Global Floating LNG Powered Ship and Barge Market is estimated to grow at a CAGR of 8.73% during 2019 to 2025
Floating LNG Powered Ship and Barge Market is set to proceed growth phase with CAGR of 8.73% over the forecast period between 2019 and 2025. Rising demand for offshore projects along with growing power requirements and limited capacities for land-based power generation are among key factors shaping the Floating LNG Powered Ship and Barge market value to $811million during 2019.
Favorable environmental policies to reduce the impact on the environment and ongoing focus on developing alternative technologies such as FLNG to meet the increasing worldwide energy demand, in particular across emerging economies are emerging trends boosting the market growth.
In addition, low cost of the raw material compared to oil and other floating power plants is encouraging the implementation of FLNG project in Floating LNG Powered Ship and Barge market.
A slowdown of the global economy has provided a broader scope for development and cost reduction for LNG prices and a growing shift towards cleaner fuels to become the perfect time for the floating LNG powered ship and barge market entry.
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Further, the rise of investments from small and medium-sized companies across the industry, and presence of efficient financing options will provide scope for development of the market value.
However, high risks associated with FLNG power process, complicated design and construction of FLNG, smaller contract values and requirement for grid connection are the major challenges limiting the market growth.
Power Barge remains the most dominant segment and is set to serve the growing energy demand across the globe
The substitution of conventional fossil fuels with LNG in the power barge sector is accelerating the market trend along with the development of floating LNG power barge type. For instance, Becker Marine Systems provides low-emission LNG HUMMEL hybrid barge technology for cruise ships as a power solution.
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Further, floating LNG power technologies are being adopted to generate power for large ships which in turn will increase the demand in the market share. For instance, in April 2019, Cambodia leased a 200MW Turkish power ship to meet electricity demands.
In addition, digitalization of modern economies, growth in the number of electronically connected devices, and the electrification of transportation sector are boosting the demand for energy systems and hence create long term market opportunities.
Developing economies are the potential future markets for FLNG powered ship and barge over the forecast period
Potential growth of Floating LNG Powered Ship and Barge market is observed across developing economies of Asia, Africa, and Latin America with major targets being the archipelagic islands. With, Middle East and Africa holding a market share of 48.16% in 2018, the Floating LNG Powered Ship and Barge market growth is set to emerge across developing economies through 2025.
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Further, key market players across companies Asia Pacific region are collaborating to provide floating LNG power plants to their broad customer base. For instance, in 2019, Japanese based Mitsui O.S.K. Lines (MOL) and Turkey-based Karpower International collaborated on LNG-to-Powership business for providing floating LNG power plants globally.
In addition, Myanmar deployed Karpowership’s vessel in Yangon for supply of 480 MW and is in plans to further develop FLNG power plants.
Apart from Bangladesh and South East Asian nations, other prospective countries for FLNG power market include Angola, El Salvador, Bahamas, Philippines, Jamaica, Kenya, Dominican Republic, Pakistan, Lebanon, Bangladesh, Thailand, Vietnam, Albania, Iraq, Venezuela, and Benin.
Key players planning to foray into Floating LNG powered ship and barge market
Key companies operating in the power ship market are entering into strategic agreements to start new operations, which will drive the floating LNG powered ship and barge market growth. For instance, in 2018, Kawasaki entered into agreement with Chubu Electric Power and Toyota Tsusho and with NYK Line to form two new joint ventures Central LNG Marine Fuel Japan Corporation and Central LNG Shipping Japan Corporation.
In addition, in 2018, with the Gambian electricity utility NAWEC, Karpowership signed a two-year 30 MW power purchase agreement Karadeniz powership.
Further, major companies are reaching out to costumers with cost-effective power supply. For example, Karadeniz PowershipOnur Sultan began its operations to provide low-cost continuous electricity to North Sumatra, Indonesia.
Key participants contributing towards Floating LNG Powered Ship and Barge Market share include Karpowership, Waller Marine Inc., Power Barge Corporation, ModecInc., Chiyoda Corporation, Wison Group, Samsung Heavy Industries Co. Ltd, Sevan Marine ASA, Hyundai Heavy Industries Co. Ltd., IHI Corporation, Mitsui O.S.K. Lines Ltd., and Mitsubishi Heavy Industries, Ltd.
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