Small Scale LNG Terminal Market 2020 | Trends, Growth Demand, Opportunities & Forecast To 2026
Pune, Maharashtra, India, September 16 2020 (Wiredrelease) Absolute Reports Pvt. Ltd :The global small scale LNG terminal market is expected to gain momentum from the rising demand for energy, especially in the remote regions. This information is published by Fortune Business Insights, in an upcoming report, titled, Small Scale LNG Terminal Market Size, Share and Global Trend By Terminal Type (Liquefaction, Regasification), By Location (Onshore, Offshore), By Application (Heavy-duty vehicles, Marine transport, Industrial and power) and By Geography Forecast till 2026. The report further states that in several countries, the governments are implementing stringent rules to curb emission. It has aided the commercial, domestic, and industrial sectors in shifting towards an alternative fuel, such as LNG as it is cost-effective and clean. It would contribute to the small scale LNG terminal market growth during the forecast period.
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Highlights of the Report:
Coverage of all the possible segments present in the market.
An elaborate analysis of small scale LNG terminal market trends, growth drivers, restraints, developments, opportunities, and challenges.
Comprehensive details about the organizations operating in the market.
Inclusion of the company profiles, such as new product launches, revenue, product portfolio, and strategic collaborations.
Rising Initial Cost of Installation and Supply of LNG to Hamper Growth
The increasing initial cost of installation and supply of LNG are likely to hamper market growth during the forthcoming years. LNG terminals also require complex equipment, technologies, and cryogenic materials for construction. It further increases the cost. Besides, the absence of infrastructure required across the developing countries is one of the vital obstacles that would stunt the small scale LNG terminal market size.
Asia Pacific is Set to Dominate: Demand for LNG-equipped Heavy-duty Vehicles to Favor Growth
The small scale LNG terminal market can be geographically segregated into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Out of these, Asia Pacific has been leading the market owing to increasing demand for electricity generation and heavy-duty vehicles running on LNG. China is one of the most dominant countries in the world that has propelled the usage of LNG to reduce air pollution. Europe and North America, on the other hand, are experiencing strict norms regarding emission control. Specifically, in North America, the market is projected to grow significantly on account of power and industrial applications. In Europe, countries, such as the U.K., Italy, France, and Spain would be the main networks of the small scale LNG terminal.
Key Industry Development:
Key Players Focus on Creating LNG Terminals to Gain Competitive Edge
The market consists of small, medium, and large enterprises. These enterprises are persistently striving to gain maximum small scale LNG terminal market share by building new terminals to expand geographic presence and gain more consumer bases. Below are two of the most recent industry developments:
March 2019: China National Offshore Oil Corporation (CNOOC), one of the largest oil companies in China, announced that it is set to speak with the independent organizations about the access to its facilities after short trial leases. The company is providing LNG distributors such as Longkou Shengtong Energy and pipeline developers such as ENN Energy the chance to utilize its LNG terminals over a period of 10 years, on Chinas east coast. March 2019: Prime Minister Narendra Modi recently inaugurated Indias first east coast LNG import terminal located at Ennore in Tamil Nadu. It will support Indian Oil Corp (IOC) in fast-tracking its gas distribution plans in the city. It was conceived 6 years ago. The terminal has a capacity of 5 million-tonne-per-annum (MTPA). It was constructed by IOC and is worth Rs. 5,150 crores. Gas from the terminal will be provided to the consumers residing around Madurai and Chennai.
List of the Key Companies in the small scale LNG terminal market:
Plum Energy, Wartsila Corporation, IHI Corporation, The Linde Group, Prometheus Energy, General Electric, Novatek, Engie, FLUXYS, Gasnor, Glong Indonesia, Excelerate Energy L.P., Energy Holdings Limited, Skangass AS, Kunlun Energy, Gazprom,
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