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LNG Carrier Containment Market Segmentation by Capacity (30,000-125,000 cm, 125,000-150,000 cm, 150,000-175,000 cm, and Above 175,000 cm); and by Application (Domestic Transportation, International Transportation, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • December, 2021: Gaztransport & Technigaz S.A. to design two new LNG tank carrier, following an order placed by Daewoo shipbuilding & marine engineering.

  • August, 2021: Mitsui O.S.K. Lines, Ltd to build 4 LNG-fueled car carriers in collaboration with Shin Kurushima Dockyard Co., Ltd. To achieve the goal of 90 LNG-fueled vessels by 2030.

Global LNG Carrier Containment Market Highlights over 2022 – 2031

The global LNG carrier containment market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing global demand for liquid natural gas, and the highly converged resources of natural gas across the earth. As the sources of petroleum are concentrated in specific locations, there is a massive need for safe transportation of LNG and other petroleum products, which is projected to boost the market growth. Moreover, it is impossible to transport natural gas in its gaseous state everywhere, which is why, the gas is liquefied and transported in carrier containments. This is a major growth driver for the market. Additionally, the growing applications of natural gas for transportation, electricity generation, cooking fuel, and manufacturing pesticides, amongst others, along with the use of LNG itself, are further estimated to propel the market growth immensely. The growing production of natural gas is also forecasted to boost the market growth. According to the data by the International Energy Agency (IEA), 4014 billion cubic meter natural gas was produced in 2020.

LNG Carrier Containment Market

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Furthermore, the increasing global consumption of natural gas is projected to boost the overall market growth. As per the IEA data, 76,005,496 terajoule natural gas was consumed in 2019, up from 66,084,619 TJ in 2014.

Natural Gas Final Consumption

The market is segmented by application into domestic transportation, international transportation, and others, out of which, the international transportation segment is anticipated to hold the notable share in the global LNG carrier containment market over the forecast period. This can be attributed to the increasing import and export of natural gas amongst different countries, as the resources are concentrated majorly in the Middle East, or North America region. 

Major Macro-Economic Indicators Impacting the Market Growth

Major Macro-Economic Indicators Impacting the Market Growth`

In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global LNG Carrier Containment Market Regional Synopsis

On the basis of geographical analysis, the global LNG carrier containment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Middle East and Africa region is estimated to witness noteworthy growth over the forecast period as the oil and gas resources are majorly accumulated in the gulf region, and are exported to other countries.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period as it is one of the major exporters of LNG globally. According to the data by the U.S. Energy Information Administration, United States exported 2,389.84 billion cubic feet LNG in 2020. Out of this, 12.1% was exported to Japan, while 9% was exported to China.

LNG Carrier Containment Market Share

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The global LNG carrier containment market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global LNG carrier containment market includes the following segments:

By Capacity

  • 30,000-125,000 cm
  • 125,000-150,000 cm
  • 150,000-175,000 cm
  • Above 175,000 cm

By Application

  • Domestic Transportation
  • International Transportation
  • Others

Growth Drivers

  • Increasing Consumption and Production of Natural Gas
  • Growing Need to Transport Liquefied Natural Gas

Challenges

  • Depleting Petroleum Reserves Globally 
  • Fluctuating Prices of Crude Oil

Top Featured Companies Dominating the Market

  • Hudong–Zhonghua Shipbuilding Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Teekay Lng Partners, L.P.
  • Kawasaki Heavy Industries Ltd.
  • Dynagas LNG Partners LP.
  • GasLog Ltd.
  • Gaztransport & Technigaz SA
  • BW Group
  • MISC Group
  • Nippon Yusen Kabushiki Kaisha
  • Mitsui O.S.K. Lines

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