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Various factors contribute to growth dynamics within the Floating LNG Power Vessel market, thus influencing its behavior within the energy industry at large. Firstly, there is a growing global demand for flexible mobile power generation solutions. Floating LNG power vessels equipped with liquefied natural gas (LNG) power plants offer a highly adaptable method of generating electricity that is particularly useful in regions with limited access to traditional power infrastructure. Technological advancements associated with this type of power generation greatly affect both constructional features and functioning peculiarities related to floating LNG-power vessels. Innovations such as gas turbine technology, systems for storage/regasification of [liquefied natural gas], and vessel design facilitate more efficient ways of dealing with required procedures at lower costs than before, enhancing overall performance, reliability, and environmental friendliness of floating LNG power vessels thus making them a viable alternative to traditional power generation means.
The use of floating LNG-power vessels is driven by the global transition to cleaner energy sources and the urgent necessity of cutting carbon emissions. The relatively low emissions generated by liquefied natural gas, compared with other conventional fuels like coal or oil, make it a cleaner fossil fuel. This is an important point in terms of the Floating LNG Power Vessel market regulations and policies. Governments and regulatory authorities have laid down rules that guide the operations of floating power plants for safety, environmental protection, and industry standards. Consequently, the regulatory landscape shapes the design, construction, and operation of floating LNG power vessels, which are aimed at creating a framework that supports the responsible, safe utilization of LNG for electric energy production.
The floating LNG power vessel market is affected by the general economic environment and energy consumption trends. Economic expansion often goes hand in hand with increased energy usage, thereby increasing the need for flexible and rapidly deployable power solutions. The competitive environment is one of the crucial factors that shape the floating LNG power vessel market. Many companies attempt to improve their shares of the industry by introducing new products or services that are more efficient and cost-effective than those of their rivals. The geopolitical landscape, as well as considerations related to energy security, play a major role in driving demand for floating LNG power vessels. In such a way, these ships offer strategic answers to countries interested in diversifying their energy sources and improving their security.
In sum, the market for Floating LNG Power Vessels is an evolving dynamic influenced by several key factors, including global demand for flexible power generation, technological advancements, environmental concerns, regulatory frameworks, economic conditions, competition among industry players, and geopolitical issues.
Floating LNG Power Vessel Market Highlights:
The global floating LNG power vessel market has been estimated to drive at a CAGR of 2.10% over the projected years 2024–2032, with a value of USD 1123.21 million.
Floating LNG Power Vessel Market Scenario
LNG is considered the cleanest fossil fuel. It is one of the greatest solutions for reducing greenhouse gas emissions and combating global warming. As a result, governments worldwide are raising awareness and supporting the use of LNG to minimize air pollution and related emissions. LNG is considered a fantastic alternative that may assist most industrial players in bringing their facilities in accordance with the present environmental laws, which are expected to become even more strict in the future. Such factors may contribute to driving the growth during the forecasting years.
Fires and explosions are the most dreaded accident situations in floating LNG power vessels. As a result, any equipment that handles, processes or stores components such as risers, pipes, separators, heat exchangers, turbines, compressors and pumps can be a source of unwanted release, resulting in fires and explosions. Since the escape routes available in the case of an accident are limited, the reliability of the safety systems for the floating LNG system is more critical than that of a land-based facility.
Floating LNG Power Vessel Market Key Players
The Key Players operating in the Global Floating LNG Power Vessel Market are Wartsila (Finland), Mitsubishi Heavy Industries, Ltd (Japan), Samsung Heavy Industries Co., Ltd (South Korea), General Electric (US), Siemens (Germany), Man Diesel & Turbo SE (Germany), Waller Marine Inc (US), Power Barge Corporation (US), Chiyoda Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), IHI Corporation (Japan), and Caterpillar, Inc (US).
Industrial News:
By January 2023, Finland’s first FSRU-based terminal located in the deep harbor at Inkoo will be ready for commercial operations as it incorporates GasgridFinland’s gas transmission network with the LNG floating storage and regasification unit (FSRU) Model. The LNG floating terminal vessel is 291 m long and holds about 68,000 tons of liquefied natural gas (LNG) when fully loaded, which corresponds to around 1,050 GWh of energy.
In October 2022, Karpowership from Turkey was in discussions with four European countries regarding the delivery of power ships. To cope with power shortages during winter, European countries are discussing with the company on how they can acquire floating LNG power plants that have a capacity of 2 GW each. With a total generating capacity of two gigawatts through eight energy ships, the firm has the potential to provide electricity to almost five million households or serve district heating systems in four nations. Its largest ship has an installed capacity of five hundred megawatts.
Petronas had contracted Kejuruteraan Asastera(KAB) to construct and commission a $52.2m worth 52MW floating LNG power plant by 2023.The floating LNG power plant would be situated at Sabah. Development work is set to start in Q2-2023. And finally, Sri Lanka has entered into agreement with Asian Development Bank to initiate feasibility study for Floating LNG Power Plant in year-2022 that could help diversify its energy mix.
June 2022 saw ExcelerateEnergy Inc announce plans to supply Power Barge required for Buoyant Grids and Floating Power Plants within mainland Europe while also developing an LNL-to-Power project together with Exxon Mobil Corp. around Vlora’s Albansian Port.
The Year 2020
- LNG adoption is likely to increase due to the global emission norms. The LNG being a comparatively cleaner fuel fulfills emission regulations. In 2020, IMO's reduced sulfur content in marine fuel came into force, likely to result in the adoption of LNG as a bunker fuel. Offshore West Africa is also seeing an increase in oil and gas activity that, in turn, will present opportunities in the FLNG Power Plant market as well.
December 2021
- In December 2021, Wison Offshore and Marine signed a MoU with MAN Energy Solutions for power solutions development. The two parties will establish cooperation for power barge and floating LNG-to-power projects, which will become a good demonstration of each party's advantage in technology and application.
Many major players such as Wartsila, Mitsubishi Heavy Industries Ltd, and General Electric are actively focusing on signing contracts and agreements with utilities and industries to provide floating LNG power vessels. For instance, in January 2019, Siemens signed a contract with Seaboard Corp (Bermuda) to supply a 145 MW power barge and is expected to start operations from 2021. Such developments in the market are expected to drive the growth of the global floating LNG power vessel market during the forecast period.
The global floating LNG power vessel market has been segmented based on vessel type, power output, and component. Based on vessel type, the global market is divided into power barge and power ship. The global power ship segment is expected to hold the larger share of the market during the forecast period. However, LNG power barges also hold a substantial share of the market. Based on power output, the global market is segmented into up to 70 MW, 70 MW–350 MW, and above 350 MW. The 70 MW–350 MW segment is expected to grow with the highest CAGR during the forecast period as the engines in this segment are mostly powered by liquid fuel or gas. Based on component, the global floating LNG power vessel market has been divided into power generation systems and power distribution systems. The power generation system segment is expected to hold the largest share within the global market due to the increasing demand for the integrated IC engine and gas turbine-powered vessels.
Floating LNG Power Vessel Market Segmentation
The Global Floating LNG Power Vessel Industry is expected to witness high growth during the forecast period owing to the increasing demand for electricity in developing countries leading to the increasing demand for floating LNG plants. This is expected to drive the demand for marine vessel power plants during the forecast period.
The floating power vessels powered by LNG are specialized offshore support vessels that use LNG to generate electricity through onboard components such as steam generators and gas turbines. The lack of power generation infrastructure and shortage of capital investments is the primary factor driving the demand for such temporary power generation solutions.
Based on region, the global floating LNG power vessel industry is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest floating LNG power vessel market share due to an increase in the increase in demand for electricity in the region.
Intended Audience
- Government and research organization
- Consulting companies in the floating LNG power vessel market
- Raw material suppliers
- Research consultants
- Investors and shareholders
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