LNG Engine Market to Surpass US$ 2.6 Bn by 2030: TMR Study

A comprehensive demand analysis of LNG engine market found that adoption of low-carbon fuels in the marine and power generation sectors is steering growth.

Industry stakeholders are keen on strengthening LNG distribution infrastructure, which has bolstered the product sales of LNG engine market. The LNG engine market is projected to reach US$ 2.6 Bn in value by the end of the forecast period of 2020–2030.

The LNG engine market outlook is constantly being broadened on the back of governments in various countries boosting export and import volumes of LNG, such as growing exports of the gas by the U.S. and imports in South Korea in recent years.

Emerging trends of the LNG engine market underscore the fact that decarbonizing of the maritime transport has enriched the prospects. Advancements in diesel-LNG internal combustion engines are expected to fuel the expansion of the LNG engine market.

Advances in small-scale LNG supply chain, especially due to them being more cost-effective than natural gas in some industrial applications, have filliped the product demand in the LNG engine market. Rise in traded LNG volumes globally is catalyzing the product sales of LNG engine market.