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)
The C-type LNG carrier market in Europe is expected to grow from US$ 1,194.12 million in 2022 to US$ 1,847.43 million by 2028. It is estimated to grow at a CAGR of 7.5% from 2022 to 2028.
Rising Demand for Natural Gas from Several Industries
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. 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.
Market Overview
The shipping industry has always been one of the most valuable economic, social, and cultural assets of the European Union. With the European Green Deal and the industry's efforts to decarbonize as part of the IMO's initial strategy to reduce greenhouse gas emissions from shipping adopted in 2018, the shipping industry is making steady progress toward LNG carrier production, thereby boosting the market growth. Additionally, the rise in LNG liquefication across Europe is expected to drive the market during the forecast period. The Russian government is planning to expand its LNG liquefaction capacity, requiring an additional fleet of LNG carriers. Russian shipping company Sovcomflot has ordered 15 LNG icebreakers for Zvezda Shipbuilding's Arctic LNG 2 project with South Korea's Samsung Heavy Industries as the technology partner. These LNG ships will be delivered between 2023 and 2025. Sovcomflot will own a single vessel and, an in collaboration with Novatek, will own 14 other vessels. These carriers allow LNG to be shipped to buyers in Asia within 15 days via the North Sea route, cutting transportation costs and transit times in half.
In addition, European companies are gradually progressing toward producing c-type LNG carriers, and several current and upcoming plans are presented over the lustrum. For instance, currently, there are two small type C LNG vessels under construction by Anthony Veder. Similarly, Knutsen OAS received its complete delivery by Hyundai of its Conventional X-DF carrier in 2021. Furthermore, owing to oversupply and low margins, several of Europe's LNG import terminals have sought new demand opportunities by establishing new services at existing LNG import facilities. Many European import terminals have changed or are planning to upgrade their infrastructure to provide new services to customers, enhancing LNG's flexibility. Hence, the growing carrier production, coupled with rising LNG liquefication, is anticipated to propel the C-Type LNG carrier market over the forecast period.
Europe C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Europe C-Type LNG Carrier Market Segmentation
The Europe C-type LNG carrier market is segmented into product type, application, and country. 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.
- Based on application, the Europe C-type LNG carrier market is segmented into marine, petrochemicals, oil and gas, and others. The marine segment registered the largest market share in 2022.
- Based on country, the market is segmented into France, Germany, the UK, Italy, UK, Russia, and the Rest of Europe. Germany dominated the market share in 2022.
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 are the leading companies operating in the c-type LNG carrier market in the region.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe C-Type LNG Carrier Market – By Product Type
1.3.2 Europe C-Type LNG Carrier Market – By Application
1.3.3 Europe C-Type LNG Carrier Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe C-Type LNG Carrier Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe C-Type LNG Carrier Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in New Shipbuilding Contracts and New Fleet Expansion
5.2 Key Market Restraints
5.2.1 Operational and Financial Challenges Associated with LNG Carriers
5.3 Key Market Opportunities
5.3.1 Increasing Demand for Clean Energy
5.4 Trends
5.4.1 Rising Demand for Natural Gas from Several Industries
5.5 Impact analysis of Drivers and Restraints
6. C-Type LNG Carrier Market – Europe Analysis
6.1 C-Type LNG Carrier Market Overview
6.2 Europe C-Type LNG Carrier Market Forecast and Analysis
7. Europe C-Type LNG Carrier Market Revenue and Forecast to 2028 – Product Type
7.1 Overview
7.2 Europe C-Type LNG Carrier Market, By Product (2021 And 2028)
7.3 Cylindrical
7.3.1 Overview
7.3.2 Cylindrical: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
7.4 Bi-lobe Shaped Tanks
7.4.1 Overview
7.4.2 Bi-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
7.5 Tri-lobe Shaped Tanks
7.5.1 Overview
7.5.2 Tri-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8. Europe C-Type LNG Carrier Market Analysis – By Application
8.1 Overview
8.2 Europe C-Type LNG Carrier Market, By Application (2021 And 2028)
8.3 Marine
8.3.1 Overview
8.3.2 Marine: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.4 Oil and Gas
8.4.1 Overview
8.4.2 Oil and Gas: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.5 Petrochemical
8.5.1 Overview
8.5.2 Petrochemical: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
9. Europe C-Type LNG Carrier Market – Country Analysis
9.1 Overview
9.1.1 Europe C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ million)
9.1.2 Europe C-Type LNG Carrier Market Breakdown, by Country
9.1.2.1 Germany C-Type LNG Carrier Market, Revenue and Forecast to 2028
9.1.2.1.1 Germany C-Type LNG Carrier Market Breakdown, By Product Type
9.1.2.1.2 Germany C-Type LNG Carrier Market Breakdown, By Application
9.1.2.1.3 France C-Type LNG Carrier Market, Revenue and Forecast to 2028
9.1.2.1.4 France C-Type LNG Carrier Market Breakdown, By Product Type
9.1.2.1.5 France C-Type LNG Carrier Market Breakdown, By Application
9.1.2.2 Italy C-Type LNG Carrier Market, Revenue and Forecast to 2028
9.1.2.2.1 Italy C-Type LNG Carrier Market Breakdown, By Product Type
9.1.2.2.2 Italy C-Type LNG Carrier Market Breakdown, By Application
9.1.2.3 UK C-Type LNG Carrier Market, Revenue and Forecast to 2028
9.1.2.3.1 UK C-Type LNG Carrier Market Breakdown, By Product Type
9.1.2.3.2 UK C-Type LNG Carrier Market Breakdown, By Application
9.1.2.4 Russia C-Type LNG Carrier Market, Revenue and Forecast to 2028
9.1.2.4.1 Russia C-Type LNG Carrier Market Breakdown, By Product Type
9.1.2.4.2 Russia C-Type LNG Carrier Market Breakdown, By Application
9.1.2.5 Rest of Europe C-Type LNG Carrier Market, Revenue and Forecast to 2028
9.1.2.5.1 Rest of Europe C-Type LNG Carrier Market Breakdown, By Product Type
9.1.2.5.2 Rest of Europe C-Type LNG Carrier Market Breakdown, By Application
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Merger and Acquisition
10.4 New Product Launch
11. Company Profiles
11.1 Mitsubishi Heavy Industries, Ltd.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Komarine Co.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Torgy LNG AS
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 China Shipbuilding Trading Co., Ltd.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Knutsen OAS Shipping
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 DSME Co., Ltd.
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Gaslog Ltd.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. Europe C-Type LNG Carrier Market, Revenue and Forecast, 2019–2028 (US$ Million)
Table 2. Europe C-Type LNG Carrier Market, Revenue and Forecast To 2028 – By Country (US$ million)
Table 3. Germany C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 4. Germany C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 5. France C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 6. France C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 7. Italy C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 8. Italy C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 9. UK C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 10. UK C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 11. Russia C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 12. Russia C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 13. Rest of Europe C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 14. Rest of Europe C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe C-Type LNG Carrier Market Segmentation
Figure 2. Europe C-Type LNG Carrier Market Segmentation – Country
Figure 3. Europe C-Type LNG Carrier Market Overview
Figure 4. Europe C-Type LNG Carrier Market, By Product Type
Figure 5. Europe C-Type LNG Carrier Market, By Application
Figure 6. Europe C-Type LNG Carrier Market, By Country
Figure 7. Europe: PEST Analysis
Figure 8. Europe C-Type LNG Carrier Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. Europe C-Type LNG Carrier Market: Impact Analysis of Drivers and Restraints
Figure 11. Europe C-Type LNG Carrier Market, Forecast and Analysis (US$ Million)
Figure 12. Europe C-Type LNG Carrier Market, By Product (2021 and 2028)
Figure 13. Europe Cylindrical: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. Europe Bi-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Europe Tri-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Europe C-Type LNG Carrier Market, By Application (2021 and 2028)
Figure 17. Europe Marine: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Europe Oil and Gas: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Europe Petrochemical: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Europe Others: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Europe C-Type LNG Carrier Market, by Key Country - Revenue (2021) (US$ million)
Figure 22. Europe C-Type LNG Carrier Market Breakdown, by Country, 2018 & 2027(%)
Figure 23. Germany C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
Figure 24. France C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
Figure 25. Italy C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
Figure 26. UK C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
Figure 27. Russia C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
Figure 28. Rest of Europe C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
- 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.
- Torgy LNG AS
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