The “Small-Scale LNG Market by Type (Liquefaction Terminal and Regasification Terminal), Application (Heavy-Duty Vehicles, Marine Transport, and Industrial and Power), and Region (North America, Europe, Asia-Pacific, South America) – Global Forecast to 2022”, capacity is projected to reach 48.3 Million tons per annum by 2022, at a CAGR of 6.7% from 2017 to 2022.
The growth of the small-scale LNG market across the globe can be attributed to increasing use of liquefied natural gas (LNG) by various end users, such as power generation and heavy-duty transport, technological advancements being carried out in liquefaction and regasification processes, and increasing demand for liquefied natural gas (LNG) from the Asia-Pacific region. Significant demand for liquefied natural gas (LNG) from the emerging economies, such as China, India, and Taiwan is driving the growth of the small-scale LNG market across the globe. Moreover, increasing demand for liquefied natural gas (LNG) from remote locations for use in electric power generation plants and global commoditization of liquefied natural gas (LNG) are some other factors fueling the demand for liquefied natural gas (LNG) from small-scale regasification terminals, thereby contributing to the growth of the small-scale LNG market.
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The Asia-Pacific small-scale LNG market is projected to grow at the highest CAGR between 2016 and 2021. The demand for small-scale liquefied natural gas (LNG) in the Asia-Pacific region is increasing due to the adequate and easy availability of liquefied natural gas (LNG) in the region, increasing adoption of liquefied natural gas (LNG) for electricity generation, and low trade prices for liquefied natural gas (LNG). Countries such as Japan, South Korea, Taiwan, India, and China have been considered as the high growth markets for liquefied natural gas (LNG). Thus, the Asia-Pacific region has emerged as an important consumer of liquefied natural gas (LNG) due to the increasing demand for small-scale liquefied natural gas (LNG) in heavy-duty vehicles and electric power generation plants, among others.
The growth of the small-scale LNG market is influenced by various agreements that have taken place among different market players in the past few years. In 2016, various growth strategies, such as expansions and joint ventures were adopted by the top players operating in the small-scale LNG market to strengthen their position in the market and to significantly increase their income.
The key players in the small-scale LNG market are The Linde Group (Germany), Wärtsilä Corporation (Finland), Honeywell International Inc. (U.S.), General Electric (U.S.), and ENGIE (France), among others. These players have adopted various strategies to expand their global presence and increase their shares in the small-scale LNG market. Agreements, expansions, and joint ventures are some of the major strategies adopted by market players to achieve growth in the small-scale LNG market. These market players are undertaking agreements, expansions, and joint ventures not only to build small-scale regasification and liquefaction terminals but also to distribute liquefied natural gas (LNG) to remote locations across the globe.
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The Linde Group has a strong position in the small-scale LNG market and its engineering business segment has a global presence. The company adopted agreements as a key strategy to enhance its position in the small-scale LNG market. In March 2016, The Linde Group and Elliott Group signed an agreement to develop the main refrigerant cycle compression section for StarLNGTM plants of The Linde Group with production volume ranging between 0.2 million metric tons per annum to 1.3 million metric tons per annum. The Linde Group has small-scale liquefied natural gas (LNG) terminals across various regions, which include Europe, the Middle East & Africa, Asia-Pacific, and the Americas. The Linde Group has expertise in designing, developing, and constructing natural gas processing plants, which include small-scale liquefied natural gas (LNG) terminals, along with storing, importing, exporting, and loading facilities.
Wärtsilä Corporation adopted the strategy of agreements to strengthen its position in the small-scale LNG market. In 2015, Wärtsilä signed a memorandum of understanding (MoU) with ENGIE, a France-based multinational company, to develop services and solutions for small-scale liquefied natural gas (LNG) plants. The agreement included distribution of small-scale liquefied natural gas (LNG) in remote areas and islands across the globe through ships. It also included distribution of small-scale liquefied natural gas (LNG) to various power stations and carrying out of bio-liquefaction processes. Moreover, Wärtsilä Corporation also offers small-scale liquefied natural gas (LNG) for various end-use applications, such as electric power generation, road transport, and marine transport, among others.
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