Floating LNG Power Vessel Market to Reach USD 931.8 Million by 2028; Power and Utility Companies are undergoing a Major Transformation to keep up with Shifting Energy Needs

Vantage Market Research

Dec 03, 2021

The floating LNG power vessel market is expected to reach USD 931.8 Million by 2028, growing at a CAGR of 1.65% from 2021 to 2028. Factors contemplate to drive the floating LNG power vessel market growth are the lack of adequate power generation infrastructure in developing countries, increasing adoption of LNG as an energy source and lower pollution levels. 

Key Findings:    

  • The power generation system segment is accelerating the highest growth of floating LNG power vessel market than others at a CAGR of 3.42% during the forecast period. This is incorporated due to the rising demand for gas turbine-powered vessels and the integrated IC engine.
  • The LNG power ship segment is anticipated to witness the largest market share during projected period. This segment is primarily used in the energy leasing market due to its dynamic property.
  • North America is accounted to dominate the floating LNG power vessel market growth at a CAGR of 1.5% during the forecast period, owing to the increased government engagement to improve the environment. This is the reason to fuel the market growth of floating LNG power vessel market.

The major key players dominating in the floating LNG power vessel market are Hyundai Heavy Industries Co., Ltd., Mitsubishi Heavy Industries, Ltd, Samsung Heavy Industries Co., Ltd, Wartsila, Siemens, General Electric, Waller Marine Inc, Power Barge Corporation, Man Diesel & Turbo SE, IHI Corporation, Caterpillar, Inc, and Chiyoda Corporation, among others.

Many major players such as General Electric, Mitsubishi Heavy Industries Ltd, and Wartsila are actively participating in signing agreements and making contracts with multiple industries to supply floating LNG power vessels. These developments in the market are accelerating the fastest growth of floating LNG power vessel market in the coming years. For example, Karpowership, one of the leading players in the power ship market offers LNG-powered electricity to the West African country for the first time using its floating power ship. The two leading players, MOL and Karpowership have agreed to collaborate in the LNG-to-Power ship business to become the world’s most reliable and preferable LNG to Power ship solution provider, under the brand name of “KARMOL”.

Asia Pacific is expected to estimate the largest floating LNG power vessels market during coming years. This is attributed to the growing population in the region, thus, increases the demand for electricity. Additionally, owing to the limited land availability for power plant construction, the government authority has spending heavily to fulfil the demand for power plant construction. This in turn propel the growth of floating LNG power vessels market in the region.