South & Central America 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)

South & Central America 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 South & Central America is expected to grow from US$ 408.55 million in 2022 to US$ 534.07 million by 2028. It is estimated to grow at a CAGR of 4.6% from 2022 to 2028.

Surging 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

Long isolated from other natural gas markets, South America has focused on achieving self-sufficiency and regional integration. South America saw one of the strongest increases in demand for liquefied natural gas (LNG) in 2021. The state oil company Petrobras, also known as Petrobras, registered units in 2021 for 23 million m3. LNG accounted for about 30% of Petrobras' total gas volume and was critical to meeting the contractual needs of its customers. Hence, the region's increasing fuel demand is anticipated to create lucrative opportunities for market vendors.

Furthermore, over the next decade, Brazil is expected to be the epicenter of new liquefied natural gas (LNG) demand in Latin America. In Brazil, gas remains the transition fuel, providing the greatest penetration of wind and solar energy. In Brazil, natural gas power is mostly utilized as a backup for hydropower, and the benefit of LNG over other supply choices is its reliability. Further, having developed four regasification facilities in the first decade (2000-2010), Argentina and Chile will experience a growing demand for LNG imports and optimization of existing infrastructure. With the rising demand for LNG in the region, carrier manufacturers will have a unique chance to design long-lasting small carriers for importing gas from other nations.

South & Central America C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)

South & Central America C-type LNG Carrier Market Segmentation

The South & Central America c-type LNG carrier market is segmented into product type, application, and country.

Based on product type, the South & Central America 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 South & Central America 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 Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the market share in 2022. DSME Co., Ltd.; Komarine Co. Mitsubishi Heavy Industries, Ltd. and Torgy LNG AS are the leading companies operating in the c-type LNG carrier market in the region.

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