The floating LNG power vessel market is projected to grow at a CAGR of 1.61% from 2018 to 2023.
The floating LNG power vessel market is projected to reach USD 931.6 million by 2023 from an estimated USD 860.1 million in 2018, at a CAGR of 1.61%. This growth can be attributed to the increasing demand for power and the lack of power infrastructure. However, price disparity across regional markets, increasing focus on renewable energy, and high capital cost associated with operations, maintenance, transportation, and logistics could hinder the growth of the floating LNG power vessel market.
The power distribution system segment is expected to be the fastest-growing market in the floating LNG power vessel market from 2018 to 2023.
The power distribution system is estimated to be the fastest-growing segment during the forecast period. It is further classified into transformer and switchboard. Switchboard is estimated to be the fastest-growing sub-segment during the forecast period, as it provides a key link in the dependability chain that ensures the smooth and reliable flow of power from the power generation units to end-users.
Asia Pacific: The fastest-growing market for floating LNG power vessel
The Asia Pacific is expected to be the largest market for floating LNG power vessel in 2023 and is projected to grow at the highest CAGR during the forecast period. The Asia Pacific is one of the most populated regions in the world and witnesses a high demand for electricity. By and large, the demand for power vessel market is recorded from South East Asian island countries, owing to the limited land availability for power plant construction. Therefore, the governments of South-East Asian island countries are investing heavily in fulfilling the increasing demand for power. For instance, Myanmar Electric Power Generation Enterprise awarded a contract to Karpowership, one of the leading players in the power ship market, to provide an FPP in Rangoon, Myanmar. Such activities are expected to drive the demand for floating LNG power vessel in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess the future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 60%, Tier 2- 23%, and Tier 3- 17%
- By Designation: Director Level- 35%, C-Level- 25%, and Others- 40%
- By Region: Asia Pacific- 40%, the Middle East & Africa - 20%, North America- 18%, and RoW- 22%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million
The leading players in the floating LNG power vessel market include Siemens AG (Germany), MAN Diesel & Turbo SE (Germany), Wärtsilä Corporation (Finland), General Electric Company (US), and Caterpillar Inc. (US).
Research Coverage:
The report defines, describes, and forecasts the global floating LNG power vessel market by vessel type, component, power output, and region. It also offers a detailed qualitative and quantitative analysis of the market. It provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the floating LNG power vessel market.
Why Buy this Report?
- The report identifies and addresses key markets for floating LNG power vessel, which would help manufacturers review the growth in demand.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
Table of Contents
1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Markets Covered
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Research Methodology Scope
2.3 Market Size Estimation
2.3.1 Ideal Demand Side Analysis
2.3.1.1 Assumptions
2.3.1.2 Calculation
2.3.2 Forecast
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Floating LNG Power Vessel Market
4.2 Floating LNG Power Vessel Market, By Vessel Type
4.3 Floating LNG Power Vessel Market, By Power Output
4.4 Floating LNG Power Vessel Market, By Component
4.5 Power Distribution System Segment, By Key Components (2018)
4.6 Power Generation System Segment, By Key Components (2018)
4.7 Floating LNG Power Vessel Market: Component & Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Power, Coupled With the Lack of Power Infrastructure
5.2.1.2 Benefits Over Land-Based Power Plants
5.2.2 Restraints
5.2.2.1 High Cost Associated With Conducting Operations and Maintenance at Floating Power Plants (FPPS)
5.2.2.2 Price Disparity Across Regional Markets
5.2.2.3 Increasing Focus on Renewable Energy—Floating Power Plants (FPPS)
5.2.3 Opportunities
5.2.3.1 Stringent Emission Norms for Diesel Engine-Powered Marine Gensets and Rise in Hybrid Fuel Engines
5.2.3.2 Growth in Adoption of LNG as an Energy Source
5.2.4 Challenges
5.2.4.1 Growth in Distributed Energy Generation
6 Floating LNG Power Vessel Market, By Vessel Type
6.1 Introduction
6.2 Power Barge
6.3 Power Ship
7 Floating LNG Power Vessel Market, By Power Output
7.1 Introduction
7.2 Small Scale (Up to 72 MW)
7.3 Medium Scale (> 72–400 MW)
7.4 High Scale (> 400 MW)
8 Floating LNG Power Vessel Market, By Component
8.1 Introduction
8.2 Power Generation System
8.2.1 Gas Turbine & Ic Engine
8.2.2 Steam Turbine & Generator
8.3 Power Distribution System
8.3.1 Transformer
8.3.2 Switchboard
9 Floating LNG Power Vessel Market, By Region
9.1 Introduction
9.2 Asia Pacific
9.2.1 By Component
9.2.1.1 Power Generation System: By Type
9.2.1.2 Power Distribution System: By Type
9.2.2 By Power Output
9.3 Middle East & Africa
9.3.1 By Component
9.3.1.1 Power Generation System: By Type
9.3.1.2 Power Distribution System: By Type
9.3.2 By Power Output
9.4 North America
9.4.1 By Component
9.4.1.1 Power Generation System: By Type
9.4.1.2 Power Distribution System: By Type
9.4.2 By Power Output
9.5 Rest of the World
9.5.1 By Component
9.5.1.1 Power Generation System: By Type
9.5.1.2 Power Distribution System: By Type
9.5.2 By Power Output
10 Competitive Landscape
10.1 Overview
10.2 Key Players & Market Structure
10.3 Competitive Scenario
10.3.1 Contracts & Agreements
10.3.2 New Product Launches
10.3.3 Partnerships, Collaborations, Alliances, and Joint Ventures
10.4 List of Component Providers
10.4.1 Gas Turbine
10.4.2 Steam Turbine
10.4.3 Power Transformer
10.4.4 Switchboard
11 Company Profiles
11.1 Floating Power Vessel Manufacturers
11.1.1 Benchmarking
11.1.2 Waller Marine, Inc.
11.1.3 Karpowership
11.1.4 Power Barge Corporation
11.1.5 Modec, Inc.
11.1.6 Chiyoda Corporation
11.1.7 Wison Group
11.1.8 Samsung Heavy Industries Co., Ltd
11.1.9 Sevan Marine ASA
11.1.10 Hyundai Heavy Industries Co., Ltd.
11.1.11 IHI Corporation
11.1.12 Mitsui O.S.K. Lines, Ltd.
11.1.13 Mitsubishi Heavy Industries, Ltd.
11.2 Component Provider
11.2.1 Benchmarking
11.2.2 General Electric Company
11.2.3 Siemens AG
11.2.4 Wärtsilä Corporation
11.2.5 Man Diesel & Turbo SE
11.2.6 Caterpillar, Inc.
12 Appendix
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Subscription Portal
12.4 Available Customizations
12.5 Related Reports
List of Tables
Table 1 Global Floating LNG Power Vessel Market Snapshot
Table 2 Global Urban Population Overview, By Region, 1990, 2014, 2030, and 2050
Table 3 Global Access to Electricity, By Region (2016)
Table 4 Floating LNG Power Vessel Market Size, By Vessel Type, 2016–2023 (USD Million)
Table 5 Floating LNG Power Vessel Market, By Power Output, 2016–2023 (USD Million)
Table 6 Small Scale: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 7 Medium Scale: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 8 High Scale: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 9 Floating LNG Power Vessel Market Size, By Component, 2016–2023 (USD Million)
Table 10 Power Generation System: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 11 Power Generation System: Floating LNG Power Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 12 Gas Turbine & Ic Engine: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 13 Steam Turbine & Generator: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 14 Power Distribution System: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 15 Power Distribution System: Floating LNG Power Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 16 Transformer: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 17 Switchboard: Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 18 Floating LNG Power Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 19 Floating LNG Power Vessel Market Size, By Region, 2016–2023 (MW)
Table 20 Asia Pacific: Floating LNG Power Vessel Market Size, By Component, 2016–2023 (USD Million)
Table 21 Asia Pacific: Power Generation System Floating Market Size, By Type, 2016–2023 (USD Million)
Table 22 Asia Pacific: Power Distribution System Market Size, By Type, 2016–2023 (USD Million)
Table 23 Asia Pacific: Floating LNG Power Vessel Market Size, By Power Output, 2016–2023 (USD Million)
Table 24 Middle East & Africa: Floating LNG Power Vessel Market Size, By Component, 2016–2023 (USD Million)
Table 25 Middle East & Africa: Power Generation System Floating LNG Power Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 26 Middle East & Africa: Power Distribution System Market Size, By Type, 2016–2023 (USD Million)
Table 27 Middle East & Africa: Floating LNG Power Vessel Market Size, By Power Output, 2016–2023 (USD Million)
Table 28 North America: Floating LNG Power Vessel Market Size, By Component, 2016–2023 (USD Million)
Table 29 North America: Power Generation System Market Size, By Type, 2016–2023 (USD Million)
Table 30 North America: Power Distribution System Market Size, By Type, 2016–2023 (USD Million)
Table 31 North America: Floating LNG Power Vessel Market Size, By Power Output, 2016–2023 (USD Million)
Table 32 Rest of the World: Floating LNG Power Vessel Market Size, By Component, 2016–2023 (USD Million)
Table 33 Rest of the World: Power Generation System Market Size, By Type, 2016–2023 (USD Million)
Table 34 Rest of the World: Power Distribution System Market Size, By Type, 2016–2023 (USD Million)
Table 35 Rest of the World: Floating LNG Power Vessel Market Size, By Power Output, 2016–2023 (USD Million)
Table 36 Karpowership Was the Most Active Player in the Market, January 2014–April 2018
Table 37 Contracts & Agreements
Table 38 New Product Launches
Table 39 Partnerships, Collaborations, Alliances, and Joint Ventures
List of Figures
Figure 1 Floating LNG Power Vessel: Market Segmentation
Figure 2 Floating LNG Power Vessel Market: Research Design
Figure 3 Power Generation System Segment is Expected to Dominate the Floating LNG Power Vessel Market, By Component, From 2018 to 2023
Figure 4 High Scale (> 400 MW) Segment is Expected to Dominate the Floating LNG Power Vessel Market, By Power Output, From 2018 to 2023
Figure 5 Power Ship Segment is Expected to Dominate the Floating LNG Power Vessel Market, By Vessel Type, From 2018 to 2023
Figure 6 Asia Pacific is Expected to Dominate the Floating LNG Power Vessel Market (In Terms of Share), By 2023
Figure 7 Increasing Demand for Power and Lack of Power Infrastructure to Drive the Floating LNG Power Vessel Market During the Forecast Period
Figure 8 Power Ship Segment is Expected to Dominate the MarketFrom 2018 to 2023
Figure 9 Medium Scale (> 72–400 MW) Segment is Expected to Grow at the Highest Rate During the Forecast Period
Figure 10 Power Generation System Segment is Expected to Dominate the Floating LNG Power Vessel Market During the Forecast Period
Figure 11 Transformer Segment is Estimated to Hold the Largest Market Share in 2018
Figure 12 Gas Turbine & Ic Engine Segment is Estimated to Hold the Largest Market Share in 2018
Figure 13 Power Generation System Segment and Asia Pacific are Expected to Hold the Largest Share of the Floating LNG Power Vessel Market in 2018
Figure 14 Floating LNG Power Vessel Market: Drivers, Restraints, Opportunities, and Challenges
Figure 15 Electrical Network Expenditure, By Region, 2017 (%)
Figure 16 Power Ship Segment is Expected to Hold the Largest Share in the Floating LNG Power Vessel Market During the Forecast Period
Figure 17 High Scale Segment is Expected to Account for the Largest Market, 2018–2023
Figure 18 Power Distribution System Segment is Expected to Register the Highest Growth During the Forecast Period
Figure 19 Asia Pacific is Expected to Be the Largest Market in the Power Generation System Segment, 2018–2023
Figure 20 Asia Pacific is Expected to Be the Largest Market in the Power Distribution System Segment, 2018–2023
Figure 21 Middle East & Africa Dominated the Floating LNG Power Vessel Market in 2016
Figure 22 Floating LNG Power Vessel Market Size, By Region,2018–2023 (USD Million)
Figure 23 Floating LNG Power Vessel Market Size, By Region, 2018–2023 (MW)
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Middle East & Africa: Market Snapshot
Figure 26 Key Developments in the Floating LNG Power Vessel Market,2015–2018
Figure 27 Market Ranking of the Major Players in the Floating LNG Power Vessel Market, By Value, 2016
Figure 28 Modec, Inc.: Company Snapshot
Figure 29 Chiyoda Corporation: Company Snapshot
Figure 30 Samsung Heavy Industries Co., Ltd: Company Snapshot
Figure 31 Sevan Marine ASA: Company Snapshot
Figure 32 Hyundai Heavy Industries Co., Ltd.: Company Snapshot
Figure 33 IHI Corporation: Company Snapshot
Figure 34 Mitsui O.S.K. Lines, Ltd.: Company Snapshot
Figure 35 Mitsubishi Heavy Industries, Ltd.: Company Snapshot
Figure 36 General Electric Company: Company Snapshot
Figure 37 Siemens AG: Company Snapshot
Figure 38 Wärtsilä Corporation: Company Snapshot
Figure 39 Man Diesel & Turbo Se: Company Snapshot
Figure 40 Caterpillar, Inc.: Company Snapshot
Executive Summary
Companies Mentioned
- ABB
- Ansaldo Energia
- Bharat Heavy Electricals Limited (BHEL)
- Caterpillar, Inc.
- Centrax
- Chiyoda Corporation
- Crompton Greaves Ltd.
- Dongfang Electric Corporation Limited
- Doosan Skoda Power
- Eaton Corporation
- Eliott Group
- Emerson Electric Company
- Fuji Electric Co., Ltd.
- General Electric Company
- Harbin Electric International Company Limited
- Hyosung Corporation
- Hyundai Heavy Industries Co., Ltd.
- IHI Corporation
- Karpowership
- Kawasaki Heavy Industries
- Man Diesel & Turbo SE
- Mitsubishi Electric Corporation
- Mitsubishi Heavy Industries, Ltd.
- Mitsubishi Hitachi Power Systems, Ltd (MHPS)
- Mitsui O.S.K. Lines, Ltd.
- Modec, Inc.
- OPRA
- Power Barge Corporation
- Rockwell Automation
- SPX Transformer Solutions, Inc.
- Samsung Heavy Industries Co., Ltd
- Schneider Electric (France)
- Sevan Marine Asa
- Shanghai Electric Group Co. Ltd.
- Siemens AG
- Toshiba Corporation
- Vericor Power
- Waller Marine, Inc.
- Wison Group
- Wärtsilä Corporation
- Zorya
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 114 |
| Published | August 2018 |
| Forecast Period | 2018 - 2023 |
| Estimated Market Value ( USD | $ 860.1 million |
| Forecasted Market Value ( USD | $ 931.6 million |
| Compound Annual Growth Rate | 1.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 41 |
