Floating LNG Power Vessel Market is projected to be valued at USD 668.8 Million by 2025, with 4.16% CAGR during the forecast period, 2019–2025. Floating LNG power vessels are specialized offshore vessels that use LNG to generate electricity through onboard components such as steam generators and gas turbines. The lack of power generation infrastructure and shortage of capital investments is the primary factor driving the demand for such temporary power generation solutions.
The global floating LNG power vessel market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Asia-Pacific is expected to hold the largest share of the market during the forecast period. This is because industrialization in the region is growing at a tremendous pace due to the lower cost of labor and materials in the region. However, the cost of installing land-based power generation infrastructure is high. Hence, countries in the region are increasing the installation of floating LNG power vessels. The key players in the region are increasing their presence in the market by introducing a new offering for the region. For instance, in July 2019, Kawasaki Heavy Industries (Japan) introduced a power barge with a generation capacity of 100,000 kW. The power barge has been developed targeting remote areas in South East Asia.
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The floating LNG power vessel market in Europe is expected to be dominated by Germany, owing to the increasing demand for electricity in the country. Furthermore, as the country is focused on reducing its carbon emissions, temporary floating LNG power vessels are expected to witness higher installations in the country to support the grid in Germany.
The Global Floating LNG Power Vessel Market has been segmented based on vessel type, power output, and component. Based on vessel type, the global market is divided into power barge and power ship. The power ship segment is expected to hold a larger share of the market during the forecast period. Based on power output, the global market is segmented into up to 70 MW, 70 MW–350 MW, and above 350 MW. The 70 MW–350 MW segment is expected to grow with the highest CAGR during the forecast period as the engines in this segment are mostly powered by liquid fuel or gas. Based on components, the global floating LNG power vessel market has been divided into power generation system and power distribution system. The power generation system segment is expected to hold a larger share of the market due to the increasing demand for integrated IC engines and gas turbine-powered vessels.
The Global Floating LNG Power Vessel Market is expected to grow at 4.16% CAGR during the forecast period.
Key Players
The Key Players operating in the Global Floating LNG Power Vessel Market 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), and Caterpillar, Inc. (US).
Scope of the Report
This report provides an in-depth analysis of the global floating LNG power vessel market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global floating LNG power vessel market by vessel type, power output, component, and region.
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Vessel Type
- Power Barge
- Power Ship
Power Output
- Up to 70 MW
- 70 MW–350 MW
- Above 350 MW
Component
- Power Generation System
- Steam Turbine & Generator
- Gas Turbine & IC Engine
- Power Distribution System
By Region
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
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