Global Micro LNG Liquefaction Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Micro LNG Liquefaction Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Liquefied natural gas (LNG) is beginning to replace traditional petroleum fuels in marine and heavy vehicle engines, power generation and processing industries. LNG production is an energy-intensive process that requires significant capital and operating costs. The Micro LNG Liquefaction solution provides flexibility and accelerates LNG production with low maintenance and operating costs and high efficiency.

Market Overview:

The latest research study on the global Micro LNG Liquefaction market finds that the global Micro LNG Liquefaction market reached a value of USD 3814.15 million in 2022. It’s expected that the market will achieve USD 7874.46 million by 2028, exhibiting a CAGR of 12.84% during the forecast period.

Market Drivers

Increasing demand for marine LNG
As climate change initiatives develop, the regulatory environment surrounding fuel use in ships is likely to become more stringent. In 2015, under new rules implemented by the International Maritime Organization, the sulfur cap was lowered from 1% to 0.1% in Emission Control Areas (ECAs) including the Baltic Sea, the North Sea, Canada and most of the North American coast. In 2020, these strict restrictions were extended to the Mediterranean Sea. In January 2020, the new global emissions cap will reduce sulfur emissions in non-permissible regions10ECAs from 3.5% to 0.5%. These restrictions are driving the shipping industry to research and implement measures to reduce emissions, including greater use of LNG. The sulfur content of LNG as a marine fuel is much lower than that of diesel. At the same time, LNG is increasingly being used at major ports. The main targets of LNG are fuel-intensive vessels that follow regular and repetitive shipping routes such as point-to-point freighters and passenger ships, ferries and container ships. Therefore, with the promotion of relevant environmental protection policies, the demand for marine LNG continues to increase, thus promoting the development of the Micro LNG Liquefaction project. In general, the increasing demand for marine LNG is one of the important factors driving the development of the industry.

Market Challenges

Infrastructure needs to be improved
For the Micro LNG liquefaction industry to realize its growth potential, significant challenges must be overcome. The industry needs to invest further in infrastructure, especially coastal storage, to stimulate demand and facilitate access. For example, in the automotive field, whether end users purchase LNG vehicles and whether they choose to use LNG as a motor vehicle fuel depends on the development and convenience of infrastructure such as regional gas stations. In areas where the infrastructure such as gas stations has not yet been developed, the market demand growth for Micro LNG Liquefaction project products is still very limited. In general, the development of the Micro LNG Liquefaction industry is affected by the development of infrastructure such as gas stations, and the need for improvement in infrastructure is one of the challenges facing the development of the industry.

Region Overview:

In 2021, the share of the Micro LNG Liquefaction market in Asia Pacific stood at 36.59%.

Company Overview:

Gazprom
Gazprom is a Russian public limited company mainly engaged in the extraction, processing and transportation of natural gas. It has also been a major player in the world oil market since 2005. Gazprom's main gas field is located near the Ob Gulf in western Siberia, while the future main gas field is located on the Yamal Peninsula. The company also has nearly 158,200 kilometers of natural gas pipelines, which is the largest natural gas transportation system in the world. Gazprom also has numerous subsidiaries, involved in various fields including finance, media and aviation. Russian gas supplier Gazprom has decided to make its liquefied natural gas (LNG) production one of its top priorities.
Gasum
Gasum is a Nordic energy company and the number one specialist in the gas industry and energy markets. Gasum supplies cleaner and cost-effective energy and raw materials for industry and combined heat and power (CHP) cleaner production in Finland, Sweden, Norway and Germany. Gasum plans to invest in around 50 LNG filling stations for heavy vehicles in Finland, Sweden and Norway by the early 2020s. Nordic energy company Gasum has completed the first delivery of liquefied natural gas (LNG) to Containerships, a subsidiary of French shipping giant CMA CGM.

Gazprom is one of the major players operating in the Micro LNG Liquefaction market, holding a share of 15.92% in 2022.

Segmentation Overview:

According to different supply and transportation methods, it is divided into Truck and Barge. Use Truck on onshore and Barge on offshore.

By type, Truck segment accounted for the largest share of market in 2021.

Application Overview:

Transportation
Refers to the use of LNG as fuel for ships, automobiles and other means of transportation.
Industrial Feedstock
Mainly refers to the industrial use of LNG. For example, instead of coal, for factory heating or instead of other energy sources for power generation.

The market's largest segment by application is the segment Transportation, with a market share of 64.79% in 2021.

Key Companies in the global Micro LNG Liquefaction market covered in Chapter 3:

Cryostar
Siemens
GE Oil & Gas
Baker Hughes
Galileo Technologies S.A.
Eagle LNG
Snam S.p.A.
Linde Group
PETRONAS
Gasum
Cosmodyne, LLC
Gazprom
Gasnor
Chart Industries Inc.
Wärtsilä
Honeywell

In Chapter 4 and Chapter 14.2, on the basis of types, the Micro LNG Liquefaction market from 2018 to 2029 is primarily split into:

Truck
Barge

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Micro LNG Liquefaction market from 2018 to 2029 covers:

Transportation
Industrial Feedstock
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)