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US$931 million 'Floating LNG Power Vessel Market' – global forecast to 2023

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LNG Industry,

The ‘Floating LNG Power Vessel Market by Component (Power Generation System and Power Distribution System), Power Output (up to 72 MW, 72 MW – 400 MW, above 400 MW), Vessel Type (Power Barge and Power Ship), and Region – Global Forecast to 2023’ report has been added to's offering.

The floating LNG power vessel market is projected to reach US$931.6 million by 2023 from an estimated US$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 – 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.

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