Global Floating LNG Power Vessel Market by Vessel Type, Component, Power Output and Region: Global Industry Analysis and Forecast 2022 – 2029, report offers assembled trends and predictions to clients. The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. The report is an intensive investigation portraying the details and the new opportunity appraisal of the market.
Key drivers of the floating LNG power vessel are the insufficiency of power generation infrastructure and lack of capital investments. In developing countries, the major growth factor for floating LNG power vessel the increase in the industrial activities and the growing industrial output. This directly increases the demand for electricity in the region. Also, the floating LNG power vessel can be used to provide support to the electricity grid when peak loads. Floating LNG power vessels don’t have a heavy impact on the environment and actually have the potential to decrease the carbon footprint.
Floating LNG power vessels prove to be useful in providing power to the remote areas. These are some of the factors which are expected to contribute to the growth of floating LNG power vessels market. In case of land based power plants, once decommissioned, these power plants leave behind a lot of toxicity. Various forms of pollution are the result of a land based power plants which is no longer in use and has been made inactive. This leads to barren occupied land. Opting for floating LNG power vessel, it provides benefits that a land based power plant cannot provide. This factor is expected to substantially promote the market growth of the floating LNG power vessels.
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However, the trend of renewable energy is a factor restraining the growth of the floating LNG power vessel market. Also, the massive capital investment required for setting up operations and maintenance is another restraining factor. Floating LNG power vessels require more maintenance that land based power plants due to the exposure to harsh climatic conditions. Additionally, these floating power vessels are located far away from the shore. This makes reaching them very difficult, time consuming and incurs high cost. These sets of factors are anticipated to hinder the market growth of the floating power vessels. The dynamic costs of the floating LNG power vessel across various regions are another set of restraining factors which are expected to contribute negatively to the growth of the floating LNG power vessel market.
An increasing demand for hybrid fuel powered marine generators can be seen on the rise. This demand can be attributed to the lower maintenance cost and lower level of harmful emissions. The use of hybrid fuel to power marine generators helps in increasing the efficiency of the fuel and also lowers down the operational cost associated with it. Additionally, the government has strict emission regulations. The benefits of hybrid fuel couple with the government regulation have significantly increased the demand for hybrid fuel powered marine generators. This, in turn, has created a window of opportunity for constituent manufacturers in the floating LNG power vessels market.
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Asia-Pacific is anticipated to be the largest market for floating power vessels during the forecast period. The region has been witnessing rapidly increasing population, which significantly increases the demand for electricity. Additionally, the government of the respective countries in the region has been making heavy capital investment in order to bride the demand- supply gap for electricity. North America and Latin America are expected to witness a substantial growth due to the rising demand for power. The Middle East and Africa are anticipated to be lucrative markets for floating LNG power vessels.
Key Market Players
- Siemens AG (Germany)
- MAN Diesel & Turbo SE (Germany)
- Wärtsilä Corporation (Finland)
- General Electric Company (US)
- Caterpillar Inc. (US).
- Waller Marine
- Benchmarking
- IHI Corporation
- Modec
- Hyundai Heavy Industries
Highlights of the study report
- A thorough assessment of the matrix of vendors as well as major firms would help in understanding the competitive scenario in the market
- Information on regulatory and investment scenarios for the market
- An analysis of the factors fueling the market growth along with their influence on the projection and dynamics of the Floating LNG Power Vessel Market
- A detailed roadmap presenting growth opportunities in the Floating LNG Power Vessel Market along with identification of key factors influencing the market growth
- A comprehensive assessment of the many trends prevailing in the Floating LNG Power Vessel market would help in identifying market developments
Key Segments
By Vessel Type
- Power Ship
- Power Barge
By Component
- Power Generation System
- Power Distribution System
By Power Output
- Small Scale (Up to 72 MW)
- Medium Scale (72 MW to 400 MW)
- High Scale (Above 400 MW)