“The floating LNG power vessel market is projected to grow at a CAGR of 1.61% from 2018 to 2023.”
The floating LNG power vessel market is projected to reach USD 931.6 million by 2023 from an estimated USD 860.1 million in 2018, at a CAGR of 1.61%. This growth can be attributed to the increasing demand for power and the lack of power infrastructure. However, price disparity across regional markets, increasing focus on renewable energy, and high capital cost associated with operations, maintenance, transportation, and logistics could hinder the growth of the floating LNG power vessel market.
“The power distribution system segment is expected to be the fastest growing market in the floating LNG power vessel market from 2018 to 2023.”
The power distribution system is estimated to be the fastest growing segment during the forecast period. It is further classified into transformer and switchboard. Switchboard is estimated to be the fastest growing sub-segment during the forecast period, as it provides a key link in the dependability chain that ensures the smooth and reliable flow of power from the power generation units to end-users.
“Asia Pacific: The fastest growing market for floating LNG power vessel”
The Asia Pacific is expected to be the largest market for floating LNG power vessel in 2023 and is projected to grow at the highest CAGR during the forecast period. The Asia Pacific is one of the most populated regions in the world and witnesses a high demand for electricity. By and large, the demand for power vessel market is recorded from South East Asian island countries, owing to the limited land availability for power plant construction. Therefore, the governments of South East Asian island countries are investing heavily in fulfilling the increasing demand for power. For instance, Myanmar Electric Power Generation Enterprise awarded a contract to Karpowership, one of the leading players in the power ship market, to provide an FPP in Rangoon, Myanmar. Such activities are expected to drive the demand for floating LNG power vessel in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess the future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 60%, Tier 2- 23%, and Tier 3- 17%
- By Designation: Director Level- 35%, C-Level- 25%, and Others- 40%
- By Region: Asia Pacific- 40%, the Middle East & Africa - 20%, North America- 18%, and RoW- 22%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The leading players in the floating LNG power vessel market include Siemens AG (Germany), MAN Diesel & Turbo SE (Germany), W?rtsil? Corporation (Finland), General Electric Company (US), and Caterpillar Inc. (US).
The report defines, describes, and forecasts the global floating LNG power vessel market by vessel type, component, power output, and region. It also offers a detailed qualitative and quantitative analysis of the market. It provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the floating LNG power vessel market.
Why buy this report?
1. The report identifies and addresses key markets for floating LNG power vessel, which would help manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.