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Floating LNG Power Vessel Market Research Report Information by Vessel Type (Power Barge and Power Ship), Power Output (Up to 70 MW, 70 MW‚Äď350 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 2030


ID: MRFR/E&P/7114-HCR | 111 Pages | Author: Priya Nagrale| May 2024

The global floating LNG power vessel market has been estimated to drive at a CAGR of 4.16% over the projected year 2022-2030, with a value of USD 668.8 million.


Floating LNG Power Vessel Market Scenario


LNG is considered the cleanest fossil fuel. It is one of the greatest solutions for reducing greenhouse gas emissions and combating global warming. As a result, governments worldwide are raising awareness and supporting the use of LNG to minimize air pollution and related emissions. LNG is considered a fantastic alternative that may assist most industrial players in bringing their facilities in accordance with the present environmental laws, which are expected to become even more strict in the future. Such factors may contribute to driving the growth during the forecasting years.


Fires and explosions are the most dreaded accident situations in floating LNG power vessels. As a result, any equipment that handles, processes or stores components such as risers, pipes, separators, heat exchangers, turbines, compressors and pumps can be a source of unwanted release, resulting in fires and explosions. Since the escape routes available in the case of an accident are limited, the reliability of the safety systems for the floating LNG system is more critical than that of a land-based facility.


Floating LNG Power Vessel Market 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).


Industrial News:


The Year 2020



  • LNG adoption is likely to increase due to the global emission norms. The LNG being a comparatively cleaner fuel fulfills emission regulations. In 2020, IMO's reduced sulfur content in marine fuel came into force, likely to result in the adoption of LNG as a bunker fuel. Offshore West Africa is also seeing an increase in oil and gas activity that, in turn, will present opportunities in the FLNG Power Plant market as well.


December 2021



  • In December 2021, Wison Offshore and Marine signed a MoU with MAN Energy Solutions for power solutions development. The two parties will establish cooperation for power barge and floating LNG-to-power projects, which will become a good demonstration of each party's advantage in technology and application.


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 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 market due to the increasing demand for the integrated IC engine and gas turbine-powered vessels.


Floating LNG Power Vessel Market Segmentation


 Floating LNG Power Vessel Market


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 support 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 industry 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 Attribute/Metric Details
  Market Size 2025: USD 668.8 Million 2030: Significant Value
  CAGR   4.16% CAGR (2022-2030)
  Base Year   2018
  Forecast Period   2019-2025
  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


Frequently Asked Questions (FAQ) :

The floating LNG power vessel market is supposed to strike 4.16% CAGR.

By 2025, the floating LNG power vessel market size is supposed to reach USD 668.8 Mn.

The major participants are Wartsila (Finland), Samsung Heavy Industries Co., Ltd (South Korea), Mitsubishi Heavy Industries, Ltd (Japan), General Electric (US), IHI Corporation (Japan), Man Diesel & Turbo SE (Germany), Siemens (Germany), Waller Marine Inc (US), Chiyoda Corporation (Japan), Power Barge Corporation (US), Hyundai Heavy Industries Co., Ltd. (South Korea), and Caterpillar, Inc (US).

The segments of the floating LNG power vessel market are power distribution and power generation.

The segments of the floating LNG power vessel market, by vessel type, are power ship and power barge.

Floating LNG Power Vessel Market

Floating LNG Power Vessel Market size is projected to reach USD 668.8 Million by 2025, with 4.16% CAGR between 2022 and 2030

Segmentation
By Vessel Type Power Barge Power Ship
By Power Output Up to 70 MW 70 MW‚Äď350 MW Above 350 MW
By Component Power Generation System Power Distribution System
Key Players
Companies Profiled   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)    Caterpillar Inc (US)
Drivers
Market Driving Forces   Increasing demand for electricity in developing countries    Increasing demand for floating LNG plants
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