Floating LNG Power Vessel Market Worth $931.6 Million by 2023
PUNE, India, August 24, 2018 /PRNewswire/ --
According to a new market research report "Floating LNG Power Vessel Market by Component (Power Generation System and Power Distribution System), Power Output (Up to 72 MW, 72 MW-400 MW, Above 400 MW), Vessel Type (Power Barge and Power Ship), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated USD 860.1 million in 2018 to USD 931.6 million by 2023, at a CAGR of 1.61%. Factors such as growing population, industrialization and increasing urban business activities, and an increase in the demand for power generation are expected to drive the Floating LNG Power Vessel Market.
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Browse 27 market data Tables and 40 Figures spread through 108 Pages and in-depth TOC on "Floating LNG Power Vessel Market"
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The power generation system segment is expected to hold the largest share of the Floating LNG Power Vessel Market, by component, during the forecast period.
The power generation system segment led the Floating LNG Power Vessel Market in 2017 and is projected to hold the largest market share during the forecast period. The power generation system segment is further classified into gas turbine & IC engine and steam turbine & generator. The arrival of gas turbines and the increasing availability of natural gas, coupled with widespread R&D investments and evolution of the combined cycle technology, have led to an increase in the application of gas turbines in the power generation system.
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The power ship segment is expected to hold the largest share of the Floating LNG Power Vessel Market, by vessel type, during the forecast period.
The power ship segment led the Floating LNG Power Vessel Market in 2017. A power ship is a special type of ship that has been modified for power generation. It is generally used in the energy leasing market for short- and mid-term contracts because of its self-propelling property. Karadeniz Holding (Turkey) holds the major share in supplying power ships to the market. Moreover, the World Bank provides funds for building FPPs, but the funding is restricted to 129 MW per FPP.
Asia Pacific: The leading market for Floating LNG Power Vessel Market
In this report, the Floating LNG Power Vessel Market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, the Middle East & Africa, and RoW. The RoW includes South America and Europe. The Asia Pacific led the global Floating LNG Power Vessel Market in 2017. It is one of the most populated regions in the world and continually witnesses an increasing demand for electricity. Moreover, due to the limited land availability for power plant construction, the Southeast Asian island countries are expected to generate high demand for floating LNG power vessels. The governments of several Southeast Asian island countries plan to increase investments to meet the increased demand for power. For instance, Myanmar Electric Power Generation Enterprise awarded a contract to Karpowership to provide an FPP in Rangoon, Myanmar. Such factors are expected to drive the growth of the Floating LNG Power Vessel Market in the Asia Pacific region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Floating LNG Power Vessel Market. The key players include Siemens AG (Germany), MAN Diesel & Turbo SE (Germany), Wärtsilä Corporation (Finland), General Electric Company (US), and Caterpillar Inc. (US). The leading players are adopting various strategies to increase their share in the Floating LNG Power Vessel Market.
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