New York, US, July 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Floating LNG Power Vessel Market Analysis by Vessel Type (Power Barge and Power Ship), Power Output (Up to 70 MW, 70 MW–350 MW and Above 350 MW), Component (Power Generation System and Power Distribution System) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2030” valuation is poised to reach USD 668.8 Million by 2025, registering an 4.16% CAGR throughout the forecast period (2019–2025).
Floating LNG Power Vessel Market Overview
The increase in deep-water drilling projects as well as ultra-deep water drilling projects will offer robust opportunities for the floating LNG power vessel market over the forecast period. Deep-water & ultra-deep water projects are located far away from the coast. As a result, building a vast oil and gas pipeline network to transport generated hydrocarbons to the onshore facilities is prohibitively expensive. Because floating LNG power boats can process, liquefy, and store natural gas that is extracted from the offshore fields, they are cost-effective for deep water and ultra-deep water projects.
Floating LNG Power Vessel Market Report Scope:
| Report Metric | Details |
| Market Size in 2025 | USD 668.8 Million |
| CAGR (2019 to 2025) | 4.16% |
| Base Year | 2018 |
| Forecast Period | 2019-2025 |
| Historical Data | 2017 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vessel Type, Component and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Wartsila (Finland), Mitsubishi Heavy Industries, Ltd (Japan), Samsung Heavy Industries Co., Ltd (South Korea), General Electric (US), Siemens (Germany), Man Diesel & Turbo SE (Germany), Waller Marine Inc (US), Power Barge Corporation (US), Chiyoda Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), IHI Corporation (Japan), and Caterpillar, Inc (US) |
| Key Market Opportunities | Increase in Deep-water Drilling Projects to offer Robust Opportunities |
| Key Market Drivers | Growing Adoption of LNG as an Energy Source to Boost Floating LNG Power Vessel Market Growth |
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Drivers
Growing Adoption of LNG as an Energy Source to Boost Market Growth
The growing adoption of LNG as a source of energy will boost market growth over the forecast period. Fundamentally, LNG is the most environmentally friendly fossil fuel. It is one of the most effective ways to reduce greenhouse gas emissions and counteract global warming, as per the European Commission. Governments as a result all over the world are boosting awareness about LNG and promoting its use to reduce air pollution and emissions. Furthermore, LNG is seen as a superb alternative that can help most industrial players comply with current environmental regulations, which are projected to become much stricter in the future. Such variables may play a role in propelling market expansion throughout the forecast period.
High Capital Cost to act as Market Restraint
The high capital cost related to the operations, logistics, maintenance, and transportation and price disparity across various regional markets may act as market restraints over the forecast period.
Increased Focus on Renewal Energy to act as Market Challenge
The increased focus on renewal energy, high volatility, & uneven LNG prices may act as market challenges over the forecast period.
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Floating LNG Power Vessel Market Segments
The global floating LNG power vessel market is bifurcated based on component, power output, and vessel type.
By vessel type, power ship will lead the market over the forecast period. A power ship indeed is a vessel that has been adapted to generate electricity. Because of its self-propelling feature, it is commonly employed energy leasing markets both for short & mid-term contracts.
By power output, 70MW-350MW will dominate the market over the forecast period.
By component, power generation system will spearhead the market over the forecast period.
Floating LNG Power Vessel Market Regional Analysis
APAC to Head Floating LNG Power Vessel Market
Due to a growth in electricity consumption in the region, Asia-Pacific has the greatest market share. From 2018 to 2023, the APAC market is expected to be the largest for floating LNG power boats. One of the primary facets driving the market is the rising need for energy in the Asia Pacific area, which is one of the major causes driving the industry. In addition, numerous countries' governments are spending extensively to fulfill the rising demand for electricity. For example, Myanmar Electric Power Generation Enterprise gave Karpowership, one of the major participants in the power ship sector, a contract to provide an FPP in Rangoon, Myanmar. Such efforts are likely to fuel the region's market. During the projected period, Asia Pacific is expected to be a key region in the worldwide market. This is due to the region's increasing urbanization, as well as its growing population and rising energy demand. Furthermore, rising vehicle demand, as well as supportive government policies and initiatives, are assisting the market's geographical expansion.
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In terms of revenue, Asia-Pacific has the largest share of the market. The region's growing population has raised electricity demand, which is one of the primary factors driving the worldwide market within the region. Furthermore, governments in the region's growing economies are spending extensively to fulfill the increased need for electricity. One of the primary facets driving the market is the increase in demand for energy in the Asia Pacific area, which is one of the major causes driving the industry.
COVID-19 Analysis
The COVID-19 epidemic has possessed an impact on a variety of businesses around the globe. To slow the spreading of the pandemic, governments around the world enacted tight lockdown measures & social distance standards. At the early phases of the pandemic, manufacturing facilities all across the globe had been shut down. Furthermore, the post-pandemic economic crisis may cause a major delay in commercial deployments of floating LNG power boats. Small and medium-sized businesses, which are the support of the technological sector, have witnessed a sharp fall in income since the epidemic began in 2020. As a result, market participants faced several hurdles as supply chain interruptions were noticed. However, as additional supplies become available during the second part of 2022, things will improve.
Floating LNG Power Vessel Market Competitive Analysis
The market is both competitive along with being fragmented due to the presence of several important foreign and domestic enterprises. These industry giants have used joint ventures, global expansions, contracts, collaborations, new product releases, partnerships, and other inventive strategies to stay ahead of the competition while also meeting the rising needs of their clients. Furthermore, the players are heavily spending in research and development.
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Dominant Key Players on Floating LNG Power Vessel Market Covered are:
- Wartsila (Finland)
- Mitsubishi Heavy Industries Ltd (Japan)
- Samsung Heavy Industries Co. Ltd (South Korea)
- General Electric (US)
- Siemens (Germany)
- Man Diesel & Turbo SE (Germany)
- Waller Marine Inc (US)
- Power Barge Corporation (US)
- Chiyoda Corporation (Japan)
- Hyundai Heavy Industries Co. Ltd. (South Korea)
- IHI Corporation (Japan)
- Caterpillar Inc (US)
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