and colorless liquid that can be re-gasified for various applications. In comparison to oil and diesel, small-scale LNG is more environment-friendly and is widely utilized in addressing off-grid power generation requirements in remote industrial and residential complexes. In addition to this, it is widely used as a transportation fuel, as an industrial feedstock and for heating purposes in industrial, commercial, and residential sectors.
Rapid industrialization, along with the growing demand for energy-efficient and cost-effective energy sources, is one of the key factors driving the growth of the market. Furthermore, widespread product adoption by the transportation industry is also providing a boost to the market growth. Manufacturers of commercial vehicles are shifting toward LNG over the traditionally used fuel sources as it has complete combustion and fewer carbon emissions. In line with this, the increasing demand for power generation from underdeveloped and remote areas across the globe is creating a positive outlook for the market. Additionally, increasing utilization of LNG as ship fuel over heavy fuel oil, marine gas oil and diesel oil, is acting as another growth-inducing factor. Other factors, including the rising consumer inclination toward greener and cleaner fuel sources, along with increasing investments and the implementation of favorable government policies promoting the adoption of LNG, are projected to drive the market further. Looking forward, IMARC Group expects the global small-scale LNG market to continue its moderate growth during the next five years.