Report : Europe 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 7.5% CAGR, the Europe C-Type LNG Carrier Market is speculated to be worth US$ 1,847.43 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe C-type LNG carrier market was valued at US$ 1,194.12 million in 2022 and is expected to reach US$ 1,847.43 million by 2028, registering a CAGR of 7.5% 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.
Market players are building new LNG carriers due to the rising demand for LNG. For instance, in January 2022, TGE Marine proudly announced the completion of the tank building phase for two large LNG cargo tanks the companies also executed shipbuilding contracts for the seven 174,000 m3 LNG carriers with Hyundai Heavy Industries Co., Ltd. Thus, rise in new shipbuilding contracts among the leading players drives the C-type LNG carrier market growth.
On the contrary, operational, and financial challenges associated with LNG carriers hurdles the growth of Europe C-type LNG carrier market.
- Based on product type, the Europe 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 39.9%, amassing US$5 476.76 million. It is projected to garner US$ 845.53 million by 2028 to expand at 10.0% CAGR during 2022–2028.
- Based on application, the Europe C-type LNG Carrier Market is segmented into marine, petrochemicals, oil and gas, and others. With 38.4% share of the domain marine segment registered the largest market share in 2022. It accrued US$ 458.63 million in 2022 and is estimated to generate US$ 902.73 million by 2028 to grow at a CAGR of 11.9% over the forecast period.
Our regional analysis states that Germany captured 31.0% market share in 2022. It was assessed at US$ 370.18 million in 2022 and is likely to hit US$ 620.43 million by 2028, exhibiting a CAGR of 9.0% during the forecast period.
Key players dominating the Europe 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 Torgy LNG AS, 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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