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LNG Carrier Market (Containment Type - Moss Type, and Membrane Type; Storage Capacity - Under 120,000 Cubic m, 120,000 – 160,000 Cubic m, and above 160,000 Cubic m): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : EIM0003

  • Category : Energy, Mining and Infrastructure

  • Status : Published

A recent report published by Infinium Global Research on LNG carrier market provides in-depth analysis of segments and sub-segments in the global as well as regional LNG carrier market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional LNG carrier market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global LNG carrier market. According to the report, the global LNG carrier market is projected to grow at a CAGR of 3.6% over the forecast period of 2020-2026.

 

LNG Carrier Market



Market Insight

Natural gas is relatively cheap, environmentally friendly, and efficient fossil fuel. LNG is gaining popularity as it is been used across many sectors. An LNG carrier is mainly a tank ship designed for transporting liquefied natural gas (LNG). The LNG carriers are equipped with temperature-controlled tanks that hold liquefied natural gas (LNG). Unlike other vessels, LNG carriers have a propulsion system that is fueled with natural gas, which is energy and cost-efficient as well as emits lesser greenhouse gases. Thus, LNG tankers are used to transport fuels to various parts of the world.

 

However, the current concern over the spread of coronavirus has severely affected the LNG carrier market. The current COVID-19 pandemic is expected to offer greater volatility in spot rates and lower the utilization of LNG carriers. The demand for fuel from several industries has declined during the pandemic, as many organizations across different industries have reduced or stopped their business operations. This pandemic has introduced many challenges for all aspects of the business and operations. The spread of COVID-19 has created a major supply chain disruption in the market. Further, stringent government regulations on import and export, along with restrictions on international transportation majorly affecting the operation.

 

The upsurge in demand for natural gas across the globe and rising demand from the oil and gas industry are the key driving factors for the growth of the LNG carrier market. Gas carriers are the prime choice while dealing with outbound gas transportation across oceans and can boost the demand of the market. Supportive government regulations and increasing demand for LNG escalate the demand for LNG carriers. Further, rapid infrastructure development and expansion of LNG export and import contribute to the growth of the LNG carrier market. However, LNG carriers have high installation as well as high operating costs which may hamper the market growth. In addition, the rising investments in improvement in the design of carriers and the size and capacity of LNG carriers are providing large opportunities soon.

 

In terms of region, the LNG carrier market segmented into North America, Europe, Asia Pacific, and RoW. The Asia Pacific holds the largest share of the market and is expected to keep its dominance over the forecast period. Factors such as a rapidly growing population, rising need for LNG gas, and increasing import and export activities increase the market growth. Moreover, a rise in government subsidies to support the use of natural gas for fuel is anticipated to boost the market growth in the Asia Pacific. Furthermore, the North American region is expected to witness the highest growth rate during the projection period, due to the growing focus on R&D and the presence of a large oil and gas industry.

 

Segment Covered

The report on global LNG carrier market covers segments such as containment type, and storage capacity. On the basis of containment type, the sub-markets include moss type, and membrane type. On the basis of storage capacity, the sub-markets include under 120,000 cubic m, 120,000 – 160,000 cubic m, and above 160,000 cubic m.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Samsung Heavy Industries Co., Ltd., Daewoo Shipbuilding & Marine Engineering Co., Ltd, Kawasaki Heavy Industries Ltd., Hyundai Heavy Industries Co., Ltd., GasLog Ltd, Dynagas Ltd, STX Offshore & Shipbuilding Co., Ltd., China State Shipbuilding Corporation, Royal Dutch Shell Plc, and Other Companies.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of LNG carrier market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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