Floating LNG Power Vessel Market To Reach $923.52 Million By 2030

Floating LNG Power Vessel Market Growth & Trends

The global floating LNG power vessel market size is anticipated to reach USD 923.52 million by 2030, registering a CAGR of 2.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing global energy demand, especially in remote or off-grid areas, is a significant growth driver for the market. These vessels can quickly provide access to power in regions lacking traditional grid infrastructure.

In many regions around the world, traditional grid infrastructure is either lacking or insufficient to meet the surging electricity needs of burgeoning populations and industries. Floating liquefied natural gas (LNG) power vessels offer an innovative solution by swiftly bridging this energy gap. Their mobility and quick deployment capabilities allow them to reach remote or underserved locations rapidly, providing a readily accessible source of power generation. This is especially critical in situations where establishing land-based power plants and transmission lines are impractical or cost-prohibitive. As such, these vessels play a pivotal role in enhancing energy access and supporting economic development in areas where reliable electricity supply was once a formidable challenge.

The floating liquefied natural gas power vessels occupy a pivotal role as a flexible and cleaner alternative for electricity generation. As countries and regions increasingly commit to reducing their carbon footprint and transitioning away from more carbon-intensive energy sources such as coal and oil, LNG stands out as a crucial fuel. LNG power vessels harness the inherent advantages of natural gas, emitting significantly fewer greenhouse gasses and pollutants compared to coal and oil, thus aligning with environmental goals. This transition fuel status allows nations to expedite the shift to a lower-carbon future while maintaining energy security and grid reliability, making LNG power vessels a strategic and adaptable solution to address both the immediate and long-term energy needs of a changing world.

Floating LNG power vessels are highly flexible and mobile, allowing them to be deployed to areas with changing energy demands, emergencies, or temporary power needs. They serve as peaking plants or provide baseload power, depending on the situation. Hence, this flexibility and mobility is expected to benefit market growth over the forecast period.

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Floating LNG Power Vessel Market Report Highlights

• Based on vessel type, the power barge segment led the market for floating LNG power vessels and accounted for a revenue share of over 62.0% in 2022. This positive outlook is due to its ability to provide power in remote or rapidly changing energy demand scenarios as it offers quick deployment and flexibility

• Based on power output, the small-scale (up to 72 MW) power output segment is anticipated to experience rapid growth over the forecast period as it is more versatile and mobile than its larger counterparts, namely medium-scale (72 MW -400 MW), and large-scale (above 400 MW). It is easily transported and deployed to remote or hard-to-reach locations, including islands, coastal areas, and regions with limited infrastructure

• The North America region accounted for the largest market share over 22% in 2022 owing to the substantial and growing demand for energy, including electricity generation in the region

Floating LNG Power Vessel Market Segmentation

Grand View Research has segmented the global floating LNG power vessel market based on vessel type, component, power output, and region:

Floating Liquefied Natural Gas (LNG) Power Vessel Type Outlook (Revenue, USD Million, 2018 - 2030)

• Power Barge

• Power Ship

Floating Liquefied Natural Gas (LNG) Power Component Outlook (Revenue, USD Million, 2018 - 2030)

• Power Generation System

  • Gas Turbine & IC Engine

  • Steam Turbine & Generator

• Power Distribution System

Floating Liquefied Natural Gas (LNG) Power Power Output Outlook (Revenue, USD Million, 2018 - 2030)

• Small Scale (Up to 72 MW)

• Medium Scale (72 MW -400 MW)

• Large Scale (Above 400 MW)

Floating Liquefied Natural Gas (LNG) Power Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Italy

  • France

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Southeast Asia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

List of Key Players in the Floating Liquefied Natural Gas (LNG) Power Vessel Market

• Waller Marine Inc.

• Karpowership

• MODEC, Inc.

• Chiyoda Corporation

• WISON

• Sevan SSP

• Hyundai Heavy Industries

• IHI Corporation

• Mitsui O.S.K. Lines

• Mitsubishi Heavy Industries