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.
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The global small scale LNG market can be classified into type, supply, application, and region.
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.
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