C-Type LNG Carrier Market- Global Industry Size, Outlook, Share, Demand, Manufacturers and 2028 Forecast

The C-Type LNG Carrier Market size was valued at US$ 6,469.02 million by 2028 from US$ 3,920.84 million in 2021. It is expected to grow at a CAGR of 7.5% during 2022-2028.

The growth of the C-Type LNG carrier market is being propelled by various factors, including the increasing demand for natural gases from residential, industrial, and commercial sectors, especially in developing economies. Additionally, the usage of LNG carriers is expanding for various end-use applications, including defense and transport, which is contributing to the market's growth.

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The List of Companies -
1. China Shipbuilding Trading Co., Ltd
2. DSME Co., Ltd
3. GAS Entec
4. Gaslog Ltd
5. HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
6. Knutsen OAS Shipping
7. Komarine Co
8. Mitsubishi Heavy Industries, Ltd.
9. TGE Marine Gas Engineering GmbH

The demand for LNG has resulted in significant investments in infrastructure, production, and international distribution networks, leading to a surge in the demand for LNG shipping. As the demand for natural gas continues to rise, the number of LNG export terminals worldwide is also increasing. Consequently, the transportation of LNG by ships and the use of LNG-fueled vessels are projected to escalate in the coming years, driving the demand for C-Type LNG carriers.

C-Type LNG carriers are extensively utilized in the oil and gas industry for transporting refined natural gas, including methane, from processing facilities to population centers for residential, commercial, and industrial purposes. With the increasing demand for oil and gas, drilling has become deeper, with many drilling rigs located farther offshore, resulting in a growing need for LNG carriers for storage. LNG is transported to different locations via various means, including pipelines, oil tankers, and railroads. Among these, pipelines play a vital role in the transportation process as a significant proportion of oil is moved through pipelines for at least some part of the journey.

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COVID-19 Impact on C-Type LNG Carrier Market Size
The COVID-19 pandemic has had a significant impact on LNG investment and the near- and longer-term fundamentals of North America's market. The US market, in particular, has gained importance in the past decade due to the shale boom. However, COVID-19 has caused delays in the construction and liquefaction projects, resulting in a slowdown in the production of LNG carriers. In light of this situation, LNG projects could be an appealing option for cost-cutting measures.

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Key Findings of C-Type LNG Carrier Market Study
The C-Type LNG Carrier market is divided into five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, the Asia Pacific region was at the forefront, and it is expected to register a CAGR of 8.9% during the forecast period. The Asia Pacific region comprises some of the world's fastest-growing economies, including China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific, consisting of emerging economies such as Vietnam and Malaysia. The region's developed economies, such as Japan and Australia, and increasing marine shipping activities and demand for energy and power are driving the growth of the C-Type LNG Carrier market.

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