Summary

The global LNG carrier market was valued at $135.1 billion in 2023, and is projected to reach $244.8 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033.
An LNG carrier is a specialized type of ship designed for transporting liquefied natural gas (LNG) in bulk. These ships are engineered to handle cryogenic (extremely cold) cargo, as LNG is stored at around -162°C (-260°F) to keep it in liquid form, which reduces its volume by about 600 times compared to its gaseous state. ​The LNG carrier market plays a pivotal role in the global energy landscape, facilitating the transportation of liquefied natural gas (LNG) across international waters.
Surge in emphasis on cleaner energy sources and decarbonization efforts is significantly driving the global demand for liquefied natural gas (LNG). Countries are increasingly shifting away from coal and oil in favor of LNG, which offers a lower-carbon alternative while ensuring energy security. This trend is particularly evident in Asia, where major economies such as China, Japan, South Korea, and India are expanding their LNG imports to meet rising energy demands and comply with stricter environmental regulations. LNG’s role as a transition fuel in the global energy landscape is further reinforcing its demand growth. As countries work toward achieving net-zero emissions, LNG serves as a bridge between conventional fossil fuels and renewable energy sources.
However, high initial capital investment is expected to restrain the growth of LNG carrier market. The LNG carrier market faces high entry barriers due to the substantial capital investment required for vessel construction, infrastructure, and advanced technologies. Additional costs stem from boil-off gas management systems and the extensive infrastructure needed, including liquefaction plants ($5 billion to $30 billion) and regasification terminals. The long payback period and financial risks deter smaller players, resulting in market dominance by large energy firms, specialized shipping companies, and government-backed entities. Fluctuating LNG prices and geopolitical uncertainties further complicate investment decisions.
Moreover, rise in number of floating LNG (FLNG) projects is expected to offer many opportunities for growth of the LNG carrier market. Floating liquefied natural gas (FLNG) technology is revolutionizing the LNG carrier industry by offering a more cost-effective and flexible alternative to traditional onshore liquefaction plants. This eliminates the need for costly pipelines, onshore processing plants, and large-scale terminal developments, making LNG production viable even in remote or deepwater gas fields. For instance, in 2023, SHI secured a 350.8 billion-won (approximately $260 million) order to build an LNG carrier for an Asian shipping company, with delivery scheduled for September 2026.
Segment Review
The LNG carrier market is segmented into propulsion type, containment type, carrier capacity, application and region. On the basis of propulsion type, the market is divided into dual-fuel diesel electric (DFDE) propulsion, tri-fuel diesel electric (TFDE) propulsion, slow-speed diesel with gas injection (ME-GI), and X-DF (low-pressure dual-fuel engines). On the basis of containment type, the market is categorized into membrane systems and moss rosenberg. By carrier capacity, the market is classified into small carriers (less than 30,000 cubic meters), medium carriers (30,000 – 125,000 cubic meters), large carriers (125,000 – 180,000 cubic meters), very large LNG carriers (180,000+ cubic meters). By application, the market is divided into transport, defense, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of propulsion type, the X-DF (low-pressure dual-fuel engines) segment was the fastest growing segment in the LNG carrier market in 2023.
On the basis of containment type, the membrane systems segment dominated the market in 2023.
On the basis of carrier capacity, the very large LNG carriers (180,000+ cubic meters) segment dominated the market in 2023.
On the basis of application, the transport segment held a major portion of the LNG carrier market in 2023.
Region wise, Asia-Pacific dominated the market accounting for half of the market share in 2023.
Competition Analysis
The major players operating in the LNG carrier market analysis include Samsung Heavy Industries Co. Ltd, Hyundai Samho Heavy Industries Co. Ltd, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries Ltd, China Shipbuilding Trading Co. Ltd, Japan Marine United Corporation, BW Group, Golar LNG Limited, Flex LNG Ltd, and Knutsen Group.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the lng carrier market analysis from 2023 to 2033 to identify the prevailing lng carrier market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the lng carrier market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global lng carrier market trends, key players, market segments, application areas, and market growth strategies.

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● Consumer Buying Behavior Analysis
● Installed Base analysis
● Investment Opportunities
● Product Benchmarking / Product specification and applications
● Upcoming/New Entrant by Regions
● Technology Trend Analysis
● Average Consumer Expenditure
● Market share analysis of players by products/segments
● New Product Development/ Product Matrix of Key Players
● Patient/epidemiology data at country, region, global level
● Regulatory Guidelines
● Additional company profiles with specific to client's interest
● Additional country or region analysis- market size and forecast
● Historic market data
● Key player details (including location, contact details, supplier/vendor network etc. in excel format)
● List of customers/consumers/raw material suppliers- value chain analysis
● SWOT Analysis
● Volume Market Size and Forecast
Key Market Segments
By Containment Type
● Membrane Systems
● Moss Rosenberg
By Carrier Capacity
● Small Carriers (less than 30,000 cubic meters)
● Medium Carriers (30,000 -125,000 cubic meters)
● Large Carriers (125,000 -180,000 cubic meters)
● Very Large LNG Carriers (180,000+ cubic meters)
By Application
● Transport
● Defense
● Others
By Propulsion Type
● Tri-Fuel Diesel Electric (TFDE) Propulsion
● Slow-Speed Diesel with Gas Injection (ME-GI)
● X-DF (Low-Pressure Dual-Fuel Engines)
● Steam Turbine Propulsion
● Dual-Fuel Diesel Electric (DFDE) Propulsion
By Region
● North America
○ U.S.
○ Canada
○ Mexico
● Europe
○ Germany
○ France
○ UK
○ Spain
○ Italy
○ Rest of Europe
● Asia-Pacific
○ China
○ India
○ Japan
○ South Korea
○ Australia
○ Rest of Asia-Pacific
● LAMEA
○ Brazil
○ South Africa
○ Saudi Arabia
○ Rest of LAMEA
● Key Market Players
○ Golar LNG Limited
○ China Shipbuilding Trading Co. Ltd
○ Japan Marine United Corporation
○ BW Group
○ Knutsen Group
○ Mitsubishi Heavy Industries, LTD
○ Hyundai Samho Heavy Industries Co. Ltd
○ Flex LNG Ltd
○ Samsung Heavy Industries Co. Ltd.
○ Kawasaki Heavy Industries Ltd.

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
3.3.1. High bargaining power of suppliers
3.3.2. Moderate threat of new entrants
3.3.3. Moderate threat of substitutes
3.3.4. Moderate intensity of rivalry
3.3.5. High bargaining power of buyers
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. Advancements in LNG Carrier Technologies
3.4.1.2. The increasing shift towards cleaner energy sources
3.4.2. Restraints
3.4.2.1. High Initial Capital Investment
3.4.3. Opportunities
3.4.3.1. Growth in Floating LNG (FLNG) Projects
3.5. Regulatory Guidelines
CHAPTER 4: LNG CARRIER MARKET, BY PROPULSION TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Steam Turbine Propulsion
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Dual-Fuel Diesel Electric (DFDE) Propulsion
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country
4.4. Tri-Fuel Diesel Electric (TFDE) Propulsion
4.4.1. Key market trends, growth factors and opportunities
4.4.2. Market size and forecast, by region
4.4.3. Market share analysis by country
4.5. Slow-Speed Diesel with Gas Injection (ME-GI)
4.5.1. Key market trends, growth factors and opportunities
4.5.2. Market size and forecast, by region
4.5.3. Market share analysis by country
4.6. X-DF (Low-Pressure Dual-Fuel Engines)
4.6.1. Key market trends, growth factors and opportunities
4.6.2. Market size and forecast, by region
4.6.3. Market share analysis by country
CHAPTER 5: LNG CARRIER MARKET, BY CONTAINMENT TYPE
5.1. Overview
5.1.1. Market size and forecast
5.2. Membrane Systems
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.3. Moss Rosenberg
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country
CHAPTER 6: LNG CARRIER MARKET, BY CARRIER CAPACITY
6.1. Overview
6.1.1. Market size and forecast
6.2. Small Carriers (less than 30,000 cubic meters)
6.2.1. Key market trends, growth factors and opportunities
6.2.2. Market size and forecast, by region
6.2.3. Market share analysis by country
6.3. Medium Carriers (30,000 -125,000 cubic meters)
6.3.1. Key market trends, growth factors and opportunities
6.3.2. Market size and forecast, by region
6.3.3. Market share analysis by country
6.4. Large Carriers (125,000 -180,000 cubic meters)
6.4.1. Key market trends, growth factors and opportunities
6.4.2. Market size and forecast, by region
6.4.3. Market share analysis by country
6.5. Very Large LNG Carriers (180,000+ cubic meters)
6.5.1. Key market trends, growth factors and opportunities
6.5.2. Market size and forecast, by region
6.5.3. Market share analysis by country
CHAPTER 7: LNG CARRIER MARKET, BY APPLICATION
7.1. Overview
7.1.1. Market size and forecast
7.2. Transport
7.2.1. Key market trends, growth factors and opportunities
7.2.2. Market size and forecast, by region
7.2.3. Market share analysis by country
7.3. Defense
7.3.1. Key market trends, growth factors and opportunities
7.3.2. Market size and forecast, by region
7.3.3. Market share analysis by country
7.4. Others
7.4.1. Key market trends, growth factors and opportunities
7.4.2. Market size and forecast, by region
7.4.3. Market share analysis by country
CHAPTER 8: LNG CARRIER MARKET, BY REGION
8.1. Overview
8.1.1. Market size and forecast By Region
8.2. North America
8.2.1. Key market trends, growth factors and opportunities
8.2.2. Market size and forecast, by Propulsion Type
8.2.3. Market size and forecast, by Containment Type
8.2.4. Market size and forecast, by Carrier Capacity
8.2.5. Market size and forecast, by Application
8.2.6. Market size and forecast, by country
8.2.6.1. U.S.
8.2.6.1.1. Market size and forecast, by Propulsion Type
8.2.6.1.2. Market size and forecast, by Containment Type
8.2.6.1.3. Market size and forecast, by Carrier Capacity
8.2.6.1.4. Market size and forecast, by Application
8.2.6.2. Canada
8.2.6.2.1. Market size and forecast, by Propulsion Type
8.2.6.2.2. Market size and forecast, by Containment Type
8.2.6.2.3. Market size and forecast, by Carrier Capacity
8.2.6.2.4. Market size and forecast, by Application
8.2.6.3. Mexico
8.2.6.3.1. Market size and forecast, by Propulsion Type
8.2.6.3.2. Market size and forecast, by Containment Type
8.2.6.3.3. Market size and forecast, by Carrier Capacity
8.2.6.3.4. Market size and forecast, by Application
8.3. Europe
8.3.1. Key market trends, growth factors and opportunities
8.3.2. Market size and forecast, by Propulsion Type
8.3.3. Market size and forecast, by Containment Type
8.3.4. Market size and forecast, by Carrier Capacity
8.3.5. Market size and forecast, by Application
8.3.6. Market size and forecast, by country
8.3.6.1. Germany
8.3.6.1.1. Market size and forecast, by Propulsion Type
8.3.6.1.2. Market size and forecast, by Containment Type
8.3.6.1.3. Market size and forecast, by Carrier Capacity
8.3.6.1.4. Market size and forecast, by Application
8.3.6.2. France
8.3.6.2.1. Market size and forecast, by Propulsion Type
8.3.6.2.2. Market size and forecast, by Containment Type
8.3.6.2.3. Market size and forecast, by Carrier Capacity
8.3.6.2.4. Market size and forecast, by Application
8.3.6.3. UK
8.3.6.3.1. Market size and forecast, by Propulsion Type
8.3.6.3.2. Market size and forecast, by Containment Type
8.3.6.3.3. Market size and forecast, by Carrier Capacity
8.3.6.3.4. Market size and forecast, by Application
8.3.6.4. Spain
8.3.6.4.1. Market size and forecast, by Propulsion Type
8.3.6.4.2. Market size and forecast, by Containment Type
8.3.6.4.3. Market size and forecast, by Carrier Capacity
8.3.6.4.4. Market size and forecast, by Application
8.3.6.5. Italy
8.3.6.5.1. Market size and forecast, by Propulsion Type
8.3.6.5.2. Market size and forecast, by Containment Type
8.3.6.5.3. Market size and forecast, by Carrier Capacity
8.3.6.5.4. Market size and forecast, by Application
8.3.6.6. Rest of Europe
8.3.6.6.1. Market size and forecast, by Propulsion Type
8.3.6.6.2. Market size and forecast, by Containment Type
8.3.6.6.3. Market size and forecast, by Carrier Capacity
8.3.6.6.4. Market size and forecast, by Application
8.4. Asia-Pacific
8.4.1. Key market trends, growth factors and opportunities
8.4.2. Market size and forecast, by Propulsion Type
8.4.3. Market size and forecast, by Containment Type
8.4.4. Market size and forecast, by Carrier Capacity
8.4.5. Market size and forecast, by Application
8.4.6. Market size and forecast, by country
8.4.6.1. China
8.4.6.1.1. Market size and forecast, by Propulsion Type
8.4.6.1.2. Market size and forecast, by Containment Type
8.4.6.1.3. Market size and forecast, by Carrier Capacity
8.4.6.1.4. Market size and forecast, by Application
8.4.6.2. India
8.4.6.2.1. Market size and forecast, by Propulsion Type
8.4.6.2.2. Market size and forecast, by Containment Type
8.4.6.2.3. Market size and forecast, by Carrier Capacity
8.4.6.2.4. Market size and forecast, by Application
8.4.6.3. Japan
8.4.6.3.1. Market size and forecast, by Propulsion Type
8.4.6.3.2. Market size and forecast, by Containment Type
8.4.6.3.3. Market size and forecast, by Carrier Capacity
8.4.6.3.4. Market size and forecast, by Application
8.4.6.4. South Korea
8.4.6.4.1. Market size and forecast, by Propulsion Type
8.4.6.4.2. Market size and forecast, by Containment Type
8.4.6.4.3. Market size and forecast, by Carrier Capacity
8.4.6.4.4. Market size and forecast, by Application
8.4.6.5. Australia
8.4.6.5.1. Market size and forecast, by Propulsion Type
8.4.6.5.2. Market size and forecast, by Containment Type
8.4.6.5.3. Market size and forecast, by Carrier Capacity
8.4.6.5.4. Market size and forecast, by Application
8.4.6.6. Rest of Asia-Pacific
8.4.6.6.1. Market size and forecast, by Propulsion Type
8.4.6.6.2. Market size and forecast, by Containment Type
8.4.6.6.3. Market size and forecast, by Carrier Capacity
8.4.6.6.4. Market size and forecast, by Application
8.5. LAMEA
8.5.1. Key market trends, growth factors and opportunities
8.5.2. Market size and forecast, by Propulsion Type
8.5.3. Market size and forecast, by Containment Type
8.5.4. Market size and forecast, by Carrier Capacity
8.5.5. Market size and forecast, by Application
8.5.6. Market size and forecast, by country
8.5.6.1. Brazil
8.5.6.1.1. Market size and forecast, by Propulsion Type
8.5.6.1.2. Market size and forecast, by Containment Type
8.5.6.1.3. Market size and forecast, by Carrier Capacity
8.5.6.1.4. Market size and forecast, by Application
8.5.6.2. South Africa
8.5.6.2.1. Market size and forecast, by Propulsion Type
8.5.6.2.2. Market size and forecast, by Containment Type
8.5.6.2.3. Market size and forecast, by Carrier Capacity
8.5.6.2.4. Market size and forecast, by Application
8.5.6.3. Saudi Arabia
8.5.6.3.1. Market size and forecast, by Propulsion Type
8.5.6.3.2. Market size and forecast, by Containment Type
8.5.6.3.3. Market size and forecast, by Carrier Capacity
8.5.6.3.4. Market size and forecast, by Application
8.5.6.4. Rest of LAMEA
8.5.6.4.1. Market size and forecast, by Propulsion Type
8.5.6.4.2. Market size and forecast, by Containment Type
8.5.6.4.3. Market size and forecast, by Carrier Capacity
8.5.6.4.4. Market size and forecast, by Application
CHAPTER 9: COMPETITIVE LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product mapping of top 10 player
9.4. Competitive dashboard
9.5. Competitive heatmap
9.6. Top player positioning, 2023
CHAPTER 10: COMPANY PROFILES
10.1. Samsung Heavy Industries Co. Ltd.
10.1.1. Company overview
10.1.2. Key executives
10.1.3. Company snapshot
10.1.4. Operating business segments
10.1.5. Product portfolio
10.1.6. Key strategic moves and developments
10.2. Hyundai Samho Heavy Industries Co. Ltd
10.2.1. Company overview
10.2.2. Key executives
10.2.3. Company snapshot
10.2.4. Operating business segments
10.2.5. Product portfolio
10.2.6. Business performance
10.2.7. Key strategic moves and developments
10.3. Mitsubishi Heavy Industries, LTD
10.3.1. Company overview
10.3.2. Key executives
10.3.3. Company snapshot
10.3.4. Operating business segments
10.3.5. Product portfolio
10.3.6. Business performance
10.4. Kawasaki Heavy Industries Ltd.
10.4.1. Company overview
10.4.2. Key executives
10.4.3. Company snapshot
10.4.4. Operating business segments
10.4.5. Product portfolio
10.4.6. Business performance
10.4.7. Key strategic moves and developments
10.5. China Shipbuilding Trading Co. Ltd
10.5.1. Company overview
10.5.2. Key executives
10.5.3. Company snapshot
10.5.4. Operating business segments
10.5.5. Product portfolio
10.6. Japan Marine United Corporation
10.6.1. Company overview
10.6.2. Key executives
10.6.3. Company snapshot
10.6.4. Operating business segments
10.6.5. Product portfolio
10.6.6. Key strategic moves and developments
10.7. BW Group
10.7.1. Company overview
10.7.2. Key executives
10.7.3. Company snapshot
10.7.4. Operating business segments
10.7.5. Product portfolio
10.7.6. Business performance
10.7.7. Key strategic moves and developments
10.8. Golar LNG Limited
10.8.1. Company overview
10.8.2. Key executives
10.8.3. Company snapshot
10.8.4. Operating business segments
10.8.5. Product portfolio
10.8.6. Business performance
10.8.7. Key strategic moves and developments
10.9. Flex LNG Ltd
10.9.1. Company overview
10.9.2. Key executives
10.9.3. Company snapshot
10.9.4. Operating business segments
10.9.5. Product portfolio
10.9.6. Business performance
10.9.7. Key strategic moves and developments
10.10. Knutsen Group
10.10.1. Company overview
10.10.2. Key executives
10.10.3. Company snapshot
10.10.4. Operating business segments
10.10.5. Product portfolio
10.10.6. Business performance
10.10.7. Key strategic moves and developments