LNG Carrier Market

LNG (Liquid Natural Gas) carrier is a ship that is designed for the transport of liquefied natural gas in its tanks. To facilitate transport, natural gas is cooled down to approximately −163 C (−261 F) at atmospheric pressure, at which point the gas condenses to liquid form. The tanks on an LNG carrier effectively function as giant thermoses to keep the liquid gas cold during storage. 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 & strain. In addition, they are also equipped with advanced gas & fire detection & suppression systems to detect even a small leak that might trigger a catastrophic fire on LNG carrier.

COVID-19 scenario analysis:

• The outbreak of the COVID-19 pandemic across the world has adverse effects on the global LNG carrier market.

• With the steep decline in prices of fuels, the LNG producers are also severely affected, thereby affecting the LNG carrier market as well.

• Restrictions in both national and international transport hampered the operations of the LNG carrier market to a great extent.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The rapid increase in population across the globe has acted as a driving factor for the rise in demand for natural gas as a source of fuel and propelled the growth of the LNG carrier market. LNG is considered to be a safe and convenient form of energy. Governments of several countries are introducing regulations for reduction of emissions; hence, the demand for LNG is expected to rise steeply, thereby driving the growth of the LNG carrier market.

Asia-Pacific is expected to dominate the global LNG carrier market, owing to the increasing demand for LNG in countries such as India, China, and Japan. Moreover, increasing onshore and offshore activities in the U.S. has led to the growth of the market in the North America region. Moreover, the LNG carrier market is also expected to grow at a steady rate in Europe due to increasing exploration activities in search for natural gas deposits in the region.

Key benefits of the report:

• This study presents the analytical depiction of the global LNG carrier market 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 LNG carrier market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global LNG carrier market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.

 LNG Carrier Market Report Highlights