North America 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 North America is expected to grow from US$ 449.71 million in 2022 to US$ 595.78 million by 2028. It is estimated to grow at a CAGR of 4.8% from 2022 to 2028.
Increasing Demand for Clean Energy
Natural gas is gaining momentum in many sectors as it is a cheap, environment-friendly, and efficient fossil fuel. It emits around 40% less carbon dioxide than coal and roughly 20% less carbon than oil. LNG is considered as a cleaner alternative to fuel oil and coal. It is widely adopted for generating the power. Thus, the rise in demand for clean gas is primarily attributed by the industrial and commercial applications which is further expected to drive the market growth.
The surging demand for natural gases by residential, industrial, and commercial sectors, mainly from the developing economies, and the growing usage of LNG carriers for a wide range of end-use applications, such as defense and transport, are among the major factors holding potential opportunity for the growth of the C-type LNG carrier market. Thus, the increase in demand for clean energy sources across various applications is expected to provide lucrative opportunities for the market growth in the coming years.
North America is one of the important markets for C-type LNG carrier providers, owing to the presence of major liquefied natural gas (LNG) manufacturers such as Cheniere Energy, Royal Dutch Shell, and Total. Countries in North America have gradually boosted their LNG export capability. According to the report by US Energy Information, the LNG export capacity of the US has expanded by 1.9 Bcf/d nominals (2.1 Bcf/d peaks) since November 2021. Furthermore, in 2021, US LNG shipments to 41 nations set a new high of around 1,819 Bcf, accounting for 39% of total US natural gas exports. Hence, the increasing export trade from the country is anticipated to create lucrative opportunities for the C-Type LNG carrier market vendors.
Further, the US shipping sector has already begun investing in the LNG market. It expects to do so in the future, owing to the increasing availability of natural gas in the US. Domestic shipyards have developed or are amid developing LNG-transporting assets. For instance, Conrad Shipyard in Orange, Texas, built the first LNG bunker barge in North America in 2018. In addition, VT Halter is also working on a 4,000 cubic meter LNG Articulated Tug and Barge (ATB) and has signed a letter of intent to build an 8,000 cubic meter version of the vessel. LNG technology, which is currently in use at American shipyards, has been scaled up to meet customer requests, resulting in a burgeoning market for C-Type LNG carriers.
North America C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
North America C-Type LNG Carrier Market Segmentation
The North America C-type LNG carrier market is segmented into product type, application, and country.
Based on product type, the North America C-type LNG carrier market is segmented into cylindrical, bi-lobe and tri-lobe segments. The cylindrical segment registered the largest market share in 2022. Based on application, the North America C-type LNG carrier market is segmented into marine, petrochemicals, oil and gas and others segment. The marine segment registered the largest market share in 2022. Based on country, the market is segmented into the US, Canada, and Mexico. The US 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 TGE Marine Gas Engineering GmbH are the leading companies operating in the c-type LNG carrier market in the region.
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