The global LNG carrier containment market is expected to foresee significant growth. The Asia Pacific to lead the growth!
- Himanshu Patni
- April 5, 2022
- ENERGY & POWER, NEWS
- LNG Carrier Containment Market, LNG Carrier Containment Market growth, LNG Carrier Containment Market share, LNG Carrier Containment Market size
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The global LNG carrier containment market is expected to grow at a CAGR of around 4% during the forecast period (2021-2027). Factors such as flexible deployment capabilities, increased efficiency are expected, and an increase in global consumption of LNG driven by supportive government regulations and increasing demand from several end-user industries including power generation, industrial, etc. is expected to drive the market in the coming years at a significant rate during the forecast period.
In addition, the rising advancements and the innovations in the LNG carrier containment and increasing demand for LNG as a source of fuel due to the rising population are expected to drive the LNG carrier containment market over the predicted years. However, there are certain restraints and challenges faced which can hinder the market growth. Factors such as the lack of a supportive environment for transporting LNG and prolonged delivery are likely to act as market restraints.
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The LNG Containment is defined as a tank ship, specially designed for the transportation of LNG. The construction and design of the tankship may differ corresponding to the physical and chemical properties of a gas, as per the requirement. Generally, LNG carrier containment has the capability of holding four to six tanks.
Increasing marine pollution around the globe has led to the introduction of several stringent marine pollution regulations, which in turn are expected to positively impact the LNG carrier market over the forecast period. However, LNG carriers have high installation costs as well as high operating costs, which restrains the growth of the LNG carrier market. Moreover, depressed crude oil prices have caused many Explorations and Production (E&P) companies to constraint their budgets, which is thereby restraining the growth of the global LNG carrier market.
The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on traveling, the shutdown of manufacturing industries, commercial activities this had severely disrupted the supply chain.
Maritime transport underpins global supply chain linkages and economic interdependency with shipping and ports estimated to handle over 80 percent of global merchandise trade by volume and more than 70 percent by value. As a result, when disruptive factors such as pandemics occur, the sector works as a transmission channel that sends shockwaves across supply chains and regions. Disrupted transport networks and supply chains can significantly undermine world trade and economic activity.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/lng-carrier-containment-market/
Based on containment type, the LNG carrier containment market is segmented up to moss and membrane. The membrane-type segment catered to significant demand in the LNG carrier containment market. It is mainly due to its superior capacity to bear the large pressure of LNG and its compact shape that enables it to carry large LNG volumes as compared to moss membranes.
Based on storage capacity, the LNG carrier containment market is segmented into under 120,000 cubic m, 120,000 – 160,000 cubic m, and above 160,000 cubic m. The above 160,000 cubic m segment holds a considerable market share in the LNG carrier containment market. This is due to the growing LNG demand from emerging economies of the Asia Pacific and Latin America.
For a better understanding of the market adoption, the report provides detailed analysis for major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia Pacific holds the extensive market share due to rapid industrialization rising demand for large LNG volumes from industrialized economies of China, South Korea, and Japan, which are also the key markets for LNG on the global landscape.
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Some of the major players operating in the STX Offshore & Shipbuilding Co., Ltd., Samsung Heavy Industries, Mitsui O.S.K. Lines, Ltd. (MOL), Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Hyundai Heavy Industries Co., GasLog Ltd, Dynagas Ltd, Daewoo Shipbuilding and Marine Engineering (DSME), China State Shipbuilding Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global LNG carrier containment Market Segmentation
Market Insight, by Containment Type
Market Insight, by Storage Capacity
- Under 120,000 cubic m
- 120,000 – 160,000 cubic m
- Above 160,000 cubic m
Market Insight, by Propulsion Type
- Steam Turbine
- Steam Reheat
Market Insight, by Region
- North America LNG carrier containment Market
- United States
- Rest of North America
- Europe LNG carrier containment Market
- United Kingdom
- Rest of Europe
- Asia-Pacific LNG carrier containment Market
- Rest of Asia-Pacific
- Rest of World LNG carrier containment Market
Top Company Profiles
- STX Offshore & Shipbuilding Co., Ltd.
- Samsung Heavy Industries
- Mitsui O.S.K. Lines, Ltd.
- Mitsubishi Heavy Industries
- Kawasaki Heavy Industries
- Hyundai Heavy Industries Co.
- GasLog Ltd.
- Dynagas Ltd.
- Daewoo Shipbuilding and Marine Engineering
- China State Shipbuilding Corporation