Report : North America C-Type LNG Carrier Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Cylindrical, Bi-Lobe, and Tri-Lobe) and Application (Marine, Oil and Gas, Petrochemical, and Others)
At 4.8% CAGR, the North America C-Type LNG Carrier market is speculated to be worth US$ 595.78 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America C-type LNG carrier market was valued at US$ 449.71 million in 2022 and is expected to reach US$ 595.78 million by 2028, registering a CAGR of 4.8% from 2022 to 2028. Surge in new shipbuilding contracts and new fleet expansion and rising demand for natural gas from several industries are the critical factors attributed to the market expansion.
Natural gas is widely used in various industrial applications. For instance, it is used as a fuel for process heating in combined heat and power systems, it is also used as a raw material (feedstock) to produce fertilizer, chemicals, and hydrogen, and as lease and plant fuel. Natural gas is also used for waste treatment and incineration applications, metals preheating in the metal & mining industry, drying and dehumidification, glass melting, food processing, and fueling industrial boilers. Ethane, butane, propane, and a few gases may also be extracted from natural gas, which is used as a feedstock for fertilizers and pharmaceutical products. As per the US Energy Information Administration data, the consumption of natural gas in the US is led by the electrical power, industrial, residential, commercial, and transportation sectors, which accounted for 37%. 33%, 15%, 11%, and 3%, respectively. The growth of the industrial sector is expected to increase the consumption of LNG across industrial applications. As per the IEA Report, in January 2022, natural gas consumption rebounded by 4.6% in 2021, more than double the decline experienced in 2020. Thus, the rising consumption of LNG is likely to propel the regional C-type LNG carrier market growth over the forecast period.
On the contrary, operational, and financial challenges associated with LNG carriers hurdles the growth of North America C-type LNG carrier market.
- Based on product type, the North America C-type LNG carrier market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment registered the largest market share in 2022 with a market share of 40.4%, amassing US$ 181.75 million. It is projected to garner US$ 220.53 million by 2028 to expand at 3.3% CAGR during 2022–2028.
- Based on application, the North America C-Type LNG carrier market is segmented into marine, petrochemicals, oil and gas and others segment. With 41.8% share of the domain marine segment registered the largest market share in 2022. It accrued US$ 187.80 million in 2022 and is estimated to generate US$ 246.30 million by 2028 to grow at a CAGR of 4.6% over the forecast period.
Our regional analysis states that the US captured 55.0% market share in 2022. It was assessed at US$ 247.34 million in 2022 and is likely to hit US$ 334.48 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.
Key players dominating the North America c-type LNG carrier market are China Shipbuilding Trading Co., Ltd.; DSME Co., Ltd.; Gaslog Ltd.; HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.; Knutsen OAS Shipping; Komarine Co.; Mitsubishi Heavy Industries, Ltd.; and TGE Marine Gas Engineering GmbH, among others.
A few key market developments in the region by top market players are:
- In 2022, Daewoo Shipbuilding & Marine Engineering Co. (DSME) has received a 1.07 trillion-won (US$850 million) order to build four liquefied natural gas (LNG) carriers under a deal with a Qatar state oil firm which will be done by 2025.
- In 2021, Gaslog has planned to go private by delisting. GasLog is selling 45% of its outstanding shares to BlackRock for $248 million as a part of its delisting strategy.
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