Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Small Scale LNG Market.
As per the analysis by Market Research Future Reports (MRFR), the global small scale LNG market is estimated to expand at a CAGR of 2.5 during the forecast period. The small-scale LNG market is estimated to have several developments during the forecast period. Lately, the small scale LNG projects have increased the demand for LNG and emerging markets as net exporters and importers. The market is expected to expand due to liquefaction providers providing plug-and-play concepts with a lessened operating cost, price tag, and deployment time. Besides, expansion initiatives taken by well-established and multinationals are also likely to boom the market. The increasing global demand for sustainable fuel sources is propelling market growth. The energy industry is facing restrictions due to the implementation of stringent rules against climate change, growing concern to avail cleaner and sustainable sources of energy, which restricts the market. The source faces storage issues since the volume of natural gas is high. For solution, natural gas is converted to liquid form at liquefaction terminals for ease of transportation. In the last stage, the liquefied gas is again converted to gas at regasification terminals. The number of liquefaction & regasification terminals is growing due to the surging demand for fuel energy. However, the outbreak of COVID-19 is anticipated to hinder the sales and bring a downfall to the market.
The global small scale LNG market can be classified into type, supply, application, and region.
On the basis of type, the global small scale LNG market can be divided into regasification and liquefaction terminals. Among these two segments, the liquefaction terminal is estimated to hold a larger market share.
On the basis of supply, the global small scale LNG market can be divided into Trans-shipment and Bunkering, Trucks, Captive Consumption through Pipeline & Rail. The transshipment and bunkering market is leading owing to the expanding booming shipping industry.
On the basis of application, the global small scale LNG market can be divided into marine, residential, utilities, industrial & commercial, and transportation.
On the basis of region, the global small scale LNG market can be divided into Europe, North America, Middle East & Africa, and Asia-Pacific.
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A geographical analysis of Europe, North America, Middle East & Africa, and Asia-Pacific has been performed. As per the analysis, the APAC and African regions are anticipated to expand owing to the increasing demand for natural gas as fuel for power and automobile industry. South Korea and Japan are enhancing their liquefaction capacity, which surges the market. Both regions are taking initiatives to expand the market. Several projects of liquefaction and regasification terminal have been commenced with an objective of augmentation. Mozambique has located a new gas field, which will make the country a globally recognized gas exporter. Europe is estimated to take the next position after APAC and Africa. As per the European Union Policies, the countries are giving up on coal-based power plants, which increases the demand for LNG.
The major players of global small-scale LNG market are Engie SA (France), Gazprom (Russia), Honeywell International Inc. (U.S.), The Linde Group (Germany), Wärtsilä Corporation (Finland), Skangas AS (Norway), Excelerate Energy L.P (U.S), IHI Corporation (Japan), Prometheus Energy (U.S), G.E. Oil & Gas (U.S.), Cryostar (U.S.), Novatek (Russia) and a few others.
Virginia-based utility company Dominion Energy has enhanced its LNG holdings as the company’s home state pushes for 100% electricity to be produced from renewable sources by 2045. Dominion Energy acquired a small-scale Atlanta-based utility company, Pivotal LNG, for USD 175 million.