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 ResearchAndMarkets.com’s offering.
The floating LNG power vessel market is projected to reach USD 931.6 million by 2023 from an estimated USD 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 to 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.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Floating LNG Power Vessel Market Overview
4.2 Floating LNG Power Vessel Market, By Vessel Type
4.3 Floating LNG Power Vessel Market: Component & Region
4.4 Floating LNG Power Vessel Market, By Power Output (2018-2023)
4.5 Floating LNG Power Vessel Market, By Component (2018-2023)
4.6 Power Generation Systems Floating LNG Power Vessel Market, By Key Components (2018)
4.7 Power Distribution Systems Floating LNG Power Vessel Market, By Key Components (2018)
5 Market Overview
5.2 Market Dynamics
18.104.22.168 Increasing Demand for Power, Coupled With the Lack of Power Infrastructure
22.214.171.124 Benefits Over Land-Based Power Plants
126.96.36.199 High Operating Cost Associated With Transportation, Logistics, & Accessibility Issues
188.8.131.52 Price Disparity Across Regional Markets
184.108.40.206 Increasing Focus on Renewable Energy – Floating Power Plants
220.127.116.11 Stringent Emission Norms for Diesel Engine Powered Marine Gensets & Rise in Hybrid Fuel Engines
18.104.22.168 Growth in Adoption of LNG as an Energy Source
22.214.171.124 Growth in Distributed Energy Generation
6 Floating LNG Power Vessel Market, By Vessel Type
6.2 Power Barge
6.3 Power Ship
7 Floating LNG Power Vessel Market, By Power Output
7.2 Small Scale (Up to 72 MW)
7.3 Medium Scale (>72 MW-400 MW)
7.4 High Scale (>400 MW)
8 Floating LNG Power Vessel Market, By Component
8.2 Power Generation System
8.2.1 Gas Turbine & IC Engine
8.2.2 Steam Turbine & Generator
8.3 Power Distribution System
9 Floating LNG Power Vessel Market, By Region
9.2 Asia Pacific
9.2.1 By Component
9.2.2 By Power Output
9.3 Middle East & Africa
9.3.1 By Component
9.3.2 By Power Output
9.4 North America
9.4.1 By Component
9.4.2 By Power Output
9.5 Rest of the World
9.5.1 By Component
9.5.2 By Power Output
10 Competitive Landscape
10.2 Key Players & Market Structure
10.3 Competitive Scenario
10.3.1 Contracts & Agreements
10.3.2 New Product Launches
10.3.3 Partnerships, Collaborations, Alliances, and Joint Ventures
10.4 List of Component Providers
10.4.1 Gas Turbine
10.4.2 Steam Turbine
10.4.3 Power Transformers
11 Company Profiles
11.1 Floating Power Vessel Manufacturers
11.1.2 Waller Marine, Inc.
11.1.4 Power Barge Corporation
11.1.5 Modec, Inc.
11.1.6 Chiyoda Corporation
11.1.7 Wison Group
11.1.8 Samsung Heavy Industries Co., Ltd
11.1.9 Sevan Marine Asa
11.1.10 Hyundai Heavy Industries Co., Ltd.
11.1.11 IHI Corporation
11.1.12 Mitsui O.S.K. Lines, Ltd.
11.1.13 Mitsubishi Heavy Industries, Ltd.
11.2 Component Provider
11.2.2 General Electric Company
11.2.3 Siemens AG
11.2.4 Wrtsil Corporation
11.2.5 Man Diesel & Turbo SE
11.2.6 Caterpillar, Inc.
For more information about this report visit https://www.researchandmarkets.com/research/9xtccc/931_million?w=12
Press Release: https://globenewswire.com