PUBLISHER: Grand View Research | PRODUCT CODE: 1474921
PUBLISHER: Grand View Research | PRODUCT CODE: 1474921
The global LGC and VLGC LNG shipyard carrier market size is anticipated to reach USD 67,323.12 million by 2040 and is projected to grow at a CAGR of 11.2% from 2024 to 2040, according to a new report by Grand View Research, Inc. The growing global trade of liquefied natural gas (LNG) has a significant impact on the demand for large gas carriers (LGC) and very large gas carriers (VLGC) shipyard carriers. The increase in LNG trade results in higher demand for specialized carriers capable of transporting LNG safely. Shipping companies and operators often need to expand their LNG fleets for increasing the supply of LNG globally. According to the International Energy Forum, the global LNG trade hit the highest in 2022 and is expected to grow by 25% to 500 million tons annually in the next five years. Moreover, China became the world's largest LNG importer and the U.S. became the top exporter of LNG in 2023. China's share is expected to rise to 25% of the global supply by 2030. As LNG trade expands, shipping companies seek vessels that adhere to the latest safety requirements to improve efficiency. To meet the rising LNG demand, shipbuilding and management companies are expanding their fleets to ensure they have the infrastructure and workforce to deliver vessels within adequate timelines.
The development of LNG import infrastructure like LNG terminals in emerging markets represents a significant opportunity for the industry. Countries with limited domestic natural gas production are investing in LNG import terminals to meet their energy needs. This necessitates the expansion of the global LNG supply chain, creating opportunities for LNG carriers and infrastructure developers to participate in the construction and operation from import facilities.
The adoption of LNG as a marine fuel is one of the major opportunities in the maritime industry, especially for LGC and VLGCs. Strict emission regulations and standards imposed by the International Maritime Organization (IMO) are driving the maritime sector to explore cleaner fuel alternatives. LNG, being a cleaner-burning fuel, is increasingly used in ship propulsion, providing an opportunity for carriers to retrofit vessels and capitalize on the growing demand for LNG bunkering services.