Report Details:
15 Companies Covered
128 Pages
Market Research Future (MRFR) has published on the “Global APAC Small Scale LNG Market".
The APAC Small Scale LNG market is estimated to register a CAGR of 8.87% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the APAC Small Scale LNG market— Petronet LNG Limited , Shell Energy India, Singapore LNG Corporation Pte Ltd. , Nikkiso, Kunlun Energy Company Limited , Chart Industries, Linde plc, Honeywell UOP, Air Products and Chemicals, Inc., Wartsila
APAC Small Scale LNG Market Highlights
The APAC Small Scale LNG market is accounted for to register a CAGR of 8.87% during the forecast period and is estimated to reach USD 30,678.0 million by 2032.
The focus on emissions reduction has gained substantial momentum in the recent years. The problem of greenhouse gas emission and air pollution has become a major concern in various countries of Asia-Pacific such as India. The levels of air pollutants in various cities of India, including particulate matter (PM), nitrogen oxides, and sulphur dioxide has exceeded the National Ambient Air Quality Standards (NAAQS) by a large margin and according to the World Air Quality Report, 2021, many cities in India has been ranked among the top 30 cities with the highest levels of air pollution.
Transportation sector is one of the significant contributors in the rising issue of air pollution and thus the incorporation of LNG fuel in transportation sector will play a crucial role in diminishing the problem of air pollution. Governments are also taking efforts for addressing the issue of air pollution with the help of LNG, for instance, in February 2024, Maharashtra government (India) has decided to convert 5,000 diesel run vehicles that are operated by state transport corporation into LNG run vehicles over a span of three years. This initiative was taken for promoting the green energy in addition to offering cost effective transportation in the state.
Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of APAC Small Scale LNG Trends
Segment Analysis
The APAC Small Scale LNG market has been segmented based on Type, Application and Country.
The APAC Small Scale LNG Market segmentation, based on Type has been segmented Liquefaction Terminal, Regasification Terminal. Among these, the Liquefaction Terminal segment is anticipated to dominate the APAC Small Scale LNG market revenue through the projected period as estimated by MRFR analysts. The increasing emphasis on the transition towards cleaner energy sources for reducing the emission of greenhouse gases is creating higher need for the liquefaction terminals for the production of LNG.
In the Application segment, the market is categorized as Heavy Duty vehicles , Marine Transport, Industrial & Power , Others. Out of which the Heavy Duty vehicles segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period as well. The benefits of using LNG in heavy-duty vehicles like trucks and buses over conventional diesel fuel offer several advantage include low emissions, which in turn lead to better air quality and increased fuel efficiency. LNG trucks can traverse various routes and supply LNG to areas not reached by pipelines or other transport means. These felxibility make trucking an option for the delivery of small-scale LNG.
Country Analysis
By Country, the APAC Small Scale LNG market is segmented into China, India, Japan, Malaysia, South Korea, Rest of Asia-Pacific. The China Small Scale LNG market holds a considerable market share and is also forecasted to hold the largest share during the forecast period. Increasing focus on cleaner energy alternatives is creating the demand for small scale LNG. Moreover, the rising use of LNG as a fuel for transportation is gaining popularity, in turn driving the market of small scale LNG.
Key Findings of the Study
- The APAC Small Scale LNG market is expected to reach USD 30,678.0 million by 2032, at a CAGR of 8.87% during the forecast period.
- The China country accounted for the fastest-growing global market.
- Based on Type, the Liquefaction Terminal segment was attributed to holding the largest market in 2022.
- Based on Application, the Heavy Duty vehicles segment was attributed to holding the largest market in 2022.
- Petronet LNG Limited , Shell Energy India, Singapore LNG Corporation Pte Ltd. , Nikkiso, Kunlun Energy Company Limited , Chart Industries, Linde plc, Honeywell UOP, Air Products and Chemicals, Inc., Wartsila are the key market players.