LGC And VLGC LNG Shipyard Carrier Market To Reach $67,323.12 Million By 2040

April 2024 | Report Format: Electronic (PDF)

LGC And VLGC LNG Shipyard Carrier Market Growth & Trends

The global LGC and VLGC LNG shipyard carrier market size is anticipated to reach USD 67,323.12 million by 2040 and is projected to grow at a CAGR of 11.2% from 2024 to 2040, according to a new report by Grand View Research, Inc. The growing global trade of liquefied natural gas (LNG) has a significant impact on the demand for large gas carriers (LGC) and very large gas carriers (VLGC) shipyard carriers. The increase in LNG trade results in higher demand for specialized carriers capable of transporting LNG safely. Shipping companies and operators often need to expand their LNG fleets for increasing the supply of LNG globally. According to the International Energy Forum, the global LNG trade hit the highest in 2022 and is expected to grow by 25% to 500 million tons annually in the next five years. Moreover, China became the world’s largest LNG importer and the U.S. became the top exporter of LNG in 2023. China’s share is expected to rise to 25% of the global supply by 2030. As LNG trade expands, shipping companies seek vessels that adhere to the latest safety requirements to improve efficiency. To meet the rising LNG demand, shipbuilding and management companies are expanding their fleets to ensure they have the infrastructure and workforce to deliver vessels within adequate timelines.

The development of LNG import infrastructure like LNG terminals in emerging markets represents a significant opportunity for the industry. Countries with limited domestic natural gas production are investing in LNG import terminals to meet their energy needs. This necessitates the expansion of the global LNG supply chain, creating opportunities for LNG carriers and infrastructure developers to participate in the construction and operation from import facilities.

The adoption of LNG as a marine fuel is one of the major opportunities in the maritime industry, especially for LGC and VLGCs. Strict emission regulations and standards imposed by the International Maritime Organization (IMO) are driving the maritime sector to explore cleaner fuel alternatives. LNG, being a cleaner-burning fuel, is increasingly used in ship propulsion, providing an opportunity for carriers to retrofit vessels and capitalize on the growing demand for LNG bunkering services.

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LGC And VLGC LNG Shipyard Carrier Market Report Highlights

  • Based on containment type, the membrane type segment is anticipated to grow at the fastest CAGR of 14.8% over the forecast period. Market players like LNG vessel builders and fleet operators are mainly focused on investment in membrane type LNG shipyard carriers owing to strict international maritime regulations and safety standards

  • Based on containment type, the moss type segment led the market with the largest revenue share of 67.1 in 2023

  • Asia Pacific dominated the market with the revenue share of 38.0% in 2023.Asia Pacific countries, such as China and India, are the major markets for LGC and VLGC LNG shipyard carriers. The high growth of industrial sectors in China, India, and Japan has triggered the demand for power through clean Sources, driving the need for natural gas. The establishment of heavy equipment, oil & gas, and process companies in China, on account of low labor and utility costs, has been one of the factors responsible for the penetration of natural gas in industrial applications in the region. The decentralization of power sector in Thailand coupled with the abundant availability of natural gas is projected to boost the market growth in China over the forecast period

  • Various strategic initiatives were recorded over the past few years to boost the growth of the market growth. For instance, in July 2023, Cool Company Ltd. announced the acquisition of two newly built two-stroke LNG carriers from EPS Ventures Ltd. Moreover, the state-of-the-art Mega LNG carriers are scheduled to be delivered by Hyundai Samho Heavy Industries in South Korea in September and December 2024

LGC And VLGC LNG Shipyard Carrier Market Segmentation

Grand View Research has segmented the global LGC and VLGC LNG shipyard carrier market based on containment type, and region:

LGC & VLGC LNG Shipyard Carrier Containment Type Outlook (Volume, Units, Capacity, Billion cu m, Revenue, USD Million; 2018 - 2040)

  • Moss Type

  • Membrane Type

LGC & VLGC LNG Shipyard Carrier Regional Outlook (Volume, Units, Capacity, Billion cu m, Revenue, USD Million; 2018 - 2040)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Italy

    • Spain

    • UK

    • Denmark

    • Turkey

    • Greece

    • Netherlands

    • Belgium

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Indonesia

    • Taiwan

  • Central and South America

    • Brazil

  • Middle East and Africa

    • Saudi Arabia

List of Key Players in LGC And VLGC LNG Shipyard Carrier Market

  • Royal Dutch Shell PLC

  • Nippon Yusen Kabushiki Kaisha

  • Mitsui O.S.K. Lines Ltd (MOL)

  • China State Shipbuilding Corporation

  • STX Offshore & Shipbuilding Co. Ltd.

  • Kawasaki Heavy Industries

  • Hyundai Heavy Industries Co.

  • Mitsubishi Heavy Industries

  • Daewoo Shipbuilding and Marine Engineering (DSME)

  • Samsung Heavy Industries

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