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Small-Scale LNG Market Report 2024-2033 - Key Trends and Growth Analysis
Small-Scale LNG Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The growing demand of natural gas is expected to propel the growth of the small-scale LNG market going forward. Natural gas is a fossil fuel primarily composed of methane, used as a source of energy for heating, electricity generation, and as a fuel for vehicles. Small-scale LNG is revolutionizing local natural gas commerce, offering flexibility, environmental benefits, and improved energy security. For instance, in July 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the global demand for gas is expected to increase by a total of 140 billion cubic meters (BCM) from 2021 to 2025. Therefore, the growing demand of natural gas is driving the growth of the small-scale CNG market.
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.
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Major Key Players of the Market:
Linde PLC, Wärtsilä Oyj Abp, Honeywell International Inc., General Electric Company, Engie SA, SOFREGAZ SAS, Plum Energy LLC, Excelerate Energy Inc., Cryostar SAS, IHI Corporation, PAO NOVATEK, Gasum Ltd., Siemens Energy AG, Chart Industries Inc., Air Products & Chemicals Inc., PJSC Gazprom, Prometheus Energy s.r.o., TotalEnergies SE, Shell plc, Black & Veatch Holding Company, Anthony Veder Group NV, Eni SpA, Baker Hughes Company, Evergas AS, Stabilis Solutions Inc., Chevron Corporation, Emerson Electric Co., ABB limited, Halliburton Company, Schlumberger NV
Small-Scale LNG Market 2024 Key Insights:
• 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%.
• Rising Demand For Green Fuels Drives Growth In Small-Scale Lng Market
• New Vessel To Address The Increasing Demand For Sustainable Solutions
• Asia-Pacific was the largest region in the small-scale LNG market in 2023
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