WASHINGTON, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The "Floating LNG Power Vessel Market Research Report by Vessel Type (Power Barge, and Power Ship), Component (Power Generation System, and Power Distribution System), and Power Output (Small Scale (Up to 72 MW), Medium Scale (72 MW to 400 MW), and High Scale (Above 400 MW)), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" report has been added to Vantage Market Research offering.
The global Floating LNG Power Vessel Market size is expected to reach USD 777.96 million by 2028, exhibiting a CAGR of 2.71% during the forecast period. This is attributable to the increase in stringent emission norms for diesel engine-powered marine gensets and rise in hybrid fuel engines is likely to shift global floating LNG power vessel market, states Vantage Market Research, in a report, titled “Floating LNG Power Vessel Market, by Vessel Type (Power Barge, and Power Ship), Component (Power Generation System, and Power Distribution System), and Power Output (Small Scale (Up to 72 MW), Medium Scale (72 MW to 400 MW), and High Scale (Above 400 MW)), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).
Our free sample reports Includes:
In-depth Industry Analysis, Introduction, Overview, and COVID-19 Pandemic Outbreak.
Impact Analysis 136 Pages Research Report (Including latest research)
Provide chapter-wise guidance on request 2020 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using VMR research methodology.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the floating LNG power vessels. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The report on Floating LNG Power Vessel Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
Increasing Demand for Power to Stimulate Floating LNG Power Vessel Market
The demand for energy is been increasing day by day owing to the rising population. According to a report from International Energy Agency, the global energy demand is expected to increase by 4.6% in 2021, which is more than the reduced 4% predicted in 2020 and pushing demand 0.5% above 2019 levels. It also estimated that almost 70% of the increase in global energy demand is in emerging markets and developing economies. Furthermore, the increasing world economy further increases energy demand. LNG which is the cleanest fossil fuel is used for power generation, and the newest group of combined-cycle generator systems can further help achieve high fuel efficiencies. Additionally, the floating LNG storage, regasification and power generation is considered to be more competitive as compared to traditional land-based solutions. It can be leased to reduce the capital intensity of projects and can be delivered faster with fewer permitting issues. The increasing demand for power in automotive industry is further supporting the growth of the floating LNG power vessel market in near future.
Rise in Adoption of LNG as an Energy Source to Shift Global Floating LNG Power Vessel Market
LNG is considered as the cleanest form of fossil fuel. According to European Commission, it represents as one of the best alternatives to reduce greenhouse gas emissions and also help combat global warming. This has resulted in increase awareness and promoting the adoption of LNG to reduce air pollution, and related emissions by the governments across the world. For instance, the European Union has set itself a target of net-zero greenhouse gas emissions by 2050. The LNG is further adopted widely in maritime shipping industry owing to the mandatory regulations set for the prevention of pollution from ships. For instance, IMO which is a specialised agency of the United Nations responsible for regulating shipping, adopted mandatory measures to reduce emissions of greenhouse gases from international shipping, under IMO’s pollution prevention treaty (MARPOL), the Energy Efficiency Design Index (EEDI) was made mandatory for new ships and the Ship Energy Efficiency Management Plan (SEEMP) for all ships at MEPC 62. Furthermore, LNG is considered as an excellent solution that can help most of the industrial players bring their facilities into line owing to the current environmental regulations, which are set to become even more mandatory in the future.
Asia Pacific is Likely to Dominate the Global Floating LNG Power Vessel Market
Asia Pacific is predicted to be prominent region in the global floating LNG power vessel market during the forecast period. This is attributable to the increase in urbanization along with increase in population and increase in energy demand in the region. Furthermore, the rise in vehicle demand and supportive government measures and initiatives is also supporting the regional growth of the market. Additionally, most of the countries in the region are leasing floating LNG power plants for several years where power infrastructures are complicated and lack of investment. For instance, in August 2021, Brazilian state-controlled Petrobras cleared US LNG Company Excelerate Energy to lease its 20mn m³/d Bahia regasification terminal in an important step toward opening of Brazil's natural gas market.
The North America and Europe are likely to witness substantial growth in the floating LNG power vessel market during the forecast period. This is attributable to the presence of major players like Siemens AG, General Electric Company, and Caterpillar Inc., among others in the region.
Browse 301 market data Tables and 52 Figures spread through Pages and in-depth TOC on "Floating LNG Power Vessel Market by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
View detailed Table of Content here - https://www.vantagemarketresearch.com/insight/press-release/floating-lng-power-vessel-market-market-529087
List Of Prominent Players in the Floating LNG Power Vessel Market:
Kawasaki Heavy Industries Ltd
Wartsila Oyj Abp
General Electric Company
Massachusetts, United States
Illinois, United States
Recent Developments in the Industry:
1. February 2021: Chiyoda Corporation announced that a joint venture between Chiyoda Corporation and Technip Energies has been awarded a major Engineering, Procurement, Construction and Commissioning (“EPC”) contract by Qatar Petroleum for the onshore facilities of the North Field East Project (“NFE”). This award will cover the delivery of 4 mega trains, each with a capacity of 8 million tons per annum (“mtpa”) of Liquefied Natural Gas (“LNG”), and associated utility facilities. It will include a large CO2 Carbon Capture and Sequestration facility, leading to more than 25% reduction of Green House Gas emissions when compared to similar LNG facilities.
2. August 2021: Wison Offshore & Marine (“WOM”) announced that Wison Offshore Technology, Inc., a subsidiary of WOM, and Pilot LNG LLC (“Pilot”), developer of the Galveston LNG Bunker Port (GLBP) project, have reached an agreement whereby WOM has been awarded the Front-End Engineering and Design (FEED) contract for the project’s floating liquefaction unit (FLNG) which is to be located at a site on Pelican island, Galveston, Texas, USA.
This market titled “Floating LNG Power Vessel Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
Market Size in 2028
USD 777.96 million
Forecast Period 2021 to 2028 CAGR
2016 - 2019
2021 - 2028
Vessel Type:- Power Barge, and Power Ship
Quantitative Data - Units
Revenue in USD Million/
North America, Europe, Asia Pacific, Latin America, and
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain,
Market growth drivers, restraints, opportunities, Porter’s
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TABLE OF CONTENT:
Chapter No. 1: Introduction
Objectives of the Study
USP & Key Offerings
Vantage Market Research Report Guidance/Walk-through
Chapter No. 2: Premium Insights
Top Investment Pockets
Market Attractiveness Analysis, By
Market Attractiveness Analysis, By
Market Attractiveness Analysis, By Asia Pacific
Insights from Primary Respondents
Chapter No. 3: Key Market Dynamics
Porter’s Five Forces Analysis
Regional Market Trends
Value Chain Analysis
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