The small-scale liquefied natural gas (LNG) market in Europe's road transportation sector is witnessing significant growth due to multiple factors. The increasing focus on reducing carbon emissions, stringent environmental regulations, and the rising demand for cleaner fuel alternatives. LNG offers advantages such as lower emissions and improved air quality compared to traditional fossil fuels. These benefits align with the industry's goals of sustainability and environmental responsibility, making LNG an attractive choice for road transportation in Europe.
According to Data Bridge Market Research, Small Scale Liquefied Natural Gas (LNG) Market in road transportation is valued at USD 475.50 million in 2021 and is expected to reach USD 792.88 million by 2029, registering a CAGR of 6.60% during the forecast period of 2022-2029.
"Environmental regulations surge market demand"
The small-scale liquefied natural gas (LNG) market in road transportation benefits from stricter environmental regulations. Governments and regulatory bodies are imposing more stringent emissions standards to reduce pollution and combat climate change. LNG offers significant environmental advantages over diesel fuel, emitting lower levels of harmful pollutants. The adoption of LNG in road transportation helps fleet operators meet these stricter regulations and reduce their carbon footprint, driving the growth of the market.
What restraints the growth of the small scale liquefied natural gas (LNG) market in road transportation?
"Limited refueling infrastructure can impede the market growth”
The limited availability of LNG refueling stations is a significant restraint for the small-scale liquefied natural gas (LNG) market in road transportation. The lack of an extensive refueling infrastructure restricts the range and flexibility of LNG-powered vehicles, making it challenging for fleet operators to adopt LNG as a fuel option. The establishment of LNG refueling stations requires substantial investments in infrastructure development, which slows down the market's growth and hampers the widespread adoption of LNG in road transportation.
Segmentation: Europe Small Scale Liquefied Natural Gas (LNG) Market in Road Transportation
The small scale liquefied natural gas (LNG) market in road transportation is segmented on the basis of type, storage tank type and application
- On the basis of type, the small scale liquefied natural gas market in road transportation is segmented into liquefaction terminal, regasification terminal
- On the basis of storage tank type, the small scale liquefied natural gas market in road transportation is segmented into single containment tank, double containment tank, full containment tank, membrane tank, in-ground tank, others
- On the basis of application, the small scale liquefied natural gas market in road transportation is segmented into heavy commercial vehicle, medium commercial vehicles, municipality trucks, and others.
Regional Insights: Spain Dominates the Europe Small Scale Liquefied Natural Gas (LNG) Market in Road Transportation
Spain's dominance in the small-scale liquefied natural gas (LNG) market in road transportation is attributed to its significant market share and revenue. The country benefits from the easy availability of LNG fuel at reasonable costs, driving the market growth. This accessibility to affordable LNG within the region has positioned Spain as a leading player, and it is expected to maintain its dominant position during the forecast period of 2022-2029.
The U.K. is expected to exhibit lucrative growth in the small-scale liquefied natural gas (LNG) market in road transportation due to stringent government regulations. The region has implemented strict emissions standards and regulations, driving the adoption of cleaner fuel alternatives like LNG. The commitment to reducing carbon emissions and promoting sustainable transportation creates a favorable environment for the growth of the small-scale LNG market in the U.K. during the forecast period of 2022-2029.
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Recent Developments in Europe Small Scale Liquefied Natural Gas (LNG) Market in Road Transportation
- In 2022, By 2035, Mitsui O.S.K. lines (MOL) hopes to have 110 oceangoing ships with net zero emissions. The Japanese carrier further plans to launch 90 LNG-powered vessels by 2030 as part of its goals to encourage the widespread adoption of clean energy.
- In 2022, Two small-scale liquefaction skids that can produce LNG on a pilot basis were ordered by Gas Authority of India Limited (GAIL). The new city gas distribution (CGD) network will use these plants to liquefy and distribute natural gas. Additionally, they will be in favor of building LNG fueling stations and bunkering facilities.
The Prominent Key Players Operating in the Europe Small Scale Liquefied Natural Gas (LNG) Market in Road Transportation Include:
- Linde plc (Ireland)
- Sofregaz Company (France)
- Wärtsilä (Finland)
- Stabilis Solutions, Inc (U.S.)
- Baker Hughes Company (U.S.)
- Honeywell International Inc. (U.S.)
- TotalEnergies (France)
- Shell plc (U.K.)
- Siemens (Germany)
- Air Products and Chemicals, Inc. (U.S.)
- Black & Veatch Holding Company. (U.S.)
- ENGIE (France)
- Gazprom International Limited (Russia)
- Excelerate Energy, Inc. (U.S.)
- Equinor ASA (Norway)
- PT Pertamina(Persero) (Indonesia)
- China National Offshore Oil Corporation (China)
- IHI Corporation (Japan)
- Prometheus Fuels (U.S.)
- NOVATEK (Russia)
Above are the key players covered in the report, to know about more and exhaustive list of Europe small scale liquefied natural gas (LNG) market in road transportation companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Small Scale Liquefied Natural Gas (LNG) Market in Road Transportation
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
