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Global Small Scale LNG Terminals Market was Valued at US$ 28.9 Bn in 2019 and it is Expected to Reach More than US$ XX Bn by 2028, Likely to Grow with the CAGR of 6.5% During the Forecast Period.
The growing application for LNG as a fuel in power generation & transport coupled with the integration of new technologies across the globe are the major factors driving the market growth. Cost advantage and environmental benefits are some other major factors for market growth over the forecast period. The growing fiscal regimes and subsidies are another major factor for market demand during the forecast period.
The growing demand for LNG from the marine industry is one of the key the factor anticipated to drive the market demand during the forecast period. The growing demand for LNG from Asia Pacific is another factor projected to enhance market growth over the forecast period. The global small scale LNG terminals market volume was estimated at around 35 MTPA in 2019 and anticipated to grow at a CAGR of more than 6% in years to come.
Moreover, the growing investments for the production of LNG is another prominent factor expected to drive the global market demand. However, expensive supply chain and less number of LNG terminal infrastructure are some market restraints projected to hinder the market demand over the upcoming years.
By Type, Liquefaction Terminal Expected To Continue Its Dominance in the Global Small Scale LNG Terminals Market
The liquefaction terminal accounted for major share in the global small scale LNG market in 2019 owing to the increased demand for LNG from remote locations coupled with the commoditization of LNG. The surge in the development of downstream logistics & infrastructure, trucking stations, remote regasification terminals, and bunkers are some other major growth factors enhancing the segment growth over the forecast period. The increased adoption of the technical advancements in the liquefaction terminal is another key growth factor estimated to drive the market demand in years to come. Hence, the liquefaction terminal segment is projected to continue its dominant position over the forecast period.
By Application, Industrial and Power Segment Anticipated Continuing Its Dominant Position in the Global Small Scale LNG Terminals Market
By Application, Industrial and Power segment accounted for major share in the Global Small Scale LNG Terminals Market in 2019. The industrial and power segment accounted for major share in the global market in 2019 owing to the use of LNG in numerous industries from countries such as Indonesia, Myanmar, the Philippines, and others. The development of the efficient and sustainable logistics network is another major factor for the segment growth during the forecast period. As a result, the industrial and power segment is presumed to continue its dominant position in the global small scale LNG terminals market.
Growth prospects of Small Scale LNG Terminals are high in Asia Pacific and Latin America
Asia Pacific is anticipated to expand at a rapid pace owing to the growing demand for LNG in the region. The growing automotive, shipping and power industry in the region is another major projected to drive regional growth during the forecast period. Increased adoption of LNG in the emerging economies is another major factor for the regional growth in years to come.
In 2019, North America and Europe accounted together dominated the global small scale LNG market and contributed to more than 55% of the revenue share in the same year. The majority of locations for LNG are present in these regions is the major factor for the dominance of North America and Europe. The presence of major market players in Europe and North America such as The Linde Group, Honeywell International, Inc., General Electric, ENGIE, and others is one of the key factors projected to drive regional growth during the forecast period.
The Global Small Scale LNG Terminals Market is highly fragmented owing to the presence of global, regional and domestic players. Some of the key players are Prometheus Energy, The Linde Group, Dresser-Rand, Wartsila, Sofregaz, Honeywell International, Inc., Skangas, General Electric, Gazprom, ENGIE, Royal Dutch Shell Plc, Warsila Oyj Abp, Black & Veatch Corporation, and Chart Industries, Inc. New technology introduction, mergers & acquisitions and strategic alliance are estimated to be the key strategies followed by market players in years to come.
Small Scale LNG Terminals Market Segmentation
Small Scale LNG Terminals Market By Terminal Type
- Liquefaction Terminal
- Regasification Terminal
Small Scale LNG Terminals Market By Application
- Heavy-duty Vehicles
- Marine Transport
- Industrial & Power
Small Scale LNG Terminals Market By Modes of Supply
- Trans-Shipment and Bunkering
- Captive Consumption through Pipeline & Rail
Small Scale LNG Terminals Market By Region
- North America
- Latin America
- Asia Pacific
- Middle East and Africa