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. In 2018, the Asia Pacific market is estimated to be the largest, 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 vessel 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 floating LNG power
vessel market by 2023. The power generation system segment is further
classified into gas turbine & IC engine and steam turbine & generator.
Gas turbine & 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 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 floating
LNG power vessel market 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, the
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).
