Small Scale LNG Market to Grow by 6.81%
Global small-scale LNG market is expected to rise from its initial estimated value of USD 29.31 billion in 2018 to an estimated value of USD 49.66 billion by 2026, registering a CAGR of 6.81% in the forecast period of 2019-2026.
Increasing demand for the LNG is the major factor for the growth of this market, said Data Bridge Market Research.
The small scale LNG is especially used for the places where there is less production of LNG and they also don’t require large plants. They usually use tanker, ships and trucks.
These small LNG has production capacity of 500000 TPY and are usually used where there is requirement of LNG by the consumers. Increasing demand of LNG in marine and heavy transport is the major factor for the growth of this market.
The major player in small- scale LNG market are Linde plc, Wärtsilä, Honeywell International Inc, GENERAL ELECTRIC, ENGIE, Gazprom, Sofregaz Company, Dresser-Rand, , Excelerate Energy. L. P., Cryostar, Equinor ASA, PT Pertamina(Persero), Eni, Total, Gasum Oy, Kunlun Energy Company Limited, Royal Dutch Shell, BP p.l.c.
In December 2018, Novatek announced the launch of their new small- scale LNG plant at Baltic Sea which has a capacity of 660,000 tonnes of the frozen gas per year and will expand it to 800,000 tonnes by 2021. It is the first cargo of liquefied natural gas as per the contractor Atomtekhenergo.
In November 2018, Edison announced the launch of their first Italy first integrated logistics chain of small scale LNG along with PIR (Petrolifera Italiana Rumena). It will have storage capacity of 20,000 cubic meters of LNG and will come into operation in 2021.