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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 12 Billion |
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Forecast Year Market Size (2035) |
~ USD 21 Billion |
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Regional Scope |
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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:
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Capacity |
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Containment Type |
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Application |
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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.
Author Credits: Payel Roy, Dhruv Bhatia
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