The global floating LNG power vessel market is projected to reach a market size of USD 931.6 million by 2023 from an estimated USD 860.1 million in 2018, at a CAGR of 1.61%.
This growth can be attributed to the increasing demand for power, lack of power infrastructure, and added benefits over land-based power plants.
The report segments the floating LNG power vessel market, by vessel type, into power barge and power ship. The power ship segment is expected to hold the largest market share by 2023. The power ship is generally used in the energy leasing market for short- and mid-term contracts because of its self-propelling property. Karadeniz Holding (Turkey) dominates the supply of power ships in the market. Most of the projects use power between 100 MW and 150 MW and run on liquid fuel or natural gas, which are expected to witness high growth in the market.
The floating LNG power vessel market, by component, is segmented into the power generation system and power distribution system. The power generation system segment is expected to dominate the floating LNG power vessel market by 2023. It is further classified into gas turbine & IC engine and steam turbine & generator. Gas turbine & IC engine are the two key components in the floating power generation system market. The gas engine technologies can be connected to the existing gas pipeline system to avoid diesel fuel supply issues that occur during natural calamities, whereas IC engines are used in floating LNG power applications with a power output between 5.0 MW and 20.0 MW.
In this report, the floating LNG power vessel market has been analyzed with respect to 4 regions, namely, North America, the Middle East & Africa, Asia Pacific, and the RoW. The Asia Pacific market is estimated to be the largest floating LNG power vessel market from 2018 to 2023. The growth of population in the Asia Pacific region has increased the demand for electricity, which is one of the major factors driving the floating LNG power vessel market. Also, the governments of several countries are spending heavily to meet the increased demand for power.
For instance, Karpowership, one of the leading players in the power ship market, was awarded a contract by Myanmar Electric Power Generation Enterprise to provide an FPP in Rangoon, Myanmar. Such activities are expected to drive the floating LNG power vessel market in the region.
Floating LNG Power Vessel Market
The high capital cost associated with the operations, maintenance, transportation, and logistics, price disparity across regional markets, and increasing focus on renewable energy could act as restraints for the floating LNG power vessel market. The leading players in the floating LNG power vessel market include Siemens AG (Germany), MAN Diesel & Turbo SE (Germany), Wrtsil Corporation (Finland), General Electric Company (US), and Caterpillar Inc. (US). Contracts & agreements is the most commonly adopted strategy by the top players. It is followed by new product launches and partnerships, collaborations, alliances, and joint ventures.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Floating LNG Power Vessel Market Overview 4.2 Floating LNG Power Vessel Market, By Vessel Type 4.3 Floating LNG Power Vessel Market: Component & Region 4.4 Floating LNG Power Vessel Market, By Power Output (2018-2023) 4.5 Floating LNG Power Vessel Market, By Component (2018-2023) 4.6 Power Generation Systems Floating LNG Power Vessel Market, By Key Components (2018) 4.7 Power Distribution Systems Floating LNG Power Vessel Market, By Key Components (2018)
5 Market Overview
5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 184.108.40.206 Increasing Demand for Power, Coupled With the Lack of Power Infrastructure 220.127.116.11 Benefits Over Land-Based Power Plants 5.2.2 Restraints 18.104.22.168 High Operating Cost Associated With Transportation, Logistics, & Accessibility Issues 22.214.171.124 Price Disparity Across Regional Markets 126.96.36.199 Increasing Focus on Renewable Energy - Floating Power Plants 5.2.3 Opportunities 188.8.131.52 Stringent Emission Norms for Diesel Engine Powered Marine Gensets & Rise in Hybrid Fuel Engines 184.108.40.206 Growth in Adoption of LNG as an Energy Source 5.2.4 Challenges 220.127.116.11 Growth in Distributed Energy Generation
6 Floating LNG Power Vessel Market, By Vessel Type
6.1 Introduction 6.2 Power Barge 6.3 Power Ship
7 Floating LNG Power Vessel Market, By Power Output
7.1 Introduction 7.2 Small Scale (Up to 72 MW) 7.3 Medium Scale (>72 MW-400 MW) 7.4 High Scale (>400 MW)
8 Floating LNG Power Vessel Market, By Component
8.1 Introduction 8.2 Power Generation System 8.2.1 Gas Turbine & IC Engine 8.2.2 Steam Turbine & Generator 8.3 Power Distribution System 8.3.1 Transformer 8.3.2 Switchboard
9 Floating LNG Power Vessel Market, By Region
9.1 Introduction 9.2 Asia Pacific 9.2.1 By Component 9.2.2 By Power Output 9.3 Middle East & Africa 9.3.1 By Component 9.3.2 By Power Output 9.4 North America 9.4.1 By Component 9.4.2 By Power Output 9.5 Rest of the World 9.5.1 By Component 9.5.2 By Power Output
10 Competitive Landscape
10.1 Overview 10.2 Key Players & Market Structure 10.3 Competitive Scenario 10.3.1 Contracts & Agreements 10.3.2 New Product Launches 10.3.3 Partnerships, Collaborations, Alliances, and Joint Ventures 10.4 List of Component Providers 10.4.1 Gas Turbine 10.4.2 Steam Turbine 10.4.3 Power Transformers 10.4.4 Switchboard
11 Company Profiles
11.1 Floating Power Vessel Manufacturers 11.1.1 Benchmarking 11.1.2 Waller Marine, Inc. 11.1.3 Karpowership 11.1.4 Power Barge Corporation 11.1.5 Modec, Inc. 11.1.6 Chiyoda Corporation 11.1.7 Wison Group 11.1.8 Samsung Heavy Industries Co., Ltd 11.1.9 Sevan Marine Asa 11.1.10 Hyundai Heavy Industries Co., Ltd. 11.1.11 IHI Corporation 11.1.12Mitsui O.S.K. Lines, Ltd. 11.1.13 Mitsubishi Heavy Industries, Ltd. 11.2 Component Provider 11.2.1 Benchmarking 11.2.2 General Electric Company 11.2.3 Siemens AG 11.2.4 Wrtsil Corporation 11.2.5 Man Diesel & Turbo SE 11.2.6 Caterpillar, Inc.
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