Demand for clean fuel vehicles running on natural gas is gaining momentum due to the rise in concern about environment protection. Governments across the world are promoting the usage of natural gas vehicles owing to the increase in greenhouse gas emissions. Natural gas global consumption continues to increase significantly. The replacement of liquid fossil fuels, such as HFO, diesel, effects on the environment, with emissions of NOx, SOx, and particulates being almost entirely eliminated and CO2 emissions being notably reduced. LNG is a natural gas that has been liquefied at a temperature of -161°C. Its volume is about 1/600 times that of natural gas. As transportation fuel, LNG helps decrease cost and carbon emission when compared to crude oil alternatives. Mini and small scale liquefaction plants are an increasingly attractive complement to large scale LNG infrastructure. Technological advances have made monetization of small and stranded gas reserves possible in new locations. The re-liquefaction system is a technology used in new LNG ships for the transport of liquefied natural gas. It is feasible to design fast LNG carriers with well insulated cargo tanks. The produced steam is used to drive steam turbines that help propel ships. It is also used to produce electricity.
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Due to the increasing cost of LNG, the shipbuilding industry is looking for alternative propulsion systems to drive steam turbines, with opting for the efficient propulsion system. Natural gas ship re-liquefaction plant has enabled the use of slow-speed marine diesel engines for propulsion. LNG re-liquefaction is widely used in gas handling on land, boards, and carriers. Currently, re-liquefaction technologies are being applied on-board liquefied natural gas carriers on the basis of economic criteria and energy efficiency. Other areas of the re-liquefaction technology are selected based on the availability of on-board space, compact or light weight, quick startup features, reliability of the operation, high availability and operability, low cost, and easy maintenance.
Re-liquefaction plant can be used in combination with two stroke slow speed marine diesel engine, medium speed four stroke marine diesel engine, or gas turbine. Considering the current level of efficiency, two stroke marine engines are preferred. Re-liquefaction LNG plants are used in new LNG ships, which are employed for the transportation of liquefied natural gas. The re-liquefaction plant primarily controls cargo tanks pressure and prevent the discharge of methane gas into the atmosphere.
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Based on application, the LNG re-liquefaction plants market can be divided into vehicles, ship, and cargo vessel. The vehicles application segment consists of automobiles running on LNG. These are primarily heavy duty vehicles and other vehicles utilizing the LNG re-liquefaction technique. The ship application segment comprises ships and barges running on LNG.
In terms of region, the LNG re-liquefaction plants market can be divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to lead the market during the forecast period, followed by North America. This dominance of Asia Pacific is primarily due to the large usage of re-liquefaction technique in China. The LNG re-liquefaction market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to the increase in demand for natural gas as a cleaner alternative for other fossil fuels and rise in number of heavy duty vehicles in the region.
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Key companies operating in the Re-liquefaction plants market include Cryostar, Clean Energy Fuels, ENN Energy Holding, Kunlun Energy Company Limited, FortisBC, ENGIE, Sinopec, and CNOOC Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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