LNG Carrier Market

Rising population across the globe has surged the demand for LNG as a source of fuel and, in turn, will propel the growth of the LNG carrier market. LNG carriers are the tank ships designed to carry Liquefied Natural Gas (LNG) at a cryogenic temperature of −161°C.

These carriers are equipped with efficient steam turbine-driven propulsion systems, which are propelled by dual fuel diesel electric propulsion systems. This increases the efficiency of LNG carriers by approximate 30% as compared to conventional vessels.

LNG carriers have high resistance to thermal and mechanical stress and strain. LNG carrier manufacturers are constantly involved in innovation and development in order to save cost, increase carrier capacity and improve carrier design. Natural gas is one of the world’s most needed feedstock and with the ever-growing demand for clean energy sources, the demand for LNG is rising, which is subsequently driving the LNG carrier market.

The LNG carrier market possesses pronounced growth opportunities for the growth of new as well as established players.

Liquefied natural gas is widely recognized as a clean, safe and convenient form of energy. Attributing to ease of transportation and increased storage capacity, the liquefaction process has become increasingly diverse in recent years. Global consumption of LNG is expected to increase significantly during the forecast period, driven by regulations mandating emission reductions and increasing energy demands.

Hence, the demand for production of LNG is expected to rise significantly, which will augment the LNG carrier market. Increasing marine pollution around the globe has led to the introduction of several stringent marine pollution regulations, which in turn are expected to positively impact the LNG carrier market over the forecast period.

LNG carriers have high installation costs as well as high operating costs, which restrains the growth of the LNG carrier market. Moreover, depressed crude oil prices have caused many Exploration and Production (E&P) companies to constraint their budgets, which is thereby restraining the growth of the global LNG carrier market. The relatively high price of LNG as compared to crude oil and coal is one of the key factors curbing growth of the global LNG carrier market.

The global LNG carrier market can be segmented on the basis of containment type and storage capacity.

Asia Pacific dominates the global LNG carrier market and is expected retain its dominance during the forecast period, owing to the increase in demand in countries, such as, China, Japan, India and Pakistan. Japan is one of the largest importers of LNG across the globe.

Moreover, the increasing demand for clean and green energy sources for power generation in most Asian countries is driving the LNG demand in the region. With the increasing offshore and onshore construction activities in the U.S., the LNG carrier market is expected to grow in the North American region.

The European LNG Carrier market is also expected to grow with a steady rate during the forecast period, driven by the increasing exploration activity in the region.

Examples of some of the market participants identified across the value chain of the global LNG market are:

• STX Offshore & Shipbuilding Co., Ltd.
• Samsung Heavy Industries
• Mitsui O.S.K. Lines, Ltd. (MOL)
• Mitsubishi Heavy Industries
• Kawasaki Heavy Industries
• Hyundai Heavy Industries Co.
• GasLog Ltd
• Dynagas Ltd
• Daewoo Shipbuilding and Marine Engineering (DSME)
• China State Shipbuilding Corporation
• Royal Dutch Shell Plc

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.

It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain

• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current, and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint