Floating LNG power vessel is suitable for remote areas where electrical demand is small such as small islands.
Rising demand for floating LNG power vessels owing to increasing use of electricity globally is a factor expected to propel growth of the global floating LNG power vessel market over the forecast period.
However, high capital investment associated with its transportation and maintenance is factor expected to hamper growth of the target market in the near future.
The global floating LNG power vessel market has been segmented on basis of vessel type, component, power output, and region. On the basis of vessel type, the target market is segmented into power barge and power ship. Power ship segment dominates the global market in terms of revenue and is expected to maintain its dominance over the forecast period, owing to its self-propelling property. On the basis of component global floating LNG power vessel market is segmented into power generation system and power distribution systems. Power generation system segment is further sub segmented into gas turbine & IC engine and steam turbine & generator. Power distribution system segment is further sub-segmented as transformer and switchboard. On the basis of power output global floating LNG power vessel market is segmented as small scale (Up to 72 MW), medium scale (72 MW to 400 MW), and high scale (Above 400 MW).
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Based upon region global floating LNG power vessel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The market in Asia Pacific is estimated to be highest share in terms of revenue, owing to growing demand for the power from developing countries in the region. The markets in Europe is expected to register significant growth in terms of revenue, owing to its benefits offered by it over land-based power plants, in the region over the forecast period.
Key players operating in the global floating LNG power vessel market include Siemens AG, MAN Diesel & Turbo SE, Wärtsilä Corporation, General Electric Company, and Caterpillar Inc.