Technavio analysts forecast the global small-scale liquefaction market to grow at a CAGR of almost 8% during the forecast period, according to their latest market research report.
Increasing demand for cleaner fuel for bunkering operations is one of the major trends being witnessed in the global small-scale liquefaction market 2018-2022. Globally, fossil fuels have been playing a major role in the production of fuel and electricity. Out of all fossil fuels, natural gas causes the least environmental impact, while also being the main driver of the globalization of the gas market. One of the factors that drive the adoption of natural gas as a universally popular fuel is its minimal impact on the environment. This clean-burning gas produces the least emissions when compared to coal and oil.
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According to Technavio analysts, one of the key factors contributing to the growth of the global small-scale liquefaction market is the rising global oil and gas consumption:
Global small-scale liquefaction market: Rising global oil and gas consumption
As per the US Energy Information Administration, the global liquid fuel consumption increased from 89.80 MBPD in 2011 to 98.49 MBPD in 2017. The global liquid fuel consumption grew at an annual rate of 1.56% during 2011-2017 and is expected to grow at a high rate during the forecast period.
According to the US Energy Information Administration, in June 2014, crude oil prices dropped from USD 110/bbl to as low as USD 27/bbl 2016, resulting in fuel price reduction and increased fuel consumption. Most oil-producing countries do not have large additional capacities. Thus, they need to discover greenfield oil wells in existing and new oil fields to meet the high demand for fuel, says a senior market research analyst at Technavio.
Global small-scale liquefaction market: Segmentation analysis
The global small-scale liquefaction market research report provides market segmentation by end-user (roadways, bunkering, and power), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The roadways segment held the largest market share in 2017, accounting for nearly 67% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 65%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by nearly 4%.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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