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Allied Market Research

Floating LNG Power Vessel Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Aug 2021 | 306 Views
   
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Floating LNG power vessel is a type of a vessel which is fueled by liquefied natural gas (LNG). These vessels are particular offshore supply vessels, which use LNG to generate and provide electricity through the already onboard constituents such as gas turbines and steam generators.  Floating LNG power vessel extensively provide energy to industries to support heavy industrial processes. Lower environmental impact of these power vessels has been one of the major driving factor behind the adoption of floating LNG power vessels. 

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Vessel Type, Component, Power  Output, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, Russia, Italy, and the Rest of Europe), Asia- Pacific (China, Japan, India, and the Rest of Asia- Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM), and Middle East and Africa

  Companies covered

Siemens AG (Germany), MAN Diesel & Turbo SE (Germany), Wärtsilä Corporation (Finland), General Electric Company (US), and Caterpillar Inc. (US)., Waller Marine, Benchmarking, IHI Corporation, Modec, Hyundai Heavy Industries

 

COVID-19 scenario:

  • The global market for floating LNG power vessel is severely impacted by the outbreak of the COVID-19 pandemic. 
  • The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns. 
  • Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
  • Thus, insufficiency in raw material supply is expected to hamper the production rate of floating LNG power vessel, which negatively impact the market growth.
  • However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities. 

Market dynamics:

Key drivers of the floating LNG power vessel are the insufficiency of power generation infrastructure and lack of capital investments. In developing countries, the major growth factor for floating LNG power vessel the increase in the industrial activities and the growing industrial output. This directly increases the demand for electricity in the region. Also, the floating LNG power vessel can be used to provide support to the electricity grid when peak loads. Floating LNG power vessels don’t have a heavy impact on the environment and actually have the potential to decrease the carbon footprint. Floating LNG power vessels prove to be useful in providing power to the remote areas. These are some of the factors which are expected to contribute to the growth of floating LNG power vessels market. In case of land based power plants, once decommissioned, these power plants leave behind a lot of toxicity. Various forms of pollution are the result of a land based power plants which is no longer in use and has been made inactive. This leads to barren occupied land. Opting for floating LNG power vessel, it provides benefits that a land based power plant cannot provide. This factor is expected to substantially promote the market growth of the floating LNG power vessels. 

However, the trend of renewable energy is a factor restraining the growth of the floating LNG power vessel market. Also, the massive capital investment required for setting up operations and maintenance is another restraining factor. Floating LNG power vessels require more maintenance that land based power plants due to the exposure to harsh climatic conditions. Additionally, these floating power vessels are located far away from the shore. This makes reaching them very difficult, time consuming and incurs high cost. These sets of factors are anticipated to hinder the market growth of the floating power vessels. The dynamic costs of the floating LNG power vessel across various regions are another set of restraining factors which are expected to contribute negatively to the growth of the floating LNG power vessel market. 

An increasing demand for hybrid fuel powered marine generators can be seen on the rise. This demand can be attributed to the lower maintenance cost and lower level of harmful emissions. The use of hybrid fuel to power marine generators helps in increasing the efficiency of the fuel and also lowers down the operational cost associated with it. Additionally, the government has strict emission regulations. The benefits of hybrid fuel couple with the government regulation have significantly increased the demand for hybrid fuel powered marine generators. This, in turn, has created a window of opportunity for constituent manufacturers in the floating LNG power vessels market.

Regional analysis:

Asia-Pacific is anticipated to be the largest market for floating power vessels during the forecast period. The region has been witnessing rapidly increasing population, which significantly increases the demand for electricity. Additionally, the government of the respective countries in the region has been making heavy capital investment in order to bride the demand- supply gap for electricity. North America and Latin America are expected to witness a substantial growth due to the rising demand for power. The Middle East and Africa are anticipated to be lucrative markets for floating LNG power vessels. 

Key segments covered:

Segments

Subsegments

  Vessel Type

  • Power Ship
  • Power Barge

  Component

  • Power Generation System
    • Gas Turbine & IC Engine
    • Steam Turbine & Generator
  • Power Distribution System
    • Transformer
    • Switchboard

  Power Output

  • Small Scale (Up to 72 MW)
  • Medium Scale (72 MW to 400 MW)
  • High Scale (Above 400 MW)

 

Key benefits of the report:

  • This study presents the analytical depiction of the global floating LNG power vessel market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global floating LNG power vessel market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global floating LNG power vessel market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global floating LNG power vessel market analysis depending on competitive intensity and how the competition will take shape in coming years. 
 
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