The global floating liquefied natural gas (FLNG) market is forecasted to grow at striking CAGR around 24% over the forecast time frame and reach around US$ 80 billion by 2027.
The report provides analysis of global floating liquefied natural gas (FLNG) market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Increasing demand for clean fuel techniques and increasing concentrate on sustainable energy blend will boost FLNG market growth. Rapid depletion of fossil fuel, coupled with ongoing carbon footprint reductions, will facilitate positive business growth. According to the International Energy Agency (IEA), there was a substantial increase in worldwide NG supply in 2019 relative to 2019. The U.S. and China are the biggest suppliers to the increase in oil manufacturing, with a share of over 50% of the complete increase.
The ability to accelerate gas procurement and the increase in the number of natural gas fired plants will foster the FLNG market. In 2019, Indonesian government launched a program to build LNG import infrastructure and gas-fired power plants to enhance their electrification goals. Rapid development of various projects and increased gas consumption will enhance industry outlook. In 2019, Keppel built the first converted Hilli Episeyo vessel with 120,000 gross tonnage and 300 meter long. The recent drop in gas rates has deluded many experts, leading to skepticism about FLNG's future market. Industry experts discussed among themselves whether gas supply will warrant the needed momentum for FLNG initiatives to take off.
In reaction to this scheme, the govt launched a program to construct gas-fired power plants and upgrade LNG import infrastructure to fulfill fresh electrification goals. Growing numbers of such governmental efforts worldwide have predominantly influenced FLNG sector development.
Low capital costs, improved flexibility and fast track execution are main variables that stimulate FSRU requirement. Facilities discover broad implementation across multiple nations lacking national energy resources. A floating storage regassification system is a LNG storage ship consisting of a regasification plant that transforms LNG into gas shape and transports it straight to the gas network. Technological innovation to develop high-performance, secure floating infrastructure has boosted Australia's share of the FLNG sector. In 2018, megaprojects such as The Prelude and PNG FLNG are some of the industry's largest floating LNG activities.
The LNG industry will see development due to rising demand for natural gas, primarily in high-consumption areas including Asia Pacific and Middle East. Compared to onshore liquefaction crops, cost efficiency, the capacity to move to several locations and adaptability to work in diverse well depth are few important characteristics that will encourage brand acceptance. These vessels can use marginal gas areas and related offshore gas assets for shipping, regeneration, storage and multiple end-use purposes. Small / mid-scale capability vessels witness fast implementation due to small investment costs and brief implementation timeline. The installations are mostly implemented in stranded stocks that are economically unfeasible by other units. Continuing public initiatives and financing operations to improve domestic infrastructure and foster the development of fresh floating import units will complement the business landscape. Increasing demand for versatile and cost-effective LNG distribution units will further improve company perspective. Increasing gas consumption due to moving population to metropolitan regions along with big investments in pipeline initiatives will boost consumer supply. Easy transfer to new areas after primary field exhaustion will further improve the company landscape. In fact, continued offshore findings along with increasing demand for primary energy will improve the sector perspective.
Asia Pacific FLNG is set to expand due to accelerating investment in infrastructure growth along with significant public assistance. The Government of India is trying to increase NG's share of the main power blend from the prevalent 6% to 15%, leading to stable development of the oil industry by 2030, with LNG being the biggest contributor.
Africa's FLNG industry will experience substantial growth due to continuing public projects along with important economic assistance for the region-wide development of stranded oil deposits. Increasing energy demand and increasing amount of initiatives across Mozambique will improve company perspective. In 2019, Mozambique's state announced funding for Coral's floating fluid natural gas infrastructure initiative across the Rovuma Basin, which is expected to begin business activities by 2022. FLNG business industry experts proclaim investor concentrate to move from Australasia to Africa and Asia. According to projections, expenditure in Australasia is expected to decrease after the introduction of Prelude FLNG after 2018. Increasing economic growth and electricity demand in Asia's emerging countries have attracted the attention of several industry giants to invest in these fields. Asia will account for one-third of the general FLNG industry. Africa and Asia are main development regions for aggressive agreements and financing.
Global Floating Liquefied Natural Gas (FLNG) Market, by Technology
Global Floating Liquefied Natural Gas (FLNG) Market, by Capacity
Global Floating Liquefied Natural Gas (FLNG) Market, by Geography
The market research study on “Floating Liquefied Natural Gas (FLNG) Market Size, Share & Trends Analysis Report By Technology, Capacity By Region - Global Industry Size, Share, Trends and Forecast 2020 - 2027” offers detailed insights on global floating liquefied natural gas (FLNG) market segments with market dynamics and their impact. The report also covers basic technology development policies.
The study provides a extensive industry assessment. This is done through in-depth qualitative observations, historical information and verifiable business size estimates. The predictions in the study were obtained from well-established study methodologies and expectations. This study document acts as an assessment and data resource for every aspect of the industry including, but not restricted to, regional economies, technology, kinds and apps.
Key Players & Strategies
Some vital players in the floating liquefied natural gas (FLNG) market include Höegh LNG, Woodside Petroleum, Golar LNG, Exmar, Ophir Energy, Excelerate Energy, Mitsui O.S.K. Lines, Eni, Petronas, Royal Dutch Shell and Noble Energy. Also, the industry's main shipbuilders include DSME and Associates, Samsung Heavy Industries, Mitsubishi Heavy Industries, and Hyundai Heavy Industries.
Strict environmental regulations on reducing sulfur and carbon content, applied globally, compel firms to create fresh eco-friendly models and changes in current facilities. Robust demand for fresh designs will boost rivalry and boost company development.
Increasing demand for clean fuel techniques and increasing concentrate on sustainable energy blend will boost FLNG market growth.
According to Acumen Research and Consulting, the floating liquefied natural gas (FLNG) market size is anticipated to reach around US$ 80 billion in 2027.
The floating liquefied natural gas (FLNG) market is anticipated to grow over 24% CAGR during the forecast period 2020 to 2027.
The U.S. and China are the biggest suppliers to the increase in oil manufacturing, with a share of over 50% of the complete increase.
Asia Pacific held maximum share in 2018 for floating liquefied natural gas (FLNG) market.
Höegh LNG, Woodside Petroleum, Golar LNG, Exmar, Ophir Energy, Excelerate Energy, and Mitsui O.S.K. Lines are the top players operating in the floating liquefied natural gas (FLNG) market.
The floating liquefied natural gas (FLNG) market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.