18 November 2019
Visiongain’s new report Floating LNG Power Vessel Market 2020-2030 reveals floating LNG power vessel market is valued at $929 million in 2020. The market is projected to follow a moderate growth trajectory over the next decade due to increasing electricity demand, coupled with the lack of power infrastructure and rising demand for clean energy due to strict government regulations. This will revolutionize the floating LNG power vessel industry and could potentially create $929mn opportunities for various types of companies within the floating LNG power vessel value chain.
Floating power plants have been used as a source of flexible, decentralized power generation for several reasons. It can be built cost-effectively and rapidly; they are mobile, which means they can be relocated or traded; and as they do not require a large site and sometimes have no land footprint.
Floating LNG Vessel market is poised for moderate growth in the upcoming years. Increasing electricity demand, coupled with the lack of power infrastructure is expected to drive the market. There is growing demand for electricity in developing countries such as India and China. Industrialization, lack of infrastructure in developing countries, and rising consumption of electricity will drive the floating LNG power vessel market.
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In many key markets, the fundamental principles for LNG growth – such as falling domestic supply and increased need for energy – remain intact. In the meanwhile, cheap prices allow for extra penetration of LNG.
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