LNG Carriers Market Overview

The global LNG Carriers market values is projected to reach US$ 23.82 Billion by 2035 from US$ 14.64 Billion in 2025. The market is expected to register a CAGR of 5.4% during 2025–2035. The Global LNG Carriers Market forecast growth is driven by rising liquefied natural gas (LNG) demand, expanding LNG trade routes, and increasing investments in LNG infrastructure.

The global Liquefied Natural Gas (LNG) carriers market is a vital component of the international energy supply chain, facilitating the transportation of LNG from production sites to consumption regions worldwide. As of early 2025, the market is experiencing notable shifts influenced by supply-demand dynamics, technological advancements, and geopolitical factors.

The Global LNG Carriers Market industry refers to the industry focused on the design, construction, and operation of specialized ships used for transporting liquefied natural gas (LNG) across international trade routes. These vessels are equipped with advanced cryogenic containment systems to maintain LNG at extremely low temperatures (-162°C) and high-pressure conditions, ensuring safe and efficient transportation from LNG production facilities to regasification terminals worldwide.

In recent months, the LNG shipping industry has faced significant challenges due to an oversupply of vessels and a slower-than-expected increase in global LNG production. This imbalance has led to a steep decline in spot charter rates. For instance, in November 2024, the cost of hiring a modern LNG carrier in the Atlantic basin averaged $19,700 per day, marking an 80% decline since summer. By February 2025, rates further plummeted to as low as $4,250 per day in the Atlantic, representing a 90% drop from the previous year. Factors contributing to this downturn include the rapid addition of new vessels, delays in LNG production projects, and shorter voyage distances as more LNG cargoes are directed to Europe due to favorable pricing. ​ Despite current challenges, long-term projections indicate robust growth in LNG demand, particularly in developing Asian countries. The LNG carrier market has experienced significant growth, driven by increasing global demand for natural gas as a cleaner energy source. In 2023, global LNG trade reached 404 million tonnes, with projections estimating an increase to 685 million tonnes by 2040. This surge necessitates a corresponding expansion in the LNG carrier fleet to accommodate heightened transportation needs. For instance, Rystad Energy estimates that the recent expansion of U.S. LNG export infrastructure will require an additional 400 LNG vessels to transport the supercooled gas to international markets.

LNG carriers market trends is expected to benefit from heightened global LNG consumption, especially in Asia and Europe, as countries seek to diversify energy sources and reduce carbon emissions. Technological advancements are anticipated to continue enhancing vessel efficiency, safety, and environmental performance, making LNG transportation more competitive. Additionally, increasing investments in floating storage and regasification units (FSRUs) will offer flexible supply solutions, further stimulating demand for LNG carriers in the coming years.

LNG Carriers Market Drivers and Opportunities

Rising Global Demand for LNG is anticipated to lift the LNG Carriers market growth during the forecast period

​​​​The global demand for liquefied natural gas (LNG) is projected to experience significant growth in the coming decades, primarily driven by economic expansion in Asia and efforts to reduce emissions in heavy industries and transportation sectors. Shell's 2025 annual LNG outlook forecasts that LNG demand could reach between 630 million and 718 million metric tons per year by 2040, marking an approximate 60% increase from current levels. Countries like China and India are at the forefront of this surge. China, the world's largest LNG importer, is expanding its LNG import capacity and gas-related infrastructure to meet rising industrial demands. In 2024, China's total natural gas imports, including pipeline supplies, reached 131.69 million tons, with LNG accounting for 76.65 million tons. Similarly, India's natural gas consumption is expected to increase by 60% between 2023 and 2030, necessitating a doubling of LNG imports due to slower domestic production growth. Industries are increasingly adopting LNG as a cleaner alternative to coal and oil to reduce carbon emissions. For instance, China's coal-based steel sector, which contributes significantly to global emissions, is transitioning to gas to mitigate its environmental impact. The anticipated rise in LNG demand necessitates a corresponding expansion in LNG transportation infrastructure. This is expected to drive growth in the global LNG carriers market, as more vessels will be required to transport LNG from production sites to consumption regions. Shell anticipates LNG sales growth of 4%-5% annually over the next five years, underscoring the need for increased shipping capacity. To meet this growing demand, significant investments are being made in LNG production and export facilities. The United States and Qatar are poised to dominate LNG supply, potentially accounting for around 60% of global LNG exports by 2035. The U.S. alone could reach an export capacity of 180 million tons per year by 2030, representing a third of global supply. However, challenges such as project delays due to geopolitical tensions, regulatory hurdles, labor shortages, and supply chain bottlenecks have impacted the timely availability of new LNG supplies. For example, approximately 30 million tons of new LNG supply, equivalent to India's annual imports, have been delayed to 2028.

Expansion of LNG Export Infrastructure is a vital driver for influencing the growth of the global LNG Carriers market

​​​​​The expansion of liquefied natural gas (LNG) export infrastructure is a significant driver for the global LNG carriers market. As countries invest in new liquefaction facilities to meet rising global energy demands, the need for specialized vessels to transport LNG increases correspondingly. ​ Global LNG export capacity is set to experience substantial growth in the coming years. In 2025 alone, approximately 47 million tonnes per annum (mtpa) of new liquefaction capacity is expected to come online, a significant rise compared to the 13 mtpa added in 2024. This expansion is largely driven by projects in the United States and Canada, which together account for 42.1 mtpa of the new capacity. In North America, LNG export capacity is projected to more than double, increasing from 11.4 billion cubic feet per day (bcfd) in 2023 to 24.4 bcfd by 2028. This growth is attributed to ten new projects currently under construction across the United States, Canada, and Mexico. Notable projects include the LNG Canada facility in British Columbia, expected to commence exports in mid-2025, and several U.S. projects like Plaquemines LNG and Corpus Christi Stage III, anticipated to begin operations by the end of 2024. In Texas, the election of President Trump has led to expectations of a surge in LNG construction along the Gulf Coast. The anticipated lifting of previous permitting pauses could significantly boost U.S. LNG exports, further increasing the demand for LNG carriers to transport the additional output. Worldwide, LNG projects in development—those proposed or under construction—total 917 mtpa of new export capacity, representing an 18% year-on-year increase. This expansion involves significant investments, estimated at approximately US$1 trillion. The leading countries developing new export terminals are the U.S. (336.9 mtpa), Russia (164.1 mtpa), Canada (75.8 mtpa), Mexico (69.3 mtpa), and Qatar (49 mtpa). The anticipated surge in LNG export capacity directly correlates with increased demand for LNG carriers. As new liquefaction facilities become operational, additional vessels will be required to transport LNG to global markets. This demand is further amplified by shifting trade patterns, such as Europe's increasing reliance on LNG imports to diversify energy sources. Consequently, the LNG carriers market is expected to experience growth, driven by the need to accommodate expanded export volumes and evolving global energy dynamics. Major shipping companies like Mitsui O.S.K. Lines, NYK Line, and Teekay LNG are investing in new LNG carrier orders to modernize fleets and meet rising demand. For instance, Samsung Heavy Industries (SHI) received a $3 billion order for 15 LNG carriers in late 2023 from global shipping firms. Global LNG fleet expected to grow from 650 vessels in 2023 to over 800 vessels by 2026.

Technological Advancements in LNG Carrier Design are poised to create significant opportunities in the global LNG Carriers market

​​​​Technological advancements in LNG carrier design are playing a pivotal role in shaping the global LNG carriers market growth by enhancing efficiency, safety, and environmental sustainability. Innovations in ship design, propulsion systems, and digitalization are creating lucrative opportunities for LNG carriers market growth during the forecast period. Shipping companies are increasingly investing in dual-fuel vessels to reduce greenhouse gas emissions and comply with environmental regulations. These vessels can operate on multiple fuel types, including LNG, methanol, hydrogen, and ammonia, offering flexibility and sustainability. For example, major container shipping companies like Maersk, CMA CGM, and COSCO are heavily investing in new dual-fuel vessels to transition to greener fuels. The development of larger LNG carriers, such as the Q-Max and Q-Flex ships, has significantly increased cargo capacity, reducing per-unit transportation costs and improving operational efficiency. These vessels can transport up to 266,000 cubic meters of LNG, making them among the largest in the world. Innovations in LNG storage and containment, such as the Mark III Flex and NO96 systems, have improved thermal performance and safety. These designs offer superior capacity to withstand the pressures of LNG and efficiently store large volumes during transit. For instance, in December 2022, Samsung Heavy Industries awarded Gaztransport & Technigaz (GTT) contracts for the tank design of seven new LNG carriers, each with a capacity of 174,000 cubic meters. To enhance fuel efficiency and reduce emissions, wind-assisted propulsion systems, such as rotor sails, are being integrated into LNG carriers. In October 2024, Daewoo Shipbuilding & Marine Engineering (DSME) and DNV signed a memorandum of understanding to jointly develop wind-assisted propulsion systems, including rotor sails, for deep-sea vessels like LNG carriers. The adoption of digital technologies and autonomous systems is transforming LNG carrier operations. Advanced sensors, AI-driven navigation, and real-time data analytics optimize route planning, fuel usage, and overall operational efficiency, enhancing safety and reducing human error. DNV has awarded approval in principle to Hyundai Heavy Industries Group for their Hyundai Intelligent Digital Twin Ship (HiDTS) system, enabling extensive and convenient inspection of power management systems using digital twin technology.

LNG Carriers Market Scope

LNG Carriers Market Report Segmentation Analysis

The Global LNG Carriers Market industry analysis is segmented into by Containment Type, by Capacity, By Propulsion System, by Application and by Region.

The membrane-type containment systems segment is anticipated to hold the highest share of the global LNG Carriers market during the projected timeframe.

By Containment Type, the LNG Carriers market is segmented into Moss Type and Membrane Type. membrane-type containment systems segment dominates the global LNG Carriers market share expected to hold around 65% in 2025. Membrane-type systems are known for maximizing cargo space, as they use thin, flexible membranes that line the cargo hold, allowing for larger LNG storage capacity in the same size vessel. Membrane-type carriers typically range from 150,000 to 265,000 CBM and can be further extended, which makes them ideal for large-scale LNG exports. Membrane containment systems are continuously improved (e.g., Mark III and NO96 systems), which are more fuel-efficient, cost-effective, and have better insulation properties. The design of membrane tanks reduces the overall weight of the vessel, making it easier to transport large amounts of LNG. Maintenance costs are also generally lower than for Moss-type carriers. The membrane-type carriers are particularly popular in long-distance and high-volume LNG transportation due to their larger tank capacity, efficiency, and cost-effectiveness.

The Ultra-Large LNG Carriers (>180,000 m³) segment is anticipated to hold the highest share of the market over the forecast period.

On the basis of Capacity, the market is bifurcated into Small-Scale LNG Carriers (<30,000 m³), Medium-Scale LNG Carriers (30,000 – 150,000 m³), Large-Scale LNG Carriers (150,000 – 180,000 m³) and Ultra-Large LNG Carriers (>180,000 m³). Ultra-large LNG carriers are designed for the transportation of large volumes of LNG over long distances, making them a key component of the LNG trade between large exporters and importers. These carriers, often exceeding 200,000 m³, are required to meet the high demand for LNG, particularly from large importing countries like China and Japan. The economies of scale associated with ultra-large LNG carriers make them highly cost-efficient for transporting large volumes of LNG. The greater the cargo capacity, the lower the per-unit transportation cost. As LNG demand increases in emerging markets like Southeast Asia and Africa, the need for large vessels capable of servicing these regions become more prominent.

The LNG Transportation segment dominated the market in 2024 and is predicted to grow at the highest CAGR over the forecast period.

In terms of Application, the LNG Carriers market is segmented into LNG Transportation, LNG Bunkering, Floating LNG Storage & Regasification, and Offshore Gas Monetization. LNG transportation is the most significant application of LNG carriers, as these vessels are primarily designed for the transport of liquefied natural gas across international trade routes. The increasing demand for LNG in countries like China, India, Japan, and Europe, combined with growing LNG exports from key producers like the U.S., Qatar, and Australia, is fueling demand for LNG carriers. LNG transportation involves long-distance trade, often crossing oceans, requiring large vessels with significant cargo capacity. These ships are capable of carrying large quantities of LNG, typically ranging from 150,000 to over 180,000 m³, facilitating efficient global trade. Larger LNG carriers are more cost-efficient in transporting significant volumes of LNG, contributing to the high market share of this application.

The following segments are part of an in-depth analysis of the global LNG Carriers market:

LNG Carriers Market Share Analysis by Region

Asia Pacific is projected to hold the largest share of the global LNG Carriers market over the forecast period.

In 2024, Asia Pacific dominated the LNG Carriers market, accounting for approximately 45% of the global LNG Carriers market share. Asia Pacific is the largest consumer of LNG, with key countries like Japan, South Korea, China, and India leading the demand. These countries are heavily dependent on LNG imports to meet their energy needs. Japan is one of the world's largest LNG importers, and South Korea follows closely. Both countries have extensive LNG infrastructure, which drives demand for LNG carriers for transportation. China's rapid industrialization and energy transition towards cleaner sources of energy are driving its increasing demand for LNG. It has become one of the largest LNG importers globally, contributing significantly to the region's market share. Other countries in the region, including Thailand, Indonesia, and Vietnam, are expanding their LNG infrastructure, which increases demand for LNG carriers. The demand for floating storage and regasification units (FSRUs) is also growing in Southeast Asia.  ​ The shift toward LNG as a marine fuel is gaining traction in Asia-Pacific, particularly in China, which is developing LNG bunkering infrastructure. However, The Middle East is a significant LNG exporter, with countries like Qatar and the United Arab Emirates (UAE) playing a pivotal role in global LNG trade. Qatar, in particular, is one of the largest LNG exporters globally, and its LNG carriers are integral to transporting LNG across the globe. African countries like Mozambique, Nigeria, and Tanzania are ramping up LNG export capabilities. As these projects come online, they will drive increased demand for LNG carriers to transport gas to international markets.  Africa is also a growing market for LNG imports, particularly for nations with emerging energy needs, such as South Africa and Egypt, which are investing in LNG regasification units (FSRUs). These developments will increase demand for LNG carriers to supply these terminals. In many parts of Africa, LNG is seen as a viable solution to meet energy access challenges. This could drive further LNG imports and an increased need for LNG carriers to meet the region’s growing energy needs.

LNG Carriers Market Competition Landscape Analysis

The global LNG carriers market share is highly competitive, with several large multinational companies dominating the industry. The market is characterized by a blend of established players with large fleets of LNG carriers, along with emerging companies that are gradually increasing their market share. The competition is largely driven by factors such as fleet size, operational efficiency, technological advancements, and geographical reach.

Global LNG Carriers Market Recent Developments News:

In March 2025, AG&P LNG announced plans to expedite gas supplies to South Australia and Victoria, finalizing the takeover of Venice Energy's $340 million LNG import terminal near Adelaide. The company aims to start shipments by the end of 2025 and operate the Outer Harbor terminal by 2028.

In January 2025, Woodside and Chevron agreed to an asset swap in Western Australia, with Chevron acquiring Woodside's 13% interest in the Wheatstone LNG project and Woodside gaining Chevron's nearly 17% interest in the North West Shelf LNG and oil projects. The deal also included financial considerations, enhancing operational focus for both companies.

In September 2024, Aramco announced plans to increase its stake in MidOcean Energy to 49% and acquire a 15% interest in Peru LNG from Hunt Oil Company. This move was part of Aramco's strategy to enhance its position in the growing global LNG market.

In November 2023, Capital Product Partners L.P. (CPLP) announced a transformative transaction involving the acquisition of 11 newbuild LNG carriers for $3.1 billion. This acquisition aimed to position CPLP as a leading owner of two-stroke, latest-generation LNG carriers. The partnership also revealed plans to rename itself as "Capital New Energy Carriers L.P." and shift focus towards LNG and energy transition shipping.

The Global LNG Carriers Market is dominated by a few large companies, such as

·         Teekay LNG Partners

·         Mitsui O.S.K. Lines (MOL)

·         NYK Line (Nippon Yusen Kabushiki Kaisha)

·         K Line (Kawasaki Kisen Kaisha, Ltd.)

·         GasLog Ltd.

·         Golar LNG Limited

·         Flex LNG Ltd.

·         Nakilat

·         BW LNG (BW Group)

·         Dynagas LNG Partners LP

·         Hoegh LNG Holdings Ltd.

·         Capital Gas Ship Management Corp.

·         Excelerate Energy, Inc.

·         Exmar NV

·         Others