Global LNG Carrier Market Assessment, By Containment Type [Moss, Membrane], By Storage Capacity [Less Than 120,000 Cubic Meter, 120,000 to 160,000 Cubic Meter, More Than 160,000 Cubic Meter], By Propulsion Type [Steam Turbine, Slow-speed Dual Fuel Engine, Steam Re-heat and Stage, Others], By End-user [Transport, Defense, Others], By Region, Opportunities and Forecast, 2017-2031F

Global LNG carrier market is projected to witness a CAGR of 5.07% during the forecast period 2024-2031, growing from USD 12.86 billion in 2023 to USD 19.09 billion in 2031.

Global LNG Carrier Market Size, Share and Forecast Report 2031

Global LNG carrier market is projected to witness a CAGR of 5.07% during the forecast period 2024-2031, growing from USD 12.86 billion in 2023 to USD 19.09 billion in 2031. Intense growth in the demand for natural gases from various sectors, including industrial, commercial, and residential, especially within emerging economies, and the vast utilization of liquefied natural gas carriers in different end-use operations, including transportation and defense, and others, as well as the fast-paced industrialization process, across developing countries, are the main factors driving the LNG carrier market. Liquefied natural gas (LNG) carriers are utilized to transport LNG through a global network from production regions into consumption areas and thus constitute an important part of the global energy landscape. The fleet of LNG carriers is the most diverse of all, with traditional tank ships and much smaller vessels such as bunkering vessels.
Trends in greener energy sources enhance the demand for LNG as a transition fuel. Government initiatives and laws enacted to reduce carbon emissions and promote sustainable usage of energy are enhancing demand for LNG carriers. As carbon capture and storage gains increased popularity, LNG ships could end up taking captured carbon dioxide to storage facilities. Advances in LNG containment and transport technology enhance the safety and efficiency of LNG carriers, thus making them more suitable for long-distance transport. Industry trends in recent years show a shift towards larger LNG carriers to enhance their carrying capacity. Industry trends in recent years have pointed to a shift toward larger LNG carriers with increasing capacity and the development of floating LNG (FLNG) units, which offer flexibility and cost-effective access to remote gas deposits.
For instance, in May 2024, Dalian Shipbuilding Industry Co., Ltd. launched a large LNG carrier measuring 295 meters in length, 46.4 meters in width, and 26.2 meters in depth, with a payload capacity of 175,000 cubic meters and cruises at 19.5 knots from Dalian, China.
<h2>Rapid Technological Advancements to Drive Market Growth</h2>
Rapid technological advancements are significantly driving the growth of the global LNG carrier market by enhancing efficiency, safety, and environmental sustainability. Innovations in ship design, such as membrane tank technology and dual-fuel engines, optimize fuel consumption and reduce emissions. Advanced navigation and monitoring systems enhance operational reliability and safety during transit. Automation and digitalization of logistics enhance management and enable effective fleet control and real-time data analysis. These technological advancements attract investment and widen LNG carrier usage in the transport, defense, and commercial sectors, accelerating market growth and competition.
For instance, in February 2024, HD Hyundai Heavy Industries Co., Ltd. secured a USD 50 million contract with Chevron Corporation, the United States-based energy corporation, to install reliquefaction units and technological enhancements, including the incorporation of air lubrication technology and new gas compressors on two liquefied natural gas (LNG) carriers.
<h2>Rising Demand for Natural Gas to Drive Market Growth</h2>
The growing demand for natural gas in developing countries as an alternative to coal and other fossil fuels will, therefore, lead to the growth of the LNG carrier market. Natural gas consumption will rise in the forecast years, and thus, ships and other vessels should be employed to transport this high-demand fuel. Other important roles of LNG imports include meeting the growing natural gas requirement in countries that themselves do not have any indigenous production. With all this, net LNG imports are expected to surge in every sector, be it petrochemical, fertilizer, industrial, commercial, residential, transportation, defense, and power generation. As a result, the need for LNG carriers is growing, spurring innovation and investment in the market.
For instance, in May 2024, GAIL (India) Ltd. hired a new-build LNG carrier from US-based Cool Company Ltd., for 14 years to meet India's growing gas needs. The tanker will ship super-chilled fuel from the United States, where it has contracted to buy 2.5 million tons per annum of LNG from Sabine Pass Liquefaction LLC.
<h2>Expansion of LNG Infrastructure to Drive Market Growth</h2>
The LNG carriers market is booming due to the expansion of infrastructure like liquefaction terminals, regasification facilities, and storage tanks. Many new LNG terminals and expansions have been developed, accounting for two-thirds of global LNG capacity. These facilities enable larger volumes of gas to be stored and moved from one location to another. As countries improve their LNG infrastructure, the need for advanced LNG carrier ships develops, driving innovation and competition among manufacturers. Furthermore, collaborations between governments and commercial firms have accelerated research and development, resulting in more efficient and capable systems. This growing investment in LNG terminals that can handle LNG, and natural gas is boosting the demand for LNG carriers as they facilitate the movement of LNG within and between these facilities.
For instance, in July 2024, Shell plc signed an agreement with Abu Dhabi National Oil Company (ADNOC) P.J.S.C. to invest in the Ruwais LNG project in Abu Dhabi. The project includes two 4.8 million metric tons per annum (MMTPA) LNG liquefaction plants with a total capacity of 9.6 MMTPA. The facility plans to use an electric-powered liquefaction system with a renewable power supply to reduce emissions from operations.
<h2>Membrane Containment Segment to Dominate Market Share</h2>
The membrane type containment segment dominates the share of the global LNG carrier market due to its superior design and efficiency. Membrane tanks utilize thin, flexible materials that allow for optimal space utilization, maximizing cargo capacity. This design minimizes the risk of leaks and enhances safety by reducing the structural weight of the vessel. Additionally, membrane tanks require less insulation and maintenance, leading to lower operational costs. Their adaptability to various vessel sizes and configurations makes them suitable for large-scale carriers and smaller ships. As a result, the membrane containment system is increasingly preferred by shipbuilders and operators, solidifying its market leadership.
For instance, in January 2024, Gaztransport &amp; Technigaz SA (GTT), a French technological containment specialist, received two orders for the tank design of two new LNG carriers with a capacity of 140,000 cubic meters each. South Korea's Hanwha Ocean Co., Ltd. will build the first one utilizing the GTT NO96 GW membrane containment system, and Samsung Heavy Industries Ltd. will build the second one with the GTT Mark III Flex membrane containment system.
<h2>Asia-Pacific to Dominate LNG Carrier Market Share</h2>
Asia-Pacific is dominating the share of the global LNG carrier market due to heavy demand for natural gas in the region, along with extensive infrastructure established for LNG imports. Amongst these, Japan, China, and South Korea are among the largest LNG importers who import substantial quantities driven by their energy security needs and transition to cleaner fuels. High industrialization and urbanization levels in the region enhance natural gas consumption for power generation and heating. Additionally, strategic investments in LNG terminals and receiving facilities enhance supply chain efficiency. This robust market demand, combined with regional shipping capabilities, positions Asia-Pacific as a key player in the global LNG carrier market.
For instance, in April 2024, QatarEnergy signed a USD 6 billion deal with China State Shipbuilding Corporation (CSSC) Limited to build a total of 18 QC-Max size LNG carriers. The vessels, each with a capacity of 271,000 cubic meters, will be built at China's Hudong-Zhonghua Shipyard and use a dual-fuel low-speed engine propulsion system and the NO96 Super+ containment system.
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Future Market Scenario (2024 &ndash; 2031F)
<ul>
<li>The global LNG carrier market is expected to benefit from heightened global LNG consumption, especially in Asia and Europe, as countries seek to diversify energy sources and reduce carbon emissions.</li>
<li>Technological advancements are anticipated to continue to enhance vessel efficiency, safety, and environmental performance, making LNG transportation more competitive.</li>
<li>Increasing investments in floating storage and regasification units (FSRUs) will offer flexible supply solutions, increasing the demand for LNG carriers in the forecast years.</li>
</ul>
Report Scope
&ldquo;LNG Carrier Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global LNG carrier market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 5.07% between 2024 and 2031
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Revenue Forecast in 2031
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USD 19.09 billion
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Segments Covered
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Containment Type, Storage Capacity, Propulsion Type, End-user
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Fincantieri S.p.A., Meyer Werft GmbH, China State Shipbuilding Corporation Limited, Mitsubishi Heavy Industries, Ltd., Chevron Corporation, Samsung Heavy Industries Co., Ltd., Damen Shipyards Group, Dalian Shipbuilding Industry Co., Ltd., HD Hyundai Heavy Industries Co., Ltd., Hanwha Ocean Co., Ltd.,
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global LNG carrier market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Containment Type
<ul>
<li>Moss</li>
<li>Membrane</li>
</ul>
</li>
<li>By Storage Capacity
<ul>
<li>Less Than 120,000 Cubic Meter</li>
<li>120,000 to 160,000 Cubic Meter</li>
<li>More Than 160,000 Cubic Meter</li>
</ul>
</li>
<li>By Propulsion Type
<ul>
<li>Steam Turbine</li>
<li>Slow-speed Dual Fuel Engine</li>
<li>Steam Re-heat and Stage</li>
<li>Others</li>
</ul>
</li>
<li>By End-user
<ul>
<li>Transport</li>
<li>Defense</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
The global LNG carrier market is characterized by continuous research and development and strategic collaborations aimed at enhancing market position. Major companies prioritize fleet modernization, investing in advanced technologies to improve efficiency and reduce emissions. Strategic partnerships and collaborations are common, enabling firms to expand their capabilities and market reach. Additionally, ongoing mergers and acquisitions help companies consolidate resources, optimize operations, and adapt to evolving regulatory environments, further intensifying competition in this dynamic sector.
In March 2024, Wartsila Corporation and Chevron Corporation partnered to convert one engine into six of Chevron's LNG carriers from dual-fuel to spark-ignited gas operation. The conversion aims to reduce greenhouse gas emissions by reducing methane slip and improve efficiency. The coloration aims to support Chevron's efforts to reduce carbon intensity in its operations.
Key Players Operating in Global LNG Carrier Market are:
<ul>
<li>Fincantieri S.p.A.</li>
<li>Meyer Werft GmbH</li>
<li>China State Shipbuilding Corporation Limited</li>
<li>Mitsubishi Heavy Industries, Ltd.</li>
<li>Chevron Corporation</li>
<li>Samsung Heavy Industries Co., Ltd.</li>
<li>Damen Shipyards Group</li>
<li>Dalian Shipbuilding Industry Co., Ltd.</li>
<li>HD Hyundai Heavy Industries Co., Ltd.</li>
<li>Hanwha Ocean Co., Ltd.</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul>
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global LNG Carrier Market Assessment, Opportunities and Forecast, FY2017-FY2031F

The global LNG carrier market is expected to experience growth due to rising demand for natural gas as a cleaner energy alternative, significant investments in LNG infrastructure, and technological innovations that enhance vessel efficiency and safety.

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