LNG Carrier Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Containment Type, By Storage Capacity, By Propulsion Type, By End User Industry, By Region & Competition, 2021-2031F

Description

The Global LNG Carrier Market is projected to expand from USD 11.18 Billion in 2025 to USD 16.06 Billion by 2031, registering a CAGR of 6.22%. These specialized vessels are designed to transport natural gas in a liquefied, cryogenic state, enabling international energy trade in regions where pipeline infrastructure is not feasible. Key growth drivers include the global energy transition, which relies on natural gas as a bridge fuel, and rising concerns regarding energy security that require diversifying supply chains away from regional pipelines. As reported by the International Group of Liquefied Natural Gas Importers, the global fleet grew to 831 vessels in 2024 following the delivery of 66 new units.

Market Overview
Forecast Period	2027-2031
Market Size 2025	USD 11.18 Billion
Market Size 2031	USD 16.06 Billion
CAGR 2026-2031	6.22%
Fastest Growing Segment	120,000-160,000 cubic meter
Largest Market	Asia Pacific

Despite this growth potential, the market faces significant hurdles due to limited global shipbuilding capacity, which restricts the speed of fleet expansion. The substantial technical barriers to entry mean construction is limited to a small number of specialized shipyards, leading to production bottlenecks and long lead times for new vessels. This structural constraint limits supply and may hinder the industry's ability to scale quickly enough to satisfy the forecasted increase in global liquefaction output.

Market Driver

A major catalyst for market expansion is the rise in long-haul export volumes from North America and the Middle East. As geopolitical factors prompt a shift away from pipeline reliance, nations are heavily investing in liquefaction infrastructure to facilitate transoceanic natural gas transport. This structural adjustment in trade routes necessitates a larger and more active fleet to handle increased ton-mile requirements, as cargoes must cover greater distances to supply markets in Europe and Asia. Consequently, the demand for shipping capacity is directly linked to rising output from major production centers, with the U.S. Energy Information Administration reporting in April 2024 that U.S. exports averaged 11.9 billion cubic feet per day in 2023, making the country the world's leading exporter.

Concurrently, the enforcement of strict maritime emissions regulations is pushing shipowners to fast-track fleet renewal initiatives. The industry is shifting toward modern vessels featuring advanced propulsion systems to meet tightening environmental standards, rendering older steam turbine carriers increasingly obsolete. This regulatory pressure is fueling newbuilding activity as operators pursue tonnage that guarantees long-term compliance and operational efficiency. For instance, QatarEnergy announced in a March 2024 press release that it had signed time-charter agreements for 19 additional vessels to support production growth and fleet modernization, while Shell reported that global liquefied natural gas trade reached 404 million tonnes the previous year.

Market Challenge

The primary obstacle facing the Global LNG Carrier Market is limited shipbuilding capacity caused by high technical entry barriers. Constructing these vessels involves specialized engineering to handle cryogenic temperatures, restricting production to a select group of shipyards. This concentration of manufacturing capabilities results in production bottlenecks, as the few capable facilities operate near maximum utilization. As a result, the industry faces prolonged lead times for new vessel deliveries, limiting the ability of shipping companies to swiftly expand capacity to meet rising trade demands.

This restriction on fleet growth creates a supply-demand imbalance that negatively affects the market's overall trajectory. The inability to rapidly scale production means that vessel availability frequently lags behind the commissioning of new liquefaction projects. According to the International Group of Liquefied Natural Gas Importers, the global orderbook reached 341 vessels in 2024, representing a substantial backlog that existing yards will take several years to clear. This volume of unfilled orders underscores the severity of infrastructure constraints, as the rate of new vessel entry cannot keep pace with the immediate global appetite for energy transport.

Market Trends

A key strategic trend is the shift toward super-large 271,000 cubic meter class vessels, known as QC-Max, designed to maximize economies of scale. Operators are increasingly adopting these larger dimensions to significantly boost cargo intake per voyage, thereby reducing unit transportation costs and optimizing berth utilization at major export terminals. This upsizing strategy enables shippers to transport greater volumes without a proportional increase in fleet movements, effectively addressing logistical bottlenecks in congested trade lanes. In April 2024, QatarEnergy confirmed this industrial shift by finalizing a landmark agreement for the construction of 18 QC-Max LNG carriers, each boasting a capacity of 271,000 cubic meters.

Simultaneously, the standardization of advanced digital twin technology is becoming essential for fleet operational management. Shipowners are implementing sensor-driven software to generate virtual replicas of onboard systems, facilitating the optimization of navigation routes, real-time management of boil-off rates, and compliance with strict environmental efficiency standards. This technological integration permits operators to transition from reactive to predictive maintenance models, thereby minimizing downtime for critical cryogenic equipment and hull systems. Reflecting this pivot toward data-centric operations, Gaztransport & Technigaz (GTT) reported in February 2024 that it had secured new contracts for its specialized Smart Shipping solutions covering 68 vessels.

Key Market Players

BW Group
China Merchants Heavy Industry
Daewoo Shipbuilding & Marine Engineering
Excelerate Energy
GasLog Partners LP
Hyundai Heavy Industries Co. Ltd
K Line LNG Shipping Ltd
Mitsui O.S.K. Lines Ltd
Qatar Gas Transport Company Limited
New Fortress Energy Inc

Report Scope

In this report, the Global LNG Carrier Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

LNG Carrier Market, By Containment Type

Moss Type
Membrane Type

LNG Carrier Market, By Storage Capacity

Under 120
000 cubic meter
120
000-160
000 cubic meter and Above 160
000 cubic meter

LNG Carrier Market, By Propulsion Type

Steam Turbines
Dual Fuel Diesel Engine/Tri-Fuel Diesel Engine (DFDE/TFDE)
Slow-Speed Diesel (SSD)
M-type Electronically Controlled Gas Injection (ME-GI)
XDF- Two Stroke Engine
Steam Re-heat
Stage

LNG Carrier Market, By End User Industry

Transport
Defense
Others

LNG Carrier Market, By Region

North America
- United States
- Canada
- Mexico
Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
South America
- Brazil
- Argentina
- Colombia
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global LNG Carrier Market.

Available Customizations:

Global LNG Carrier Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global LNG Carrier Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Containment Type (Moss Type, Membrane Type)
- 5.2.2. By Storage Capacity (Under 120, 000 cubic meter, 120, 000-160, 000 cubic meter and Above 160, 000 cubic meter)
- 5.2.3. By Propulsion Type (Steam Turbines, Dual Fuel Diesel Engine/Tri-Fuel Diesel Engine (DFDE/TFDE), Slow-Speed Diesel (SSD), M-type Electronically Controlled Gas Injection (ME-GI), XDF- Two Stroke Engine, Steam Re-heat, Stage)
- 5.2.4. By End User Industry (Transport, Defense, Others)
- 5.2.5. By Region
- 5.2.6. By Company (2025)
5.3. Market Map

6. North America LNG Carrier Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Containment Type
- 6.2.2. By Storage Capacity
- 6.2.3. By Propulsion Type
- 6.2.4. By End User Industry
- 6.2.5. By Country
6.3. North America: Country Analysis
- 6.3.1. United States LNG Carrier Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Containment Type
    - 6.3.1.2.2. By Storage Capacity
    - 6.3.1.2.3. By Propulsion Type
    - 6.3.1.2.4. By End User Industry
- 6.3.2. Canada LNG Carrier Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Containment Type
    - 6.3.2.2.2. By Storage Capacity
    - 6.3.2.2.3. By Propulsion Type
    - 6.3.2.2.4. By End User Industry
- 6.3.3. Mexico LNG Carrier Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Containment Type
    - 6.3.3.2.2. By Storage Capacity
    - 6.3.3.2.3. By Propulsion Type
    - 6.3.3.2.4. By End User Industry

7. Europe LNG Carrier Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Containment Type
- 7.2.2. By Storage Capacity
- 7.2.3. By Propulsion Type
- 7.2.4. By End User Industry
- 7.2.5. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany LNG Carrier Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Containment Type
    - 7.3.1.2.2. By Storage Capacity
    - 7.3.1.2.3. By Propulsion Type
    - 7.3.1.2.4. By End User Industry
- 7.3.2. France LNG Carrier Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Containment Type
    - 7.3.2.2.2. By Storage Capacity
    - 7.3.2.2.3. By Propulsion Type
    - 7.3.2.2.4. By End User Industry
- 7.3.3. United Kingdom LNG Carrier Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Containment Type
    - 7.3.3.2.2. By Storage Capacity
    - 7.3.3.2.3. By Propulsion Type
    - 7.3.3.2.4. By End User Industry
- 7.3.4. Italy LNG Carrier Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Containment Type
    - 7.3.4.2.2. By Storage Capacity
    - 7.3.4.2.3. By Propulsion Type
    - 7.3.4.2.4. By End User Industry
- 7.3.5. Spain LNG Carrier Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Containment Type
    - 7.3.5.2.2. By Storage Capacity
    - 7.3.5.2.3. By Propulsion Type
    - 7.3.5.2.4. By End User Industry

8. Asia Pacific LNG Carrier Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Containment Type
- 8.2.2. By Storage Capacity
- 8.2.3. By Propulsion Type
- 8.2.4. By End User Industry
- 8.2.5. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China LNG Carrier Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Containment Type
    - 8.3.1.2.2. By Storage Capacity
    - 8.3.1.2.3. By Propulsion Type
    - 8.3.1.2.4. By End User Industry
- 8.3.2. India LNG Carrier Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Containment Type
    - 8.3.2.2.2. By Storage Capacity
    - 8.3.2.2.3. By Propulsion Type
    - 8.3.2.2.4. By End User Industry
- 8.3.3. Japan LNG Carrier Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Containment Type
    - 8.3.3.2.2. By Storage Capacity
    - 8.3.3.2.3. By Propulsion Type
    - 8.3.3.2.4. By End User Industry
- 8.3.4. South Korea LNG Carrier Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Containment Type
    - 8.3.4.2.2. By Storage Capacity
    - 8.3.4.2.3. By Propulsion Type
    - 8.3.4.2.4. By End User Industry
- 8.3.5. Australia LNG Carrier Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Containment Type
    - 8.3.5.2.2. By Storage Capacity
    - 8.3.5.2.3. By Propulsion Type
    - 8.3.5.2.4. By End User Industry

9. Middle East & Africa LNG Carrier Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Containment Type
- 9.2.2. By Storage Capacity
- 9.2.3. By Propulsion Type
- 9.2.4. By End User Industry
- 9.2.5. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia LNG Carrier Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Containment Type
    - 9.3.1.2.2. By Storage Capacity
    - 9.3.1.2.3. By Propulsion Type
    - 9.3.1.2.4. By End User Industry
- 9.3.2. UAE LNG Carrier Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Containment Type
    - 9.3.2.2.2. By Storage Capacity
    - 9.3.2.2.3. By Propulsion Type
    - 9.3.2.2.4. By End User Industry
- 9.3.3. South Africa LNG Carrier Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Containment Type
    - 9.3.3.2.2. By Storage Capacity
    - 9.3.3.2.3. By Propulsion Type
    - 9.3.3.2.4. By End User Industry

10. South America LNG Carrier Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Containment Type
- 10.2.2. By Storage Capacity
- 10.2.3. By Propulsion Type
- 10.2.4. By End User Industry
- 10.2.5. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil LNG Carrier Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Containment Type
    - 10.3.1.2.2. By Storage Capacity
    - 10.3.1.2.3. By Propulsion Type
    - 10.3.1.2.4. By End User Industry
- 10.3.2. Colombia LNG Carrier Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Containment Type
    - 10.3.2.2.2. By Storage Capacity
    - 10.3.2.2.3. By Propulsion Type
    - 10.3.2.2.4. By End User Industry
- 10.3.3. Argentina LNG Carrier Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Containment Type
    - 10.3.3.2.2. By Storage Capacity
    - 10.3.3.2.3. By Propulsion Type
    - 10.3.3.2.4. By End User Industry

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Global LNG Carrier Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. BW Group
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
15.2. China Merchants Heavy Industry
15.3. Daewoo Shipbuilding & Marine Engineering
15.4. Excelerate Energy
15.5. GasLog Partners LP
15.6. Hyundai Heavy Industries Co. Ltd
15.7. K Line LNG Shipping Ltd
15.8. Mitsui O.S.K. Lines Ltd
15.9. Qatar Gas Transport Company Limited
15.10. New Fortress Energy Inc