Floating LNG Power Vessel Market Research Report: Information by Vessel Type (Power Barge and Power Ship), Power Output (Up to 70 MW, 70 MW–350 MW and Above 350 MW), Component (Power Generation System and Power Distribution System) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2027

Floating LNG Power Vessel Market Scenario

Floating LNG Power Vessel Market size is projected to reach USD 668.8 Million by 2025, with 4.16% CAGR between 2019 and 2025.

The major factors driving the growth of the global floating LNG power vessel market is the lack of adequate power generation infrastructure in developing countries and lower pollution levels. The industrial output from developing countries in Asia-Pacific and Africa is growing at a significant rate, which directly increases the demand for electricity. Furthermore, floating LNG power vessels can support the electricity grid during peak loads. For instance, in September 2019, Siemens (Germany) announced that two power barges would be installed offshore New York with a capacity of 600 MW to support the cities electricity requirements.

Key Players

The Key Players operating in the Global Floating LNG Power Vessel Market are Wartsila (Finland), Mitsubishi Heavy Industries, Ltd (Japan), Samsung Heavy Industries Co., Ltd (South Korea), General Electric (US), Siemens (Germany), Man Diesel & Turbo SE (Germany), Waller Marine Inc (US), Power Barge Corporation (US), Chiyoda Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), IHI Corporation (Japan), and Caterpillar, Inc (US).

Many major players such as Wartsila, Mitsubishi Heavy Industries Ltd, and General Electric are actively focusing on signing contracts and agreements with utilities and industries to provide floating LNG power vessels. For instance, in January 2019, Siemens signed a contract with Seaboard Corp (Bermuda) to supply a 145 MW power barge and is expected to start operations from 2021. Such developments in the market are expected to drive the growth of the global floating LNG power vessel market during the forecast period.

The global floating LNG power vessel market has been segmented based on vessel type, power output, and component. Based on vessel type, the global market is divided into power barge and power ship. The global power ship segment is expected to hold the larger share of the market during the forecast period. However, LNG power barges also hold a substantial share of the floating LNG power vessel market. Based on power output, the global market is segmented into up to 70 MW, 70 MW–350 MW, and above 350 MW. The 70 MW–350 MW segment is expected to grow with the highest CAGR during the forecast period as the engines in this segment are mostly powered by liquid fuel or gas. Based on component, the global floating LNG power vessel market has been divided into power generation systems and power distribution systems. The power generation system segment is expected to hold the largest share within the global floating LNG power vessel market due to the increasing demand for the integrated IC engine and gas turbine-powered vessels.

Market Segmentation

 

The Global Floating LNG Power Vessel Industry is expected to witness high growth during the forecast period owing to the increasing demand for electricity in developing countries leading to the increasing demand for floating LNG plants.  This is expected to drive the demand for marine vessel power plants during the forecast period.

The floating power vessels powered by LNG are specialized offshore vessels that use LNG to generate electricity through onboard components such as steam generators and gas turbines. The lack of power generation infrastructure and shortage of capital investments is the primary factor driving the demand for such temporary power generation solutions.

Based on region, the global floating LNG power vessel market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest floating LNG power vessel market share due to an increase in the increase in demand for electricity in the region.

Intended Audience

• Government and research organization


• Consulting companies in the floating LNG power vessel market


• Raw material suppliers


• Research consultants


• Investors and shareholders

Report Scope:

Report Attribute/Metric	Details
Market Size	2025: USD 668.8 Million
CAGR	4.16% CAGR (2020-2027)
Base Year	2019
Forecast Period	2020-2027
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Vessel Type, Power Output, and Component
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Wartsila (Finland), Mitsubishi Heavy Industries, Ltd (Japan), Samsung Heavy Industries Co., Ltd (South Korea), General Electric (US), Siemens (Germany), Man Diesel & Turbo SE (Germany), Waller Marine Inc (US), Power Barge Corporation (US), Chiyoda Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), IHI Corporation (Japan), and Caterpillar, Inc (US)
Key Market Opportunities	New product launches and R&D amongst major key players
Key Market Drivers	Lack of adequate power generation infrastructure in developing countries Lower pollution levels

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