According to the new research report, titled "C-Type LNG Carrier Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the C-Type LNG Carrier market is expected to reach US$ 6,459.02 million by 2028, registering a CAGR of 7.5% from 2022 to 2028.
There has been a significant increase in the global trade of liquid natural gas (LNG) due to a surge in demand from Asian markets and abundant natural gas resources in countries like Qatar, Australia, the US, and the Russian Federation. LNG trade has become the only viable option to connect the demand and supply for long-distance trade between countries, and it has witnessed impressive growth over the past two decades. As a result, the demand for C-Type LNG carriers is expected to rise in the near future. The US has emerged as a potential importer, leading to significant investments in liquefaction infrastructure, particularly in Qatar. The US has also introduced technical methods like floating storage and regasification units (FSRU) to offer quick and flexible import solutions.
The surge in global liquefaction capacity, LNG trade, and the number of LNG shipments will influence the LNG shipping market and incentivize market players to build new LNG carriers in the next few years.
The marine and shipping industry's increasing need for C-Type LNG carriers, driven by growing energy and power generation capacities, is propelling the overall C-Type LNG carrier market. C-Type LNG carrier market players are implementing innovative strategies to maintain a competitive edge in the global market. For instance, Mitsubishi Shipbuilding Co., Ltd., a Yokohama-based company and part of the Mitsubishi Heavy Industries, Ltd. (MHI) Group, announced in 2022 that it is partnering with KEYS Bunkering West Japan Co., Ltd. to construct Japan's first liquefied natural gas (LNG) bunkering vessel.
The global consumption of LNG is anticipated to rise with the increasing demand for power worldwide. Furthermore, the diversification of consuming countries is expected to create fresh opportunities for market growth. Similarly, on the supply side, in addition to the US and Australia, both traditional and new suppliers are developing new liquefaction projects to cater to the growing demand in Asia. While the Russian Federation is continuously adding new liquefaction trains, Qatar is gearing up to expand its export capacity to maintain its position as the leading supplier.
The C-Type LNG Carrier market is categorized into two segments: product type and application. The product type segment includes cylindrical, bi-lobe, and tri-lobe carriers, among which the cylindrical segment had the highest market share in 2021. Cylindrical tanks are larger and have a domed roof, and their mounting orientation depends on the ship's dimensions and spatial limitations. The bi-lobe-shaped tanks are commonly used for semi-refrigerated or semi-pressurized ships. The application segment is divided into marine, oil and gas, petrochemical, and others, with the marine segment accounting for the highest market share in 2021.
Key Findings of C-Type LNG Carrier Market Study
The C-Type LNG Carrier market is divided into five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, the Asia Pacific region was at the forefront, and it is expected to register a CAGR of 8.9% during the forecast period. The Asia Pacific region comprises some of the world's fastest-growing economies, including China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific, consisting of emerging economies such as Vietnam and Malaysia. The region's developed economies, such as Japan and Australia, and increasing marine shipping activities and demand for energy and power are driving the growth of the C-Type LNG Carrier market.
The C-Type LNG Carrier market in North America is divided into Mexico, the US, and Canada. The increase in the demand for electric vehicles driven by environmental regulations and green initiatives has contributed to the market's growth in this region. The Europe C-Type LNG Carrier market is segmented into France, Germany, Italy, Russia, the UK, and the Rest of Europe. Factors such as significant infrastructure investments, quick construction growth, and favorable economic policies are expected to have a positive impact on the global LNG carrier market and the overall marine industry.
The C-Type LNG Carrier market in the Middle East & Africa is divided into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. Middle Eastern countries have highly developed economies, while African countries are still developing their economies. On the other hand, the South America C-Type LNG Carrier market is divided into Brazil, Argentina, and the Rest of South America. However, the economic growth of South America currently needs to be improved by political and economic instability.
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