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Middle East & Africa 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)
- Report Code : BMIRE00027647
- Pages : 84
The C-type LNG carrier market in Middle East & Africa is expected to grow from US$ 146.16 million in 2022 to US$ 168.06 million by 2028. It is estimated to grow at a CAGR of 2.4% 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.
Market Overview
The Middle East’s gas production is soaring, and the region surpassed Russia’s output in 2019, making it the world’s second-largest gas producer after North America. According to public energy estimates, the region produced about 730-billion-meter cube of LNG in 2020, which is expected to rise to almost 920 billion m3 by 2030. In 2018, the Middle East surpassed Asia in gas production, with 665 billion m3 produced, up from 465 billion m3 in 2010. In addition, Saudi Arabia and the UAE are predicted to increase their combined gas production from 115 billion m3 in 2010 to 225 billion m3 in 2030, with Saudi Arabia accounting for 70% of the total; however, Qatar continues to dominate global output. Hence, the growing LNG production in the region is set to create an immense opportunity for the C type LNG carrier market vendors. Furthermore, due to rising production and export rates, the region is one of the major procurers of LNG carriers. For instance, in 2018, Nakilat and Maran Ventures Inc. signed a four-vessel agreement with Daewoo Shipbuilding & Marine Engineering (DSME). The 174,000 cubic meter Global Sea Spirit was the first X-DF vessel to join the Nakilat fleet. The first two ME-GI devices were delivered in May 2020 and January 2021 and are now operational. The fourth carrier with X-DF engine technology is planned for 2022. Hence, the region provides the main customer base for the C Type LNG carrier market vendors.
Middle East & Africa C-Type LNG carrier Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa C-Type LNG carrier Market Segmentation
The Middle East & Africa C-type LNG carrier market is segmented into product type, application, and country.
Based on product type, the Middle East & Africa C-type LNG carrier market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment registered the largest market share in 2022. Based on application, the Middle East & Africa C-type LNG carrier market is segmented into marine, petrochemicals, oil and gas, and others. The marine segment registered the largest market share in 2022. Based on country, the market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. The UAE dominated the market share in 2022. DSME Co., Ltd.; Knutsen OAS Shipping; Komarine Co. and Mitsubishi Heavy Industries, Ltd.; are the leading companies operating in the C-type LNG carrier market in the region.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 MEA C-Type LNG Carrier Market – By Product Type
1.3.2 MEA C-Type LNG Carrier Market – By Application
1.3.3 MEA C-Type LNG Carrier Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. MEA C-Type LNG Carrier Market Landscape
4.1 Market Overview
4.2 MEA PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. MEA C-Type LNG Carrier Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in New Shipbuilding Contracts and New Fleet Expansion
5.2 Key Market Restraints
5.2.1 Operational and Financial Challenges Associated with LNG Carriers
5.3 Key Market Opportunities
5.3.1 Increasing Demand for Clean Energy
5.4 Trends
5.4.1 Rising Demand for Natural Gas from Several Industries
5.5 Impact analysis of Drivers and Restraints
6. C-Type LNG Carrier Market – MEA Analysis
6.1 C-Type LNG Carrier Market Overview
6.2 MEA C-Type LNG Carrier Market Forecast and Analysis
7. MEA C-Type LNG Carrier Market Revenue and Forecast to 2028 – Product Type
7.1 Overview
7.2 MEA C-Type LNG Carrier Market, By Product (2021 And 2028)
7.3 Cylindrical
7.3.1 Overview
7.3.2 Cylindrical: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
7.4 Bi-lobe Shaped Tanks
7.4.1 Overview
7.4.2 Bi-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
7.5 Tri-lobe Shaped Tanks
7.5.1 Overview
7.5.2 Tri-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8. MEA C-Type LNG Carrier Market Analysis – By Application
8.1 Overview
8.2 MEA C-Type LNG Carrier Market, By Application (2021 And 2028)
8.3 Marine
8.3.1 Overview
8.3.2 Marine: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.4 Oil and Gas
8.4.1 Overview
8.4.2 Oil and Gas: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.5 Petrochemical
8.5.1 Overview
8.5.2 Petrochemical: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
9. MEA C-Type LNG Carrier Market – Country Analysis
9.1 Overview
9.1.1 MEA C-Type LNG Carrier Market Breakdown, By Country
9.1.1.1 Saudi Arabia C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.1.1 Saudi Arabia C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.1.2 Saudi Arabia C-Type LNG Carrier Market Breakdown, By Application
9.1.1.2 UAE C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.2.1 UAE C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.2.2 UAE C-Type LNG Carrier Market Breakdown, By Application
9.1.1.3 South Africa C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.3.1 South Africa C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.3.2 South Africa C-Type LNG Carrier Market Breakdown, By Application
9.1.1.4 Rest of MEA C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.4.1 Rest of MEA C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.4.2 Rest of MEA C-Type LNG Carrier Market Breakdown, By Application
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Merger and Acquisition
10.4 New Product Launch
11. Company Profiles
11.1 Mitsubishi Heavy Industries, Ltd.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Komarine Co.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Knutsen OAS Shipping
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 DSME Co., Ltd.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. MEA C-Type LNG Carrier Market, Revenue and Forecast, 2019–2028 (US$ Million)
Table 2. MEA C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Country (US$ million)
Table 3. Saudi Arabia C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 4. Saudi Arabia C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 5. UAE C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 6. UAE C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 7. South Africa C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 8. South Africa C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 9. Rest of MEA C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Product Type (US$ million)
Table 10. Rest of MEA C-Type LNG Carrier Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 11. List of Abbreviation
LIST OF FIGURES
Figure 1. MEA C-Type LNG Carrier Market Segmentation
Figure 2. MEA C-Type LNG Carrier Market Segmentation – Country
Figure 3. MEA C-Type LNG Carrier Market Overview
Figure 4. MEA C-Type LNG Carrier Market, By Product Type
Figure 5. MEA C-Type LNG Carrier Market, By Application
Figure 6. MEA C-Type LNG Carrier Market, By Country
Figure 7. MEA: PEST Analysis
Figure 8. MEA C-Type LNG Carrier Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. MEA C-Type LNG Carrier Market: Impact Analysis of Drivers and Restraints
Figure 11. MEA C-Type LNG Carrier Market, Forecast and Analysis (US$ Million)
Figure 12. MEA C-Type LNG Carrier Market, By Product (2021 and 2028)
Figure 13. MEA Cylindrical: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. MEA Bi-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. MEA Tri-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. MEA C-Type LNG Carrier Market, By Application (2021 and 2028)
Figure 17. MEA Marine: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. MEA Oil and Gas: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. MEA Petrochemical: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. MEA Others: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. MEA C-Type LNG Carrier Market, BY Key Country – Revenue (2021) (US$ million)
Figure 22. MEA C-Type LNG Carrier Market Breakdown, By Country, 2021 & 2028 (%)
Figure 23. Saudi Arabia C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Figure 24. UAE C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Figure 25. South Africa C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Figure 26. Rest of MEA C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Middle East & Africa C-type LNG carrier market
● Highlights key business priorities in order to assist companies to realign their business strategies
● The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa C-type LNG carrier market, thereby allowing players across the value chain to develop effective long-term strategies
● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
● Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the C-type LNG carrier market, as well as those hindering it
● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
● DSME Co., Ltd.
● Knutsen OAS Shipping
● Komarine Co.
● Mitsubishi Heavy Industries, Ltd.
At 2.4% CAGR, the Middle East & Africa C-Type LNG carrier market is speculated to be worth US$ 168.06 Million by 2028, says The Insight Partners
According to The Insight Partners’ research, the Middle East & Africa C-type LNG carrier market was valued at US$ 146.16 million in 2022 and is expected to reach US$ 168.06 million by 2028, registering an annual growth rate of 2.4% from 2022 to 2028. Surge in new shipbuilding contracts and new fleet expansion and rising demand for natural gas from several industries are the critical factors attributed to the market expansion.
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.
On the contrary, operational, and financial challenges associated with LNG carriers hurdles the growth of Middle East & Africa C-type LNG carrier market.
Based on product type, the Middle East & Africa C-type LNG carrier market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment registered the largest market share in 2022 with a market share of 47.5%, amassing US$ 69.48 million. It is projected to garner US$ 77.64 million by 2028 to expand at1.9% CAGR during 2022–2028. Based on application, the Middle East & Africa C-type LNG carrier market is segmented into marine, petrochemicals, oil and gas, and others. With 39.7% share of the domain marine segment registered the largest market share in 2022. It accrued US$ 58.05 million in 2022 and is estimated to generate US$ 66.22 million by 2028 to grow at a CAGR of 3.0% over the forecast period. Our regional analysis states that the UAE captured 35.0% market share in 2022. It was assessed at US$ 51.16 million in 2022 and is likely to hit US$ 51.16 million by 2028, exhibiting a CAGR of 2.6% during the forecast period.
Key players dominating the Middle East & Africa C-type LNG carrier market are DSME Co., Ltd.; Knutsen OAS Shipping; Komarine Co. and Mitsubishi Heavy Industries, Ltd., among others.
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