USD 134.7 Billion
LNG Carriers Market Size, Share, and Growth Analysis
LNG carriers Market Size, Share & Trends Analysis Report, By Containment Type (Moss, Membrane), By Propulsion Type (Steam Turbines, Slow-speed Dual Fuel Engine, Steam Re-heat and Stage, Others), By Storage Capacity, By Region, And Segment Forecast, 2025-2032
Report ID:
SQMIG10F2025 |
Region:
Global |
Published Date: April, 2025
Pages:
196
|Tables:
94
|Figures:
66
Format -
LNG Carriers Market Insights
Global LNG Carriers Market size was valued at USD 134.7 Billion in 2023 and is poised to grow from USD 142.51 Billion in 2024 to USD 223.74 Billion by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).
Growing demand for LNG (liquified natural gas) around the world, expansion of LNG projects, advancements in carrier design, use of LNG as a marine fuel, strategic energy diversification, and shipyard expansion are slated to boost revenue generation.
The surging demand for cleaner energy sources like LNG, especially in Asia-Pacific and Europe, is a primary growth driver for LNG carriers. New liquefaction and export projects in the United States, Qatar, Mozambique, and Australia are driving LNG supply globally. Use of LNG as a marine fuel to promote sustainability and advancements in carrier design are slated to bolster the global LNG carrier market growth. Europe's move to reduce dependency on Russian pipeline gas has accelerated LNG imports from alternative sources like the United States and Qatar.
On the contrary, high capital and operational costs, volatility in LNG prices, environmental regulations and emission compliance, and limited port and bunkering infrastructure are forecasted to impede the global LNG carriers market penetration across the study period.
How Digital Technologies are Influencing the Demand for LNG Carriers?
Digital transformation plays a significant role in optimizing LNG carrier operations. Shipowners are deploying IoT sensors, AI-driven predictive maintenance, and real-time cargo monitoring systems to improve safety, performance, and efficiency. Smart fleet management software enables route optimization, fuel consumption analytics, and automated regulatory compliance tracking. These tools help reduce downtime, optimize voyages, and ensure timely LNG delivery. Digital twin technologies and remote diagnostics are also gaining traction, enhancing vessel lifecycle management. As carriers become more connected and autonomous, digitalization is emerging as a competitive advantage in the modern LNG shipping landscape.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Membrane
Fastest Growth
Moss
Growth Rate
5.8% CAGR
Global LNG Carriers Market ($ Bn)
Country Share for Asia Pacific Region (%)
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LNG Carriers Market Segments Analysis
Which Type of Containment is Used Widely in LNG Carriers?
The membrane segment is forecasted to account for the largest global LNG carriers market share in the future. High cargo capacity and lower boil-off rates are estimated to help this segment bolster its dominance in the long run. Design flexibility offered by membrane containment solutions and preference of the same by shipbuilders in South Korea and Japan are cementing the dominance of this segment.
Meanwhile, the use of moss containment solutions is declining and holds the second-largest share of the global LNG carriers industry. Bulky tanks required for this type of containment and low availability of shipyards building LNG carriers with this type of containment are contributing to the lower share of this segment.
Which Propulsion System Powers Most LNG Carriers?
The steam turbine segment holds a substantial share of the global LNG carriers market revenue at present. Extensive use of steam turbines in old LNG carriers and their established efficacy in powering larger ships is helping the dominance of this segment. However, rising emphasis on energy efficiency is expected to hurt the high share of this segment as LNG carriers opt for electric and other efficient propulsion systems.
On the other hand, the demand for slow-speed dual fuel engines is expected to increase at an impressive CAGR across the study period. These propulsion systems offer high thermal efficiency and the flexibility to switch between marine fuel oil and boil-off LNG, making them more economical and environmentally compliant.
Global LNG Carriers Market By Containment Type
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LNG Carriers Market Regional Insights
Why is Asia Pacific a Market of High Interest for LNG Carrier Companies?
Surging demand for energy, rapid urbanization, and increasing shift towards clean energy adoption are slated to make this a leading region for LNG carriers providers. Large-scale infrastructure investments in LNG terminals and regasification units support regional trade expansion. Government-led initiatives for energy diversification and industrial consumption are also expected to further cement the dominance of this region.
LNG Carriers Market in Japan
Japan is the world's largest LNG importer, underpinning a vast and advanced LNG carrier fleet, often domestically built by companies like Mitsubishi and Kawasaki Heavy Industries. Japanese firms, including MOL and NYK Line, operate extensive LNG carrier fleets, with strong governmental backing and strategic long-term charters. High investments in LNG-fueled ships and bunkering infrastructure in Japan are also driving market growth.
LNG Carriers Market in South Korea
South Korea is a global LNG carrier shipbuilding powerhouse, home to Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries. These shipyards dominate newbuild LNG carrier orders, known for cutting-edge membrane containment systems and high-efficiency engines. South Korea is pivotal in the LNG supply chain. Korean shipping firms like HMM are gradually expanding LNG operations.
- In February 2024, South Korea’s Hanwha Ocean announced the launch of two liquefied natural gas (LNG) carriers. The company is building these carriers for Greece’s GasLog and are powered by ME-GI propulsion system (M-type, electronically controlled, gas-injection propulsion). The ships also feature a carbon capture and storage system.
Why Demand for LNG carriers is Rising in North America?
North America’s stance as a leading LNG exporter on a global level makes it a rewarding regional market for LNG carriers. The presence of massive export terminals like Sabine Pass and Freeport in the region are also expected to present new revenue generation opportunities for companies going forward. Technological advancements, deepwater ports, and government support are some common factors that are slated to boost the sales of LNG carriers.
LNG carriers Market in United States
The United States is a global LNG export leader, with rising demand for LNG carriers to support exports from terminals like Sabine Pass and Corpus Christi. Companies in this region prefer to charter LNG carriers, which creates new opportunities for LNG carriers manufacturers from countries such as Japan and South Korea. Rising investments in LNG bunkering and small-scale LNG shipping are also expected to boost revenue generation potential going forward.
LNG carriers Market in Canada
The LNG carriers industry in Canada is in its nascent stage but has good potential to expand in the long run. The country lacks LNG shipbuilding infrastructure, relying entirely on foreign-built and operated vessels, mostly from Asian shipyards. Canadian LNG exports are projected to rise post-2025, driving demand for ice-class LNG carriers capable of operating in harsh, northern maritime conditions.
How Will Demand for LNG Carriers Fare in the European Region?
Urgent need for energy diversification in Europe owing to high emphasis on sustainability and energy issues raised post-Russia-Ukraine conflict are offering new business scope in this region. Increasing demand for LNG imports from countries such as Qatar and the United States to offset the reduction of LNG supply from Russia is expected to create new opportunities in Europe.
LNG Carriers Market in United Kingdom
Presence of multiple LNG terminals at Isle of Grain, South Hook, and Dragon in the United Kingdom make it an attractive market for LNG carriers. BP and Shell are major United Kingdom-based charterers of LNG carriers. The strategic transit and regasification position of the country makes it a pivotal market for LNG carriers suppliers. Policy shifts toward energy security and low-carbon fuels are also reinvigorating interest in LNG as a fuel.
LNG carriers Market in Germany
Germany is a new entrant to the LNG import and carrier market. Rapid development of floating storage and regasification units (FSRUs) like those in Wilhelmshaven and Brunsbüttel has introduced LNG shipping to German ports. Germany lacks indigenous LNG carrier shipbuilding or ownership, relying on international chartered fleets. Germany’s role in the LNG carrier market is emerging, driven by energy diversification goals.
LNG Carriers Market in France
Emphasis on energy diversification and France’s role in LNG import and carrier builder makes it a key market in Europe. French companies like TotalEnergies and GTT (Gaztransport & Technigaz) also play a crucial role governing the LNG carriers supply chain. France’s strategic approach integrates LNG import infrastructure, technological leadership, and global shipping partnerships, giving it a nuanced yet influential position in the global LNG carrier ecosystem.
Global LNG Carriers Market By Region
- Largest
- Fastest
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LNG Carriers Market Dynamics
LNG carriers Market Drivers
Technological Advancements in Carrier Design
- Technological innovations in LNG carrier design, such as dual-fuel engines, boil-off gas (BOG) re-liquefaction systems, and membrane containment technologies, enhance operational efficiency and safety. These advancements reduce fuel consumption, lower emissions, and increase cargo capacity, making new carriers more attractive for operators. As environmental regulations tighten, energy-efficient and eco-compliant vessels gain preference. New-built LNG carriers that feature such technologies are more cost-effective over their lifecycle thereby favoring the global LNG carriers market outlook.
Government Incentives and Shipyard Expansion
- Governments worldwide are promoting clean energy infrastructure through subsidies, tax benefits, and green financing, which supports LNG-related shipbuilding and operation. Strategic partnerships between governments, shipbuilders, and energy firms foster large-scale LNG projects, ensuring carrier orders remain robust. LNG carriers also benefit from maritime modernization initiatives and carbon-neutral transportation goals. All of these factors are slated to boost the sales of LNG carriers going forward.
LNG carriers Market Restraints
Volatility in LNG Prices and Trade Flows
- Fluctuating global LNG prices and uneven supply-demand dynamics can disrupt trade volumes and shipping profitability. Spot market volatility affects carrier utilization rates and operational margins. LNG exports are often tied to long-term contracts, but a growing spot market introduces unpredictability in cargo availability and destination planning. Geopolitical conflicts, sanctions, or economic slowdowns are also expected to increase volatility and hurt LNG carriers demand.
Limited Port and Bunkering Infrastructure
- Global port infrastructure and bunkering capabilities for LNG carriers are uneven across the world. Many regions lack deepwater ports, cryogenic handling systems, or sufficient storage capacity to support regular LNG deliveries. Inadequate infrastructure increases turnaround time, operational risks, and restricts market access for LNG shippers. This bottleneck is particularly critical in fast-growing markets like Southeast Asia and Africa, where demand potential exists but delivery infrastructure is underdeveloped.
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LNG Carriers Market Competitive Landscape
LNG carrier providers should focus on improving the sustainability of their offerings to comply with emission regulations. Europe is estimated to emerge as a highly opportune region for companies as per this global LNG carriers market analysis.
Most startups working in the global LNG carriers industry are expected to focus on improving energy efficiency and enhancing compliance with environmental regulations. Here are a few startups that could change the way LNG carriers operate in the future.
- CoolCo Ltd.: Headquartered in Bermuda, the startup focuses on acquiring and operating LNG carriers, especially modern vessels with advanced propulsion systems. The startup was formed through a partnership between Golar LNG and Eastern Pacific Shipping. The 2022-founded company aims to provide flexible, efficient, and lower-emissions LNG transport solutions. CoolCo has quickly amassed a fleet of modern LNG carriers and is focused on scaling operations and capitalizing on the global demand for spot and long-term LNG shipping contracts.
- Seabound: The 2021-founded startup is a climate-tech startup developing carbon capture technology for ships, including LNG carriers. The company offers compact, ship-based carbon capture units are designed to retrofit onto existing vessels, capturing up to 95% of CO₂ emissions from exhaust gases. The United Kingdom-based startup targets large maritime vessels, including LNG tankers and LNG carriers, to help decarbonize the maritime sector.
Top Player’s Company Profiles
- Samsung Heavy Industries Co. Ltd.
- Hyundai Samho Heavy Industries Co. Ltd.
- Daewoo Shipbuilding and Marine Engineering Co. Ltd.
- STX Offshore and Shipbuilding CO., LTD.
- Mitsubishi Heavy Industries Ltd.
- Kawasaki Heavy Industries Ltd.
- China Shipbuilding Trading Co. Ltd.
- Japan Marine United Corporation
- HJ Shipbuilding & Construction Company, Ltd.
- Mitsui O. S. K. Lines Ltd (MOL)
Recent Developments in LNG carriers Market
- In April 2025, Hudong-Zhonghua, a Chinese shipbuilding company announced the launch of its new 174,000-cbm liquefied natural gas (LNG) carrier. The company is building this vessel for NYK and CNOOC, who collectively ordered 6 174,000-cbm LNG carriers at USD 1.2 billion back in 2022.
- In March 2025, Crowley, a United States-based marine and energy organization announced the launch of a new LNG carrier. The new carrier was launched to transport LNG to an energy company in Puerto Rico called Naturgy whilst featuring a massive capacity of 130,400 cubic meters of natural gas in each trip.
- In January 2025, China’s Jiangnan Shipyard announced the launch of the third LNG carrier ordered by UAE’s Adnoc from its order of six vessels back in 2022. The 175,000-cbm LNG carrier named Al Reef is the latest addition to Adnoc’s LNG business expansion efforts.
LNG Carriers Key Market Trends
- Shift Toward Dual-Fuel and Eco-Efficient Vessels: LNG carrier manufacturers are focusing on the adoption of dual-fuel engines and eco-friendly technologies to meet strict environmental regulations. New-generation LNG carriers are being designed with dual-fuel diesel-electric propulsion and boil-off gas (BOG) re-liquefaction systems to reduce emissions and fuel costs. These vessels comply with IMO decarbonization mandates and offer long-term operational savings. Hence, as sustainability emphasis rises, this LNG carriers market trend is expected to become indispensable through 2032.
- Surge in Spot LNG Shipping and Flexible Contracts: The global LNG trade is shifting from long-term contracts to spot and short-term trading, requiring a more agile and responsive LNG carrier fleet. This trend is fueled by geopolitical instability, energy diversification efforts, and volatile gas prices, prompting countries and companies to seek flexible supply chains. As a result, LNG carriers must be available on short notice, often rerouted mid-voyage to meet shifting demand.
LNG Carriers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for LNG around the world and technological advancements in carrier design are slated to primarily drive the demand for LNG carriers going forward. However, volatility in LNG prices and limited port and bunkering infrastructure are anticipated to slow down the sales of LNG carriers in the future. Presence of leading shipbuilding companies and transition towards cleaner energy are helping cement the dominance of Asia Pacific region. Sport LNG contracts and use of dual fuel engines are slated to create new business scope for LNG carriers companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 134.7 Billion |
| Market size value in 2032 | USD 223.74 Billion |
| Growth Rate | 5.8% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on LNG Carriers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on LNG Carriers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the LNG Carriers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the LNG Carriers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the LNG Carriers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the LNG Carriers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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