Floating LNG Power Vessel Market to $1bln by 2025
The global floating LNG power vessel market was USD 931 million in 2018 and is anticipated to reach USD 1,041 million by 2025, at a CAGR of 1.61% between 2019 and 2025.
The floating LNG power vessel market is likely to experience significant growth over the upcoming years, owing to the growing demand for floating LNG power vessels, increasing power generation demand, and the lack of power infrastructure, said a market report by Zion Market Research.
The floating LNG power vessel market is fragmented based on component, power output, and vessel type. By component, the floating LNG power vessel market includes a power distribution system and power generation system. In 2018, the power distribution system segment was the fastest growing in the global market and accounted for the largest share.
By power output, the floating LNG power vessel market includes 72 MW, between 72 MW and 400 MW, and above 400 MW. By vessel type, the floating LNG power vessel market is bifurcated into power ship and power barge. The power ship segment is anticipated to hold a significant share of the market for floating LNG power vessel in the future.
In 2018, the Asia Pacific region was the largest floating LNG power vessel market globally. This growth can be mainly attributed to the increased regional demand for floating LNG power vessels.
Moreover, the Pacific region is likely to be the fastest growing market globally in the years ahead, owing to the flourishing power industry, swift industrialization, and rising urbanization.
China and India are the major countries in the region’s market for floating LNG power vessels, due to the favorable government policies to install floating LNG power vessels, technological advancements, and the introduction of norms to reduce carbon footprints.
The Asia Pacific is a major revenue contributor to the global market. In 2018, China was the major market for floating LNG power vessel and is expected to continue its dominance in the future as well.
North America held the second spot in the floating LNG power vessel market globally in 2018. The U.S. is the main country for the North American floating LNG power vessel market that holds a major share. This can be attributed to the ongoing implementation of government policies and guidelines for the utility sector for metering and the rising focus toward reducing cost and energy efficiency.
Europe is likely to contribute a notable share in the floating LNG power vessel market globally in the future. The increasing number of regulations imposed for the installation of floating LNG power vessels. Encouraging government rules and regulations for energy efficiency and the rising concerns for curbing carbon emissions are expected to further drive the European floating LNG power vessel market over the forecast time period.
Latin American and the Middle Eastern and African regions are projected to experience the moderate growth in the floating LNG power vessel in the years ahead, owing to the significant investments made by the international companies for floating LNG power vessel projects in these regions.
With governments of several countries like Brazil, Argentina, South Africa, and the UAE promoting technology usage across various industries, the floating LNG power vessel market growth is forthcoming.
Some major players of the floating LNG power vessel market are Siemens, Wärtsilä Corporation, MAN Diesel & Turbo, Caterpillar, General Electric, Waller Marine, Benchmarking, Power Barge Corporation, Karpowership, Chiyoda Corporation, Modec, Samsung Heavy Industries, Wison Group, Hyundai Heavy Industries, Sevan Marine Asa, Mitsui O.S.K. Lines, IHI Corporation, and Mitsubishi Heavy Industries.