C-Type LNG Carrier Market- Overview, Opportunities And Challenges Forecast To 2028

The C-Type LNG Carrier Market size was valued at US$ 6,469.02 million by 2028 from US$ 3,920.84 million in 2021. It is expected to grow at a CAGR of 7.5% during 2022-2028.

The growth of the C-Type LNG carrier market is being propelled by various factors, including the increasing demand for natural gases from residential, industrial, and commercial sectors, especially in developing economies. Additionally, the usage of LNG carriers is expanding for various end-use applications, including defense and transport, which is contributing to the market's growth.

The demand for LNG has resulted in significant investments in infrastructure, production, and international distribution networks, leading to a surge in the demand for LNG shipping. As the demand for natural gas continues to rise, the number of LNG export terminals worldwide is also increasing. Consequently, the transportation of LNG by ships and the use of LNG-fueled vessels are projected to escalate in the coming years, driving the demand for C-Type LNG carriers.

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The List of Companies -
1. China Shipbuilding Trading Co., Ltd
2. DSME Co., Ltd
3. GAS Entec
4. Gaslog Ltd
5. HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
6. Knutsen OAS Shipping
7. Komarine Co
8. Mitsubishi Heavy Industries, Ltd.
9. TGE Marine Gas Engineering GmbH

C-Type LNG carriers are extensively utilized in the oil and gas industry for transporting refined natural gas, including methane, from processing facilities to population centers for residential, commercial, and industrial purposes. With the increasing demand for oil and gas, drilling has become deeper, with many drilling rigs located farther offshore, resulting in a growing need for LNG carriers for storage. LNG is transported to different locations via various means, including pipelines, oil tankers, and railroads. Among these, pipelines play a vital role in the transportation process as a significant proportion of oil is moved through pipelines for at least some part of the journey.

The US and the European Union (EU) agreement to increase the supply of liquefied natural gas (LNG) is expected to impact the global market positively. As per the deal, the EU will receive a minimum of 15 billion cubic meters of extra LNG shipments by 2022, while the US Commission is collaborating with EU countries to transport an additional 50 billion cubic meters of materials by 2030. The resulting increase in inter-regional trade is likely to provide lucrative opportunities for C-Type LNG carrier market vendors in the future. Furthermore, governments worldwide actively seek to increase private sector participation to manage their country's petroleum resources. For instance, the Ministry of Petroleum and Natural Gas in India and the Government of Trinidad and Tobago have launched initiatives to monetize their petroleum resources. The petrochemical sector heavily relies on LNG pressure carriers, vessels, reactors, and heat exchangers to convert petroleum and other fossil fuels into chemical products like ethylene and propylene.

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COVID-19 Impact on C-Type LNG Carrier Market Size
The COVID-19 pandemic has had a significant impact on LNG investment and the near- and longer-term fundamentals of North America's market. The US market, in particular, has gained importance in the past decade due to the shale boom. However, COVID-19 has caused delays in the construction and liquefaction projects, resulting in a slowdown in the production of LNG carriers. In light of this situation, LNG projects could be an appealing option for cost-cutting measures.

The Asia Pacific's rapidly expanding economies are driving the growing demand for C-Type LNG carriers, which is expected to contribute significantly to the global economic recovery from the effects of the COVID-19 pandemic. India, in particular, along with China, is projected to lead the LNG regasification capacity additions in Asia, accounting for 60.0% of the total in the region between 2020 and 2024. As the economies began to reopen after the COVID-19 restrictions were lifted, LNG demand in Asia is expected to return to 2018. Additionally, the shipyards in China and South Korea could not meet the demand for new LNG vessels due to the flood of orders for new container ships that followed global supply chain disruptions and port congestions, which delayed ships in the US and China during the pandemic.

C-Type LNG Carrier market players are following both organic and inorganic growth strategies to sustain the competitive edge. For instance, Daewoo Shipbuilding & Marine Engineering Co. (DSME) has received KRW 1.07 trillion (US$ 850 million) to build four liquefied natural gas (LNG) carriers as a part of a deal with a Qatar state oil firm, which will be done by 2025. Such initiatives by key players will contribute to the C-Type LNG carrier market growth during the forecast period.

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Key Findings of C-Type LNG Carrier Market Study
The C-Type LNG Carrier market is divided into five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, the Asia Pacific region was at the forefront, and it is expected to register a CAGR of 8.9% during the forecast period. The Asia Pacific region comprises some of the world's fastest-growing economies, including China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific, consisting of emerging economies such as Vietnam and Malaysia. The region's developed economies, such as Japan and Australia, and increasing marine shipping activities and demand for energy and power are driving the growth of the C-Type LNG Carrier market.

The C-Type LNG Carrier market in North America is divided into Mexico, the US, and Canada. The increase in the demand for electric vehicles driven by environmental regulations and green initiatives has contributed to the market's growth in this region. The Europe C-Type LNG Carrier market is segmented into France, Germany, Italy, Russia, the UK, and the Rest of Europe. Factors such as significant infrastructure investments, quick construction growth, and favorable economic policies are expected to have a positive impact on the global LNG carrier market and the overall marine industry.

TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 By Product Type
1.3.2 By Application
1.3.3 By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Key Market Dynamics
Continued…

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