LNG Carrier Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report covers Global LNG Shipping Companies and the Market is segmented by Containment Type (Membrane Type and Moss Type), Propulsion Type (Steam Turbines, Dual-Fuel Diesel Engine/Tri-Fuel Diesel Engine(DFDE/TFDE), Slow-Speed Diesel (SSD), M-type Electronically Controlled Gas Injection (ME-GI), XDF Two-stroke Engine, and Steam Re-heat and Stage) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

LNG Carrier Market Size

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LNG Carriers Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 3.60 %
Fastest Growing Market Europe
Largest Market Asia Pacific
Market Concentration Low

Major Players

LNG Carriers Market Major Players

*Disclaimer: Major Players sorted in no particular order

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LNG Carrier Market Analysis

The LNG carrier market is expected to record a CAGR of more than 3.6% during the forecast period.

COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.

  • Over the medium period, factors such as flexible deployment capabilities, increased efficiency, and increasing global consumption of LNG driven by supportive government regulations and demand from several end-user industries, including power generation and industrial, are expected to drive the market in the coming years.
  • On the other hand, with the new carrier fleet entering the market and with regional shipping imbalances, carriers' charter rates have fluctuated, which may hinder the market's growth during the forecast period.
  • Nevertheless, many terminals are adjusting to accommodate small-scale and bunkering vessels to comply with emissions targets and capture new commercial opportunities. Conventional oil-based fuels will remain the main fuel option for most vessels in the future. At the same time, commercial opportunities of LNG are interesting.

LNG Carrier Market Trends

Membrane-Type Containment to Dominate the Market

  • The membrane-type segment held the largest market share owing to its higher carrying capacity and other advantages. This containment segment is expected to dominate the global market throughout the forecast period.
  • Gaztransport and Technigaz (GTT) designed the most common membrane tank systems. Several GTT systems have already been implemented onboard LNG carriers for many years, and other designs from different companies have been developed.
  • Moreover, in December 2022, Samsung Heavy Industries (Shi) awarded Gaztransport & Technigaz (GTT) two contracts for the tank design of seven new LNG carrier vessels. The contracts were awarded on behalf of both a European and an American shipowner. Each LNG vessel will be 174,000m3 in size. The vessels are expected to be delivered in the first and fourth quarters of 2026 and 2027.
  • By 2021, 518 units of the active fleet had a GTT membrane-type containment system which accounted for 81% of the current fleet count. It continued to lead the order book as the preferred containment option.
  • Due to technological advancements, membrane-type containment has a superior capacity to bear the immense pressure of LNG and its compact shape to carry large LNG volumes compared to moss-type containment.
LNG Carrier Market: Share of Existing Fleet, in units, by Containment Type, Global, 2021

Asia-Pacific to Dominate the Market

  • The Asia-Pacific accounted for the largest LNG carrier market share due to increased demand for natural gas because of high industrial growth and the adoption of clean energy sources. Therefore, the region is expected to continue its dominance in the market throughout the forecast period. Most of the demand in the region came from China.
  • Meanwhile, China has accelerated its policy of reducing emissions and pollution through coal-to-gas conversion, increasing its LNG consumption by 15.0%. Several other Asian countries and regions, notably South Korea and Chinese Taipei, will dramatically expand LNG imports in 2021. As of 2021, Asia Pacific accounts for 72% share of total global LNG imports
  • China imported 109.5 billion cubic meters of liquefied natural gas (LNG) in 2021, an 16.8% increase compared to 2021. Therefore, China became a vital contributor to the global LNG industry's development and prosperity. Net LNG imports in Asia Pacific in 2021 increased by 7.3%.
  • The growing LNG consumption by various end-user industries, such as manufacturing, petrochemicals, and fertilizers, is on a consistent rise in China and South Korea. Japan prevalently consumes LNG for power generation. These countries are expected to aid in the growth of the Asia-Pacific market.
LNG Carriers Market: Growth Rate by Region, 2023-2028

LNG Carrier Industry Overview

The LNG carrier market is moderately fragmented. A few major companies operating in the market (not in a particular order) include Royal Dutch Shell PLC, Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines Ltd, MISC Berhad, and Seapeak, among others.

LNG Carrier Market Leaders

  1. Royal Dutch Shell PLC

  2. Nippon Yusen Kabushiki Kaisha

  3. MISC Berhad

  4. Mitsui O.S.K. Lines Ltd

  5. Seapeak

*Disclaimer: Major Players sorted in no particular order

LNG Carriers Market Concentration
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LNG Carrier Market News

  • December 2022: GAIL (India) Ltd agreed to time charter a new liquefied natural gas (LNG) carrier with Japan's Mitsui O. S. K. Lines Ltd (MOL) and acquired a stake in an existing LNG carrier. The new LNG carrier, built by South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd, will be the second MOL Group LNG ship to serve GAIL and will commence time chartering in 2023.
  • October 2022: GTT announced that it earned two Approvals in Principle (AiP) from DNV and Bureau Veritas for its revolutionary three-tank LNG tanker design (BV). The three-tank LNG carrier concept reduces construction costs by eliminating one cofferdam, one pump tower, and all related cryogenic equipment (liquid and gas domes, valves, piping, radars, etc.).

LNG Carrier Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 4.3 Global LNG Carrier Fleet (Historical and Forecast) in Number of Vessels, Until 2028

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Containment Type

      1. 5.1.1 Moss

      2. 5.1.2 Membrane

    2. 5.2 Propulsion Type

      1. 5.2.1 Steam Turbines

      2. 5.2.2 Dual Fuel Diesel Engine/Tri-Fuel Diesel Engine (DFDE/TFDE)

      3. 5.2.3 Slow-Speed Diesel (SSD)

      4. 5.2.4 M-type Electronically Controlled Gas Injection (ME-GI)

      5. 5.2.5 XDF Two-stroke Engine

      6. 5.2.6 Steam Re-heat and Stage

    3. 5.3 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of the North America

      2. 5.3.2 Asia-Pacific

        1. 5.3.2.1 China

        2. 5.3.2.2 India

        3. 5.3.2.3 Japan

        4. 5.3.2.4 South Korea

        5. 5.3.2.5 Rest of the Asia-Pacific

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 France

        3. 5.3.3.3 Spain

        4. 5.3.3.4 United Kingdom

        5. 5.3.3.5 Rest of the Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of the South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Nigeria

        3. 5.3.5.3 Saudi Arabia

        4. 5.3.5.4 Rest of the Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Ship Builders

        1. 6.4.1.1 Samsung Heavy Industries Co. Ltd

        2. 6.4.1.2 Hyundai Samho Heavy Industries Co. Ltd

        3. 6.4.1.3 Daewoo Shipbuilding and Marine Engineering Co. Ltd

        4. 6.4.1.4 STX Offshore and Shipbuilding CO.,LTD.

        5. 6.4.1.5 Mitsubishi Heavy Industries Ltd

        6. 6.4.1.6 Kawasaki Heavy Industries Ltd

        7. 6.4.1.7 China Shipbuilding Trading Co. Ltd

        8. 6.4.1.8 Japan Marine United Corporation

        9. 6.4.1.9 HJ Shipbuilding & Construction Company, Ltd.

      2. 6.4.2 Ship Operators

        1. 6.4.2.1 Royal Dutch Shell PLC

        2. 6.4.2.2 Nippon Yusen Kabushiki Kaisha

        3. 6.4.2.3 Mitsui OSK Lines Ltd

        4. 6.4.2.4 MISC Berhad

        5. 6.4.2.5 Seapeak

        6. 6.4.2.6 Maran Gas Maritime Inc.

        7. 6.4.2.7 Golar LNG

        8. 6.4.2.8 BW LPG

        9. 6.4.2.9 GasLog Ltd

        10. 6.4.2.10 Kawasaki Kisen Kaisha, Ltd.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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LNG Carrier Industry Segmentation

An LNG carrier is a ship designed to transport liquefied natural gas in its chilled tanks. LNG carriers emit fewer greenhouse gases than conventional vessels because they are powered by natural gas.

The LNG Carrier market is segmented by containment type, propulsion type, and geography. By containment type, the market is segmented into membrane type and moss type. By propulsion type, the market is segmented into steam turbines, dual-fuel diesel engine/tri-fuel diesel engines (DFDE/TFDE), slow-speed diesel (SSD), M-type electronically controlled gas injection (ME-GI), XDF two-stroke engine, and steam re-heat and stage. The report also covers the market size and forecasts for the LNG carrier market across the major regions (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). For each segment, the market sizing and forecasts have been done on the revenue (USD billion).

Containment Type
Moss
Membrane
Propulsion Type
Steam Turbines
Dual Fuel Diesel Engine/Tri-Fuel Diesel Engine (DFDE/TFDE)
Slow-Speed Diesel (SSD)
M-type Electronically Controlled Gas Injection (ME-GI)
XDF Two-stroke Engine
Steam Re-heat and Stage
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
North America
United States
Canada
Rest of the North America
Asia-Pacific
China
India
Japan
South Korea
Rest of the Asia-Pacific
Europe
Germany
France
Spain
United Kingdom
Rest of the Europe
South America
Brazil
Argentina
Rest of the South America
Middle-East and Africa
United Arab Emirates
Nigeria
Saudi Arabia
Rest of the Middle-East and Africa
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LNG Carrier Market Research FAQs

The LNG Carriers Market is projected to register a CAGR of greater than 3.60% during the forecast period (2024-2029)

Royal Dutch Shell PLC, Nippon Yusen Kabushiki Kaisha, MISC Berhad, Mitsui O.S.K. Lines Ltd and Seapeak are the major companies operating in the LNG Carriers Market.

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in LNG Carriers Market.

The report covers the LNG Carriers Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the LNG Carriers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The major challenges faced by the LNG Carrier Market are a) Fluctuations in charter rates of carriers b) Stringent regulations on domestic and international trade c) High manufacturing costs associated with LNG carriers due to the need for specialized infrastructure and insulation

LNG Carrier Industry Report

The global liquefied natural gas (LNG) carrier market is experiencing significant growth driven by the increasing demand for natural gas across industrial, commercial, and residential sectors, particularly in developing economies. The LNG carriers market is segmented by containment type, storage capacity, propulsion type, and end-user industry, with membrane-type containment systems and large storage capacities leading the market due to their efficiency and cost-effectiveness. The propulsion types include steam turbines, dual-fuel diesel engines, and slow-speed diesel engines, among others, catering to various operational needs. The end-user industries primarily include transport and defense, with a notable rise in LNG carriers for international transportation due to the growing emphasis on clean energy and stringent emission regulations. Despite challenges such as high manufacturing costs and fluctuating charter rates, the market is poised for substantial growth, supported by technological advancements and increasing LNG trade. LNG carriers companies are continually innovating to meet the rising demand and regulatory requirements, ensuring the market's robust expansion. Statistics for the LNG Carrier market share, size, and revenue growth rate, created by Mordor Intelligence™ Industry Reports, provide a comprehensive market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.

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LNG Carrier Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)