The micro liquefied natural gas (LNG) market is set to grow to $222.7 million with over 5 mtpa installed capacity by 2030, according to a business intelligence provider.
Visiongain said in its Micro Liquefied Natural Gas (LNG) Market Forecast 2020-2030 that investments in small scale LNG liquefaction facilities were gaining momentum, which surged the demand for less than 0.1 mtpa micro-scale LNG liquefaction facilities mainly for peak shaving needs.
Low logistics and transportation costs coupled with on-site liquefaction of LNG, i.e. near to the demand centers, surged the investments in the micro LNG business.
According to the company’s report, there are more than 30 operational micro LNG liquefaction facilities with China dominating the micro LNG market in terms of installed liquefaction facilities.
Visiongain assesses that supply-side, demand-side, and installed capacity of the global micro LNG liquefaction will reach $222.7 million in value and five mtpa in terms of installed capacity by 2030.
The company added that the planned and upcoming projects were the driver for the steady growth rate till 2030.
Also, growing investments in the development of economic small-scale LNG liquefaction facilities is expected to benefit the demand for micro LNG in the near future.