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)
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.
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- 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)
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