LNG Carrier Market Size & Share, by Capacity (30,000-125,000 cm, 125,000-150,000 cm, 150,000-175,000 cm, Above 175,000 cm); Containment Type (Membrane, Moss); Application (Domestic Transportation, International Transportation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3825
  • Published Date: Jul 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 – 2035

LNG Carrier Market size is estimated to reach USD 21 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of LNG carrier was more than USD 12 Billion. The widespread adoption of clean energy sources and the rising importance of liquefied natural gas (LNG) in the global energy market is majorly augmenting the growth of the market.

The adoption of stringent emission regulations worldwide is driving the demand for LNG not only in the industrial sectors but also is elevating in the commercial and residential sectors. Moreover, with the increasing demand for energy and the gradual depletion of global oil reserves worldwide, alternative energy options such as liquefied natural gas (LNG) are rapidly being explored and traded. Hence, this is creating numerous opportunities for the LNG carrier vessels. According to recent data, the year 2022 saw 162 new orders for LNG carriers, which was more than 99 orders ascertained in 2021.


LNG Carrier Market
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LNG Carrier Sector: Growth Drivers and Challenges

Growth Drivers

  • Emerging Shift in the Fuel Mix in the Shipping Industry – International Convention for the Prevention of Pollution from Ships (MARPOL), has raised limitations on sulfur emissions by ships owing to which the operators will consider alternatives such as liquefied natural gas (LNG) as a marine transport fuel which is anticipated to boost the demand for LNG carriers.
  • Rising Number of LNG Tanker Fleet – The increasing technological advancements and innovations in liquefied natural gas infrastructure together with the augmenting trade of LNG are certainly expected to foster the market in the given years. In the year 2021, there were over a total of 700 vessels constituting the global liquefied natural gas (LNG) tanker fleet.

Challenges

  • High Cost Required for Manufacturing & Accommodate LNG Carrier - LNG pipelines are difficult and expensive to construct because LNG requires a temperature of -160 °C (-260 °F) [3] to remain liquid, significant insulation must be included in LNG pipelines to maintain this low temperature and prevent re-gasification.
  • Lack of Encouraging Infrastructure
  • Extended Delivery Time

LNG Carrier Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~5%

Base Year Market Size (2022)

~ USD 12 Billion

Forecast Year Market Size (2035)

~ USD 21 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa
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LNG Carrier Segmentation

Containment Type (Membrane, Moss)

The membrane segment is predicted to garner a 60% revenue share of the overall LNG carrier market by the year 2035. The growth is backed by the growing development of membrane technology with impermeable layers. The advancing use of cutting-edge technologies for manufacturing membrane tanks that allow flexible assembly enhances the cargo storage space and minimizes the overall vessel manufacturing and operating costs.

Application (Domestic Transportation, International Transportation)

The international segment is foreseen to hold a substantial growth rate of the overall market as a result of the radically increasing energy demand and the rising emphasis on cleaner power generation throughout. Moreover, the greater emphasis of the shipbuilding industry on meeting the emerging needs of liquefied natural gas in the global markets is resulting in a rise in the number of LNG fleets.

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

           Capacity

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

          Containment Type

  • Membrane
  • Moss

           Application

  • Domestic Transportation
  • International Transportation

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LNG Carrier Industry - Regional Synopsis

APAC Market Forecast

The LNG carrier market in Asia Pacific is projected to be the largest with a share of about 32% by the end of 2035. The growing industrialization in the region is propelling the demand for natural gas including LNG by various end-user industries. Therefore, the growth of several end-use industries such as petrochemicals, automobiles, fertilizers, and power, specifically in countries of China, India, Japan, and South Korea is expected to propel the demand in the region. Also, in 2022, Japan was the largest LNG importer globally.

North American Market Statistics

The North America LNG carrier market is estimated to be the second largest, registering a share of about 26% by the end of 2035. The International Energy Agency (IEA) statistics state that North American natural gas consumption grew by 4.4% in 2021. The growing consumption of these gas in the US, Canada’s power generation sector, and industrial sector are anticipated to expand the LNG demand in the region.

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LNG Carrier Market Size
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Companies Dominating the LNG Carrier Landscape

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

In-the-news

In The News

  • Gaztransport & Technigaz S.A. to design two new LNG tank carriers, following an order placed by Daewoo Shipbuilding & marine engineering.
  • 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.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3825
  • Published Date: Jul 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rising adoption of strict emission policies and the rising demand for natural gas as a clean energy source are the major factors driving the growth of the LNG carrier market.

The market size of LNG carrier is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Gaztransport & Technigaz S.A., Mitsui O.S.K. Lines, Ltd., Hudong–Zhonghua Shipbuilding Corporation, Teekay Lng Partners, L.P., Kawasaki Heavy Industries Ltd., Dynagas LNG Partners LP., GasLog Ltd., BW Group, MISC Group, Nippon Yusen Kabushiki Kaisha.

The membrane segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
LNG Carrier Market Report Scope
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