Floating LNG Power Vessel Market Scenario
Floating LNG Power Vessel Market size is projected to reach USD 668.8 Million, with 4.16% CAGR between 2022 and 2030.
The global floating LNG power vessel market is primarily driven by the rising demand for clean energy and the need for efficient power solutions in remote areas. Additionally, technological advancements and innovations in the design of floating LNG power vessels are also contributing to the growth of the market.
The global Floating LNG power vessels market is set to generate revenue above USD 668.8 Mn by 2025. The ease of availability of specialized offshore vessels that apply LNG for the generation of electricity through on board components, such as; gas turbines and steam generators can promote the expansion of the worldwide floating LNG power vessel market. Shortage in capital investments and lack of lack of power generation infrastructure are factors that are pressing the need for temporary power generation solutions, such as floating LNG power vessel. This can promote the expansion of the worldwide floating LNG power vessel market.
Segment Study
The segment study of the global floating LNG power vessel market is based on power output, vessel type, and component. The vessel type based segment of the global floating LNG power vessel market are power ship and power barge. The power ship segment can gain high traction across the forecast period. High sales of LNG power barges can impel the floating LNG power vessel market across the world. The power output based floating LNG power vessel market are 70 MW–350 MW, 70 MW, and above 350 MW. The 70 MW–350 MW segment can rise at the highest CAGR in the assessment period due to increase in use of liquid fuel or gas powered engines. The component based segments of the world floating LNG power vessel market are power distribution systems and power generation systems. The power generation system segment can bring considerable business for the global floating LNG power vessel market as the rise in the demand for gas turbine-powered vessels and integrated IC engine is observed.
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Regional Study
The rise in application of temporary power generation solutions in the Asia Pacific region can promote the floating LNG power vessel in the region in the review period. APAC is reputed for rapid industrialization and the availability of cost effective labor and materials supporting globalization can drive the floating LNG power vessel market. The price of installation and rise of robust power generation infrastructure can bolster the growth of the floating LNG power vessel in APAC. In North America, the increase in floating LNG power vessels installations can prompt the regional market growth. Key players in the region and their expansion across the globe, plus the introduction of different products can boost the expansion of the floating LNG power vessel market in the region. In Europe, the floating LNG power vessel market can rise at a high pace in Germany, followed by the rest of EU. The high need for electricity in the region and the growing focus on the reduction of carbon emissions and increase in utility of temporary floating LNG power vessels are causes that are boosting their installation rate and are expected to impel the floating LNG power vessel market in Europe.
Key Players
MRFR profiled some reputed companies functioning in the Global Floating LNG Power Vessel Market. They are; Mitsubishi Heavy Industries, Ltd (Japan), IHI Corporation (Japan), Wartsila (Finland), Chiyoda Corporation (Japan), Samsung Heavy Industries Co., Ltd (South Korea), Siemens (Germany), General Electric (US), Man Diesel & Turbo SE (Germany), Power Barge Corporation (US), Hyundai Heavy Industries Co., Ltd. (South Korea), Waller Marine Inc (US), and Caterpillar, Inc. (US).
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