The Global Floating LNG Power Vessel market accounted for $780.14 million in 2017 and is expected to reach $1,073.54 million by 2026 growing at a CAGR of 3.6% from 2017 to 2026.
According to a market research report by ResearchAndMarkets, some of the factors such as growing demand for power coupled with the lack of power infrastructure and increase in hybrid fuel engines are fueling the market growth.
However, factors such as high capital cost associated with operations, maintenance, transportation, and logistics are restraining the market growth, it said.
Floating LNG Power Vessel market provides ample opportunities to growth in adoption of LNG as an energy source in various countries across the world, it pointed out.
Amongst Vessel Type, Power Ship segment accounted held significant market share during the forecast period. The power ship is normally used in the energy leasing market for short- and mid-term contracts.
Most of the projects use power between 100 MW and 150 MW and run on liquid fuel or natural gas.
By geography, Asia Pacific dominated the market during the forecast period. The growth of population in the Asia Pacific region has increased the demand for electricity, which is one of the major factors driving the floating LNG power vessel market.
Also, the governments of several countries are spending heavily to meet the increased demand for power in this region.
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