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.
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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.
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
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.
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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
Our in-depth analysis of the global LNG carrier containment market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing import and export of natural gas in liquid form is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing export of LNG in the region.
The major players in the market are Teekay Lng Partners, L.P., Kawasaki Heavy Industries Ltd., Dynagas LNG Partners LP., GasLog Ltd., Gaztransport & Technigaz SA, BW Group, MISC Group, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by capacity, application, and by region.
The international transportation segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The fluctuating prices of crude oil is estimated to hamper the market growth.
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