Small-Scale Liquefied Natural Gas (LNG) Market to Reach USD 17.3 Billion By 2032; Increased Distributed Power and Utility Projects to Bolster Growth, says The Brainy Insights
The increasing demand to reduce pollution is expected to drive the small-scale LNG market’s growth. Asia Pacific emerged as the largest market for the global small-scale liquefied natural gas (LNG) market, with a 40% market revenue share in 2022. Robust economic expansion across the emerging countries also drives the consumption of gas-powered power plants, which has expanded the market’s application reach.
Newark, March 20, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 8.1 billion small-scale liquefied natural gas (LNG) market will reach USD 17.3 billion by 2032. Small-scale liquefied natural gas (LNG) is produced in industrial facilities with limited capacity. This gas, when cooled at low temperatures, transforms into an odourless and colourless liquid. After being re-gasified, it can be used for many different applications. When compared to oil and fuel, this type of LNG is found to be less hazardous to the environment. Small-scale LNG is a great solution to meet the requirements of remote residential and industrial complexes, as it can be used for off-grid power generation. Additionally, it is also used in the commercial, industrial, and residential sectors for various purposes, including industrial feedstock, transportation fuel, and heating.
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Key Insight of the Small-Scale Liquefied Natural Gas (LNG)
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific held the largest market share within the global small-scale liquefied natural gas (LNG) market share. China, Asia’s second-largest importer of LNG, recorded the most substantial rise in imported quantities (+7.2 MT or +11.7%), but this was less than its 14% growth in 2019. In the second quarter of 2020, there was a rapid increase in imports of LNG, when LNG imports were preferred over pipeline imports due to lower spot LNG pricing. Phase 3 of the LNG receiving terminal in Qidong, Jiangsu, was completed by Guanghui in June 2020, increasing the receiving capacity of the station to 3.0 MTPA.
Liquefaction terminals dominated the market with the largest revenue of USD 4.37 Billion.
Liquefaction terminals dominated the market with the most significant revenue of USD 4.37 Billion. Australia had the most operational LNG liquefaction capacity as of 2020, followed by Qatar, Indonesia, the United States, Russia, Malaysia, and Algeria. In 2019, Australia surpassed Qatar as the market with the most considerable liquefaction capacity and will be the leading market in 2020.
Power generation accounted for the largest share of the market, with market revenue of USD 3.46 Billion.
Power generation accounted for the largest share of the market, with market revenue of USD 3.46 Billion. Compared to conventional fuels, LNG is often less expensive than diesel, resulting in lower operating expenses. It also has significant environmental benefits, including improved air quality and lower greenhouse gas emissions.
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Advancement in Market
● In February 2021, The FID for the construction of 6 MTPA additional regasification capacity at the LNG terminal of Zeebrugge was given to Fluxys LNG. Early in 2024, the first 4.7 MTPA will be completed, and the remaining 4.7 MTPAs by 2026.
Drivers: Rising Demand for Energy-Efficient Energy Sources
The growing demand for cost-effective and energy-efficient energy sources is one of the key factors driving market expansion. Furthermore, the product’s widespread acceptance in the transportation industry drives market expansion. Rising energy demand has raised the need for liquefied natural gas (LNG), which has increased the output of LNG. Additionally, many distant areas lack power, and government initiatives to boost electrification in rural areas have increased the demand for liquefied natural gas (LNG).
Restraint: Costly Supply Chain
The expensive supply chain infrastructure will likely impede the growth of the small-scale liquefied natural gas (LNG) market. The high cost-per-kilogram operating costs compared to mid-size and large-scale LNG will be detrimental to the small-scale LNG industry. Therefore, the progress of the small-scale liquefied natural gas (LNG) sector could be hindered.
Opportunity: The Integration of New Technology
Increased investments, integration of new technology, and the execution of favourable government policies promoting the deployment of liquefied natural gas (LNG) provide profitable prospects to market participants. Furthermore, the ease of establishing small-scale reserve sites will contribute to the future expansion of the small-scale liquefied natural gas (LNG) market.
Challenge: Natural Resources Depletion
Natural resource depletion is projected to stifle the expansion of the worldwide small-scale liquefied natural gas (LNG) market.
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Some of the major players operating in the Small-Scale Liquefied Natural Gas (LNG) Market are:
● British Petroleum (BP) p.l.c.
● Equinor ASA
● Chevron Corporation
● Gazprom Energy
● China Petroleum & Chemical Corporation
● Eni SpA
● Exxon Mobil Corporation
● Royal Dutch Shell PLC
● PetroChina Company Limited
● Total S.A.
Key Segments cover in the market:
● Liquefaction Terminal
● Regasification Terminal
● Power Generation
● Transportation Fuel
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About the report:
The global Small-Scale Liquefied Natural Gas (LNG) market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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