Floating LNG Power Vessel Market Scope
The floating LNG power vessel market can touch USD 1123.21 Million by 2032-end, confirms Market Research Future (MRFR). MRFR also anticipates the market to advance at a rate of 2.10% from 2024 to 2032, which is the appraisal period.
We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Top Drivers and Main Restraints
The escalating demand for floating LNG power vessels stems from the fact that they are eco-friendly and have the ability to considerably bring down the carbon footprint. The mounting concerns with regard to deteriorating environmental health and the growing need to address this issue among industries has led to high demand for advanced floating LNG power vessels. Since floating LNG power vessels help offer power supplies in small islands as well as remote area, in addition to fulfilling electricity needs in general, the market demand can boom significantly in the following years.
The lack of power infrastructure units coupled with the huge opportunities presented by land based power facilities can also bolster the market growth. Also, a number of leading firms such as Mitsubishi Heavy Industries Ltd, General Electric and Wartsila are increasingly signing agreements and contracts with several utilities to supply floating LNG power vessels. For instance, in July 2020, Wärtsilä has been contracted for the installation of advanced bridge systems for floating LNG-fuelled vessels that will be built for the Arctic LNG-2 project. These systems will be developed by Wärtsilä Voyage, which facilitates decision support tools and digital solutions to boost reliability and safety of various shipping operations.
Another important growth booster in the market can be the increasing efforts given by governments worldwide, which includes mandating proper power consumption across industries to balance the supply and demand gap. Governments are also setting up new power plants as permanent power solutions across various regions. Numerous countries in the Middle East, Asia Pacific, South America and Africa observe substandard planning and low capital expenditure, which can be attractive opportunities for vendors to set up temporary power solutions.
Eminent Industry Vendors
Some of the eminent industry vendors profiled are Wartsila (Finland), Power Barge Corporation (US), Man Diesel & Turbo SE (Germany), General Electric (US), Hyundai Heavy Industries Co., Ltd. (South Korea), Siemens (Germany), Mitsubishi Heavy Industries, Ltd (Japan), Chiyoda Corporation (Japan), Caterpillar, Inc. (US), Samsung Heavy Industries Co., Ltd (South Korea), Waller Marine Inc (US), IHI Corporation (Japan), and more.
Segmental Analysis
The floating LNG power vessel industry can be segregated with respect to vessel type, power output, and component.
In terms of vessel type, the market caters to power barge as well as power ship. The power ship market is doing better than its counterpart and can clinch the top place during the appraisal period. The market for LNG power barges is also expected to perform well in the coming years.
Depending on power output, the market can be narrowed down to up to 70 MW, 70 MW–350 MW, and above 350 MW. Out of these, the 70 MW–350 MW category can procure the fastest expansion rate over the forecast timeline, since the engines of this range are generally powered by gas or liquid fuel.
The market segments, considering the component, include power distribution systems as well as power generation systems. Over the forthcoming years, the power generation system section can lead the global market, as a result of the escalating demand for the gas turbine-powered vessels and integrated IC engine.
Regional Study
The floating LNG power vessel market can be regionally considered for APAC/Asia Pacific, the Middle East & Africa, Europe, South America and North America.
APAC could be the biggest gainer in the global market between 2019 and 2025, as a result of the escalating electricity demand in the wake of expanding population. The governments across the region are investing massively to cater to the mounting power, which can also foster market growth. The APAC market can also profit from the scarcity of land required for construction of power plants.
Over the past few years, North America has witnessed a notable surge in the installation of floating LNG power vessels, which has resulted in the extensive market growth across the region. Most of the companies in Canada and the United States/US are striving to extend their global reach and are constantly introducing technologically enhanced products to capture the attention of more end-users. The market lucrativeness of North America is also the result of the growing interest in eco-friendly products that reduce carbon emissions along with the rising installation of temporary floating LNG power vessels.
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