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The LNG carriers market share is expected to increase by USD 3.16 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.43%.
This LNG carriers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers LNG carriers market segmentations by type (membrane and moss) and geography (North America, Middle East and Africa, Europe, APAC, and South America). The LNG carriers market report also offers information on several market vendors, including BW Group, DSME Co. Ltd., Flex LNG Ltd., GasLog Ltd, Gaztransport and Technigaz SA, Golar LNG Ltd., Hudong-Zhonghua Shipbuilding Co. Ltd., IMABARI SHIPBUILDING CO. LTD., Japan Marine United Corp., K Shipbuilding Co. Ltd, Kawasaki Heavy Industries Ltd., Maran Gas Maritime Inc., Mitsubishi Heavy Industries Ltd., Mitsui E&S Holdings Co. Ltd., Nakilat, Petroliam Nasional Berhad, Samsung Heavy Industries Co. Ltd., Shell plc, Teekay LNG Partners L.P, and Wartsila Corp. among others.
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The increase in demand for natural gas is notably driving the LNG carriers market growth, although factors such as fluctuation in oil gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the LNG carriers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key LNG Carriers Market Driver
The increase in demand for natural gas is one of the key drivers supporting the LNG carriers market growth. LNG is gaining popularity over CNG due to its energy density. It ensures traveling long distances and enables increased storage of natural gas in fuel tanks, which is an advantage for vehicles with increased horsepower. As a result, in 2013, a project called LNG Blue Corridors was launched in Europe to establish a network of LNG fuel stations. Hence, more than 100 LNG stations were operational by mid-2017. Hence, the popularity of natural gas in the industrial and transportation sector is likely to boost the demand for natural gas in the world, which will increase the need for transporting natural gas. Since transportation of natural gas in the form of LNG is efficient and common, it will positively boost the growth of the global LNG carriers market during the forecast period.
Key LNG Carriers Market Trend
An increase in demand for cleaner fuels is one of the key LNG carriers market trends that is contributing to the market growth. Moreover, the environmental benefits of natural gas are resulting in the increase in the use of natural gas instead of coal in various applications, which led to the improvement of urban air quality in China because coal-fired power plants were replaced with gas-fired power plants. Hence, carbon emissions have been reduced significantly. According to the US EIA, natural gas-fired power plants accounted for 32% of the total production of electricity in the US in 2017, which is further expected to increase. Thus, the demand for natural gas is expected to increase during the forecast period due to the demand for clean fuels, thus positively impacting the growth of the global LNG carriers market.
Key LNG Carriers Market Challenge
Fluctuation in oil gas prices is one of the factors hindering the LNG carriers market growth. Natural gas is a popular choice, particularly in the transportation, power, and industrial sectors due to its economic benefits over other fuels like gasoline and diesel. However, as diesel and gasoline can be substitutes for natural gas, the consistently declining prices of diesel and gasoline make it difficult for end-users to switch to alternative fuels like natural gas, thereby adversely impacting investments in natural gas infrastructure. Since oil and gas are primarily traded in the international market, an impact on the prices of crude oil and gas imports affects the profitability of the companies involved. Hence, such fluctuations in the prices of crude oil affect the production and use of natural gas, which is likely to pose a challenge to the growth of the global LNG carriers market during the forecast period.
This LNG carriers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global LNG carriers market as a part of the global oil field equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the LNG carriers market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the LNG carriers market encompasses successful business strategies deployed by the key vendors. The LNG carriers market is fragmented and the vendors are deploying growth strategies such as cost, quality, reliability, and aftermarket service to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The LNG carriers market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the LNG carriers market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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31% of the market's growth will originate from North America during the forecast period. The US and Bermuda are the key markets for LNG carriers market in North America. Market growth in this region will be slower than the growth of the market in South America.
The increase in LNG trade will facilitate the LNG carriers market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
Countries in North America were severely affected by the COVID-19 pandemic in 2020, which adversely affected the regional market. However, owing to the lifting of lockdown and travel restrictions, manufacturing units have slowly started returning back to normal, including import and export activities done by ships, with COVID-19-appropriate behavior in place. Such factors will increase the demand for LNG carriers in this region, which will drive the growth of the regional market during the forecast period.
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The LNG carriers market share growth by the membrane segment will be significant during the forecast period. Membrane containment systems consist of insulated cargo tanks enclosed within an inner hull and are placed in-line from forward to aft. Spaces between the inner hull and the outer hull are used for ballast and to protect tanks during emergency situations like collision or grounding. The membrane-type LNG carriers have increased visibility when compared with the moss-type containments that have protrusions that affect visibility. Moreover, membrane containment systems have a higher carrying capacity than that of moss-type containments. Such factors of membrane containment systems will drive market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the LNG carriers market size and actionable market insights on post COVID-19 impact on each segment.
LNG Carriers Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.43% |
Market growth 2022-2026 |
$ 3.16 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.06 |
Regional analysis |
North America, Middle East and Africa, Europe, APAC, and South America |
Performing market contribution |
North America at 31% |
Key consumer countries |
Qatar, Japan, Malaysia, UK, and Greece |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
BW Group, DSME Co. Ltd., Flex LNG Ltd., GasLog Ltd, Gaztransport and Technigaz SA, Golar LNG Ltd., Hudong-Zhonghua Shipbuilding Co. Ltd., IMABARI SHIPBUILDING CO. LTD., Japan Marine United Corp., K Shipbuilding Co. Ltd, Kawasaki Heavy Industries Ltd., Maran Gas Maritime Inc., Mitsubishi Heavy Industries Ltd., Mitsui E&S Holdings Co. Ltd., Nakilat, Petroliam Nasional Berhad, Samsung Heavy Industries Co. Ltd., Shell plc, Teekay LNG Partners L.P, and Wartsila Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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