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.
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.
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.
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.
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.
Please Choose One of them.