LNG Carrier Market to Grow with a CAGR of 6.19% through 2028
Expansion of LNG liquefaction and regasification
capacity & growing demand for LNG are likely to drive the market in the
forecast period.
According to TechSci Research report, “LNG Carrier
Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global LNG Carrier Market stood at USD 10.08 billion in 2022 and
is anticipated to grow with a CAGR of 6.19% in the forecast period.
One of the
primary drivers propelling the global LNG Carrier Market is the escalating
global demand for natural gas and liquefied natural gas (LNG). Natural gas,
considered a cleaner-burning fossil fuel compared to coal and oil, has been
gaining popularity as a preferred energy source for its lower carbon emissions
and versatility in various applications. As nations worldwide increasingly
focus on reducing greenhouse gas emissions and improving air quality, the
demand for natural gas, particularly in its liquefied form, has surged. The
rapid urbanization and industrialization of emerging economies, such as China
and India, have significantly contributed to this growing demand for natural
gas. Natural gas is used for electricity generation, industrial processes,
heating, and as a fuel for transportation. Additionally, the shift toward
cleaner energy sources has prompted the replacement of coal-fired power plants
with natural gas-fired ones in many regions. To meet this surging demand, LNG
has become a vital component of the global energy trade. LNG carriers play an
instrumental role in transporting this valuable resource from LNG production
facilities in exporting countries to import terminals worldwide. The expansion
of the global LNG trade is contingent upon the efficient and reliable
transportation capabilities of these carriers. Moreover, advancements in LNG
liquefaction technology have made it more economically viable to export natural
gas as LNG. Countries with abundant natural gas reserves have invested in LNG
production facilities, boosting the supply of LNG and subsequently driving the
need for additional LNG carriers. The growing global demand for natural gas and
LNG is expected to continue in the coming years as countries work toward their
emissions reduction targets and transition to more sustainable energy sources.
This sustained demand ensures a strong and expanding market for LNG carriers,
encouraging investments in vessel construction, innovation, and infrastructure
development to support the LNG supply chain.
The expansion of
LNG infrastructure is a pivotal driver of the global LNG Carrier Market. LNG
infrastructure encompasses a broad range of facilities, including liquefaction
plants, regasification terminals, storage tanks, pipelines, and
loading/unloading facilities. Governments and private entities around the world
are investing heavily in LNG infrastructure to facilitate the efficient
transport and distribution of LNG. One of the primary drivers behind
infrastructure expansion is the desire for energy security and diversification
of energy sources. Many countries view LNG as a means to reduce their
dependence on a single energy source or supplier, thereby enhancing their
energy security. LNG carriers are instrumental in connecting LNG supply sources
with import terminals, enabling countries to access LNG from diverse regions. Additionally,
LNG infrastructure projects are being pursued to meet the energy demands of
both developed and emerging economies. Industrialization, urbanization, and
population growth in various parts of the world have led to increased energy
consumption. LNG carriers help transport LNG from production hubs to regions
where natural gas is in demand for power generation, industrial processes, and
residential heating. Furthermore, LNG infrastructure expansion is often driven
by favorable government policies, incentives, and trade agreements that promote
the development of LNG terminals and associated facilities. These incentives
can include tax breaks, regulatory support, or subsidies aimed at encouraging
private sector investment in LNG infrastructure projects. As the global LNG
infrastructure network continues to expand and interconnect, the demand for LNG
carriers grows in tandem. These carriers are essential for bridging the gap
between LNG supply and demand, enabling the reliable and efficient transport of
LNG across international waters. This synergy between infrastructure
development and the need for LNG carriers fosters a robust and continually
evolving global LNG Carrier Market.
Browse over XX market data Figures spread
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The Global LNG Carrier Market is segmented into containment
type, propulsion type, end user industry, storage capacity and region.Based on type,
The Moss Type segment had the largest market share in 2022 & expected to
maintain it in the forecast period. Moss Type containment systems have been in
use for several decades and have demonstrated their reliability and safety.
This long and successful track record instills confidence among LNG carriers'
operators, shipbuilders, and investors. Many LNG carriers equipped with Moss
Type containment systems have operated safely and effectively, contributing to
their continued use. Flexibility for Smaller Vessels: Moss Type tanks are
well-suited for smaller LNG carriers. They can be adapted to fit various vessel
sizes and configurations, making them a versatile choice for a range of LNG
transport needs. This adaptability is valuable in meeting diverse market
demands. Robust Design: Moss Type tanks have a robust design with spherical
storage tanks that can withstand the harsh marine environment. The spherical
shape evenly distributes the stress, enhancing structural integrity and safety.
This design feature is particularly beneficial for LNG carriers operating in
challenging conditions, such as in rough seas or extreme weather. Moss Type
tanks provide effective thermal insulation, which helps reduce boil-off gas
rates during LNG transport. This efficiency is essential for minimizing LNG
losses and maximizing cargo delivery.
Based on application, The 120,000-160,000 cubic meter
segment had the largest market share in 2022 and is projected to experience
rapid growth during the forecast period. LNG carriers in the 120,000-160,000
cubic meter range are versatile and well-suited to a wide variety of LNG trade
routes and terminal configurations. They can efficiently serve both large-scale
LNG terminals and smaller, more remote terminals, offering a high degree of
flexibility in meeting diverse market demands. These carriers strike a balance
between cargo capacity and operational efficiency. They are large enough to
achieve economies of scale in terms of construction costs and operational costs
per unit of LNG transported. At the same time, they are not as size-restricted
as smaller carriers, allowing them to carry substantial LNG volumes. LNG
terminals worldwide have varying depth restrictions and infrastructure
capabilities. LNG carriers in the 120,000-160,000 cubic meter range are
typically designed to meet these limitations, making them capable of accessing
a broad range of terminals without significant constraints. These carriers
offer cost-effective transportation for LNG projects with moderate volumes.
They strike a balance between the higher transportation costs associated with smaller
carriers and the potentially excessive costs of very large carriers. This makes
them attractive for LNG producers and consumers looking to optimize their
transportation expenses
Major companies operating in the Global LNG
Carrier Market are:
- BW Group
- China
Merchants Heavy Industry
- Daewoo
Shipbuilding & Marine Engineering
- Excelerate
Energy
- GasLog
Partners LP
- Hyundai
Heavy Industries Co. Ltd
- K Line
LNG Shipping Ltd
- Mitsui
O.S.K. Lines Ltd
- Qatar Gas
Transport Company Limited
- New
Fortress Energy Inc
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“The Global LNG Carrier market is expected to rise in
the upcoming years and register a significant CAGR during the forecast period. The
growth of the LNG carrier market is driven by the increasing demand for LNG as
a cleaner fuel alternative. LNG is a natural gas that has been liquefied by
cooling it to a very low temperature. It is a cleaner-burning fuel than coal or
oil, and it produces fewer emissions. As countries around the world transition
to cleaner energy sources, the demand for LNG is expected to grow.
Additionally, Asia Pacific is the largest market for LNG carriers, accounting
for over 50% of the market share. This is due to the growing demand for LNG in
China and other countries in the region. Europe is the second largest market,
followed by North America. Therefore,
the market of LNG Carrier is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“LNG Carrier Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Containment
Type (Moss Type and Membrane Type), By Storage Capacity (Under 120,000 cubic
meter, 120,000-160,000 cubic meter and Above 160,000 cubic meter), By
Propulsion Type (Steam Turbines, Dual Fuel Diesel Engine/Tri-Fuel Diesel Engine
(DFDE/TFDE), Slow-Speed Diesel (SSD), M-type Electronically Controlled Gas
Injection (ME-GI), XDF- Two Stroke Engine and Steam Re-heat and Stage), By End
User Industry (Transport, Defense and Others), By Region, By Competition”, has evaluated
the future growth potential of Global LNG Carrier Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global LNG Carrier Market.
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