The global floating LNG power vessel market is expected to grow from an estimated USD 860.1 million in 2018 to USD 931.6 million by 2023, at a CAGR of 1.61%. In 2018, the Asia Pacific market is estimated to be the largest, followed by the Middle East & Africa. Factors such as increasing demand for power, lack of power infrastructure, and additional benefits over land-based power plants are driving the floating LNG power vessel market.
The floating LNG power vessel market is dominated by a few major players that have a wide regional presence. The leading players in the floating LNG power vessel market include Siemens AG (Germany), MAN Diesel & Turbo SE (Germany), Wärtsilä Corporation (Finland), General Electric Company (US), and Caterpillar Inc. (US).
The major strategies adopted by the market players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy, followed by investments & expansions, from January 2015 to July 2018.
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Siemens is a manufacturing and engineering company. The company’s operations span the entire value chain ranging from power generation, transmission, and distribution to smart grid solutions. It operates through 8 business segments, namely, power & gas, healthineers, energy management, digital factory, process industry and drives, mobility, building technologies, and Siemens Gamesa renewable energy. The company provides gas turbines, which are used in floating power plants such as power barges. Siemens conducts its operations in approximately 190 countries with more than 289 production and manufacturing plants across the globe. In April 2015, Siemens partnered with Sevan Marine (Norway) to develop a 700 MW floating power plant, which runs on LNG. This power plant incorporates Siemens’ SGT-800 combined-cycle industrial gas turbine.
MAN Diesel & Turbo provides turbomachinery and diesel engines for marine and stationary applications. The company operates its business through six business areas, namely, marine engines and systems, power plants, turbomachinery, MAN prime serve, reactors and apparatus, and turbochargers. It provides floating LNG power vessels under its power plants segment. The company is one of the leading manufacturers of two-stroke and four-stroke engines as well as gas turbines, steam turbines, and compressors. It has a presence in more than 100 international locations in Germany, Denmark, France, Switzerland, the Czech Republic, India, and China. In July 2017, MAN Diesel was awarded a contract from Karpowership (UAE) to provide 38 MAN 51/60 engines, 18 units of multifuel engines, and 20 units of pure gas engines including MAN 18V51/60G TS. These engines have a power output of 18.5–20.4 MW.
Floating LNG Power Vessel Market by Component (Power Generation System and Power Distribution System), Power Output (Up to 72 MW, 72 MW-400 MW, Above 400 MW), Vessel Type (Power Barge and Power Ship), and Region - Global Forecast to 2023
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