The floating power vessels powered by LNG are specialized offshore vessels that use LNG to generate electricity through onboard components such as steam generators and gas turbines. The lack of power generation infrastructure and shortage of capital investments is the primary factor driving the demand for such temporary power generation solutions.
The Global Floating LNG Power Vessel Market size is projected to reach USD 668.8 Million by 2025, with 4.16% CAGR between 2019 and 2025.
The major factors driving the growth of the global floating LNG power vessel market is the lack of adequate power generation infrastructure in developing countries and lower pollution levels. The industrial output from developing countries in Asia-Pacific and Africa is growing at a significant rate, which directly increases the demand for electricity. Furthermore, floating LNG power vessels can support the electricity grid during peak loads. For instance, in September 2019, Siemens (Germany) announced that two power barges would be installed offshore New York with a capacity of 600 MW to support the cities electricity requirements.
Many major players such as Wartsila, Mitsubishi Heavy Industries Ltd, and General Electric are actively focusing on signing contracts and agreements with utilities and industries to provide floating LNG power vessels. For instance, in January 2019, Siemens signed a contract with Seaboard Corp (Bermuda) to supply a 145 MW power barge and is expected to start operations from 2021. Such developments in the market are expected to drive the growth of the global floating LNG power vessel market during the forecast period.
The global floating LNG power vessel market has been segmented based on vessel type, power output, and component. Based on vessel type, the global market is divided into power barge and power ship. The global power ship segment is expected to hold the larger share of the market during the forecast period. However, LNG power barges also hold a substantial share of the floating LNG power vessel market. Based on power output, the global market is segmented into up to 70 MW, 70 MW–350 MW, and above 350 MW. The 70 MW–350 MW segment is expected to grow with the highest CAGR during the forecast period as the engines in this segment are mostly powered by liquid fuel or gas. Based on component, the global floating LNG power vessel market has been divided into power generation systems and power distribution systems. The power generation system segment is expected to hold the largest share within the global floating LNG power vessel market due to the increasing demand for the integrated IC engine and gas turbine-powered vessels.
The Global Floating LNG Power Vessel Market is expected to grow at 4.16% CAGR during the forecast period.
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