LNG Carrier Containment Market: Current Analysis and Forecast (2021-2027)

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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).  LNG carrier containment caters to a significant market presence over the past few years and is expected to have extensive market growth in the forecasted period as well. 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.

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.

LNG carrier containment Propulsion Type, 2020

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Some of the leading companies operating in the market are 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. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst containment type, membrane type segment holds the major share”

Based on containment type, the LNG carrier containment market is segmented up to moss and membrane. The membrane type segment catered significant demand in 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 membrane.

“Amongst storage capacity, above 160,000 cubic m segment holds the major share”

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. Above 160,000 cubic m segment holds the considerable market share in LNG carrier containment market. This is due to the growing LNG demand from emerging economies of the Asia Pacific and Latin America.

“Asia Pacific represents one of the extensive market shares of global LNG carrier containment market”

For a better understanding of the market dynamics of the global LNG carrier containment market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific holds the extensive market share due to rapid industrialization rising demand for large LNG volumes from industrialized economies of China, India, South Korea, and Japan, which are also the key markets for LNG at the global landscape.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global LNG carrier containment market were the three major steps undertaken to create and analyze the adoption of LNG carrier containment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global LNG carrier containment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the LNG carrier containment market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the LNG carrier containment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as containment type, storage capacity, and propulsion type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the LNG carrier containment market. Further, we conducted factor analysis using dependent and independent variables such as increasing demand for LNG as a source of fuel. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the LNG carrier containment market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global LNG carrier containment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of LNG carrier containment market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global LNG carrier containment market in terms of category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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 Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global LNG carrier containment market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of containment type, storage capacity, and propulsion type in the global LNG carrier containment market.

The main objective of the Global LNG carrier containment Market Study

The current & future market trends of global LNG carrier containment market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of LNG carrier containment market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of containment type, storage capacity, and propulsion type.
• Define and analysis of the regulatory framework for the LNG carrier containment market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the LNG carrier containment market for the major region.
• Major regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the LNG carrier containment market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry