The global floating LNG power vessel market is expected to grow from an estimated $860.1 million in 2018 to $931.6 million by 2023. The Asia Pacific is estimated to be the largest market, followed by the Middle East & Africa. Factors such as growing population, industrialization and increasing urban business activities, and an increase in the demand for power generation are expected to drive the floating LNG power vessels market.
Power Ship segment is the fastest-growing segment of the floating LNG power vessel market
A power ship is a special type of ship that has been modified for power generation. It is generally used in the energy leasing market for short- and mid-term contracts because of its self-propelling property. Karadeniz Holding (Turkey) dominates the supply of power ships in the market. Most of the projects use power between 100 MW and 150 MW and run on liquid fuel or natural gas, which are expected to witness high growth in the market.
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The power generation segment is expected to lead the floating LNG power vessel market
The floating LNG power vessel is segmented into the power generation system and power distribution system. The power generation system segment is expected to dominate the market by 2023. The power generation system segment is further classified into gas turbine & IC engine and steam turbine & generator. Gas turbines & IC engines are the two key components in the floating power generation system market.
The arrival of gas turbines and the increasing availability of natural gas, coupled with widespread R&D investments and the evolution of the combined cycle technology, have led to an increase in the application of gas turbines in the power generation system. The gas engine technologies can be connected to the existing gas pipeline system to avoid diesel fuel supply issues that occur during natural calamities, whereas IC engines are used in floating LNG power applications with a power output between 5.0 MW and 20.0 MW.
Asia Pacific is expected to be the largest floating LNG power vessel market
The Asia Pacific led the global market for floating LNG power vessels in 2017. It is one of the most populated regions in the world and continually witnesses an increasing demand for electricity. Moreover, due to the limited land availability for power plant construction, Southeast Asian island countries are expected to generate high demand for floating LNG power vessels.
The governments of several Southeast Asian island countries plan to increase investments to meet the increased demand for power. For instance, Myanmar Electric Power Generation Enterprise awarded a contract to Karpowership to provide an FPP in Rangoon, Myanmar. Such factors are expected to drive the growth of the floating LNG power vessel market in the Asia Pacific region.
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The leading players in the Floating LNG Power Vessel Market include Siemens AG (Germany), MAN Diesel & Turbo SE (Germany), Wärtsilä Corporation (Finland), General Electric Company (US), and Caterpillar Inc. (US).