Report : Middle East & Africa 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 2.4% CAGR, the Middle East & Africa C-Type LNG carrier market is speculated to be worth US$ 168.06 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa C-type LNG carrier market was valued at US$ 146.16 million in 2022 and is expected to reach US$ 168.06 million by 2028, registering an annual growth rate of 2.4% 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 gaining momentum in many sectors as it is a cheap, environment-friendly, and efficient fossil fuel. It emits around 40% less carbon dioxide than coal and roughly 20% less carbon than oil. LNG is considered as a cleaner alternative to fuel oil and coal. It is widely adopted for generating the power. Thus, the rise in demand for clean gas is primarily attributed by the industrial and commercial applications which is further expected to drive the market growth.
The surging demand for natural gases by residential, industrial, and commercial sectors, mainly from the developing economies, and the growing usage of LNG carriers for a wide range of end-use applications, such as defense and transport, are among the major factors holding potential opportunity for the growth of the C-type LNG carrier market. Thus, the increase in demand for clean energy sources across various applications is expected to provide lucrative opportunities for the market growth in the coming years.
On the contrary, operational, and financial challenges associated with LNG carriers hurdles the growth of Middle East & Africa C-type LNG carrier market.
- Based on product type, the Middle East & Africa 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 47.5%, amassing US$ 69.48 million. It is projected to garner US$ 77.64 million by 2028 to expand at1.9% CAGR during 2022–2028.
- Based on application, the Middle East & Africa C-type LNG carrier market is segmented into marine, petrochemicals, oil and gas, and others. With 39.7% share of the domain marine segment registered the largest market share in 2022. It accrued US$ 58.05 million in 2022 and is estimated to generate US$ 66.22 million by 2028 to grow at a CAGR of 3.0% over the forecast period.
Our regional analysis states that the UAE captured 35.0% market share in 2022. It was assessed at US$ 51.16 million in 2022 and is likely to hit US$ 51.16 million by 2028, exhibiting a CAGR of 2.6% during the forecast period.
Key players dominating the Middle East & Africa C-type LNG carrier market are DSME Co., Ltd.; Knutsen OAS Shipping; Komarine Co. and Mitsubishi Heavy Industries, Ltd., among others.
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