NEW YORK, March 03, 2018 (GLOBE NEWSWIRE) -- The Floating Liquefied Natural Gas (FLNG) market is expected to witness a CAGR of 27.14%, and is projected to reach USD 88.99 billion by 2024. Factors propelling the growth of FLNG market include increasing investment in Liquefied Natural Gas (LNG) market; shifting focus towards cleaner burning fuel, save on the cost by reduction in upstream infrastructure and reduction of operational downtime to develop a gas field. The report segments Floating Liquified Natural Gas (FLNG) market by Processing Capacity (Small (0-2.9 MTPA), Large (3 MTPA and above)), by Type (Floating Production Platform, Regassification Platform), by Deployment (Near-shore, Offshore), by Region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Rest of the World (RoW). The report studies the global FLNG market over the forecast period (2018-2024).
Floating Liquefied Natural Gas (FLNG) is an offshore vessel that includes all the systems to enable offshore liquefaction of natural gas to LNG. FLNG offers flexibility in the types of processing equipment installed to accommodate a variety of gas conditioning requirements. FLNG acts as a moveable midstream asset that avoids costly pipeline infrastructure to move gas onshore.
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Key findings from FLNG market
FLNG- Changing Project Economics
Constructing offshore LNG liquefaction facilities have been able to save the costs for oil and gas companies helping them to improve the project economics. While transporting gaseous LNG from remote reserves to onshore facilities is a costly affair, adopting floating liquefaction and storage techniques would allow companies to generate more profits from offshore LNG reserves. Further uncertainty in oil prices tends to support the growth of the FLNG market across the globe. The cost cutting measures by oil and gas companies in compliance to falling prices of crude oil has led to prudent investment in many onshore facilities. FLNG offering lower production cost and increasing the profit margin is being adopted by many players operating in onshore facilities. FLNG offering opportunity to many players in energy sector is expected to register high growth over the coming years and would have positive impact on the overall gas market.
FLNG- Regional Insight
North America being the prominent FLNG market is expected to make high investments in global FLNG projects. Further, the U.S. will focus on shale gas production leading to the increasing investment in floating liquefaction.
Asia-Pacific region continues to be most active LNG import market. Japan, South Korea and China together import one third of the world LNG produced. FLNG’s accessibility in remote markets has brought Pakistan and Bangladesh into picture. High growth in the Asia-Pacific region is due to strong demand from economies such as China and India. Further, steady growth in smaller markets including Thailand and Singapore has helped the region retain their important role in global trade.
The European FLNG market is driven on the account of stringent carbon emission reduction targets. Moreover, the need to diversify energy supplies in order to implement emissions reduction policies has led to increasing investment in the European FLNG market.
African region have a great potential to be a major LNG supplier. New offshore dry gas discoveries have brought investments in several floating and onshore projects in the region especially in Mozambique and Tanzania. The governments support the development of liquefaction projects and have actively worked to establish gas specific legislation. Further, West Africa is emerging as an important region for the deployment of small-scale floating liquefaction. Some of the FLNG projects in the region have made good progress in a short time. The success of these projects indicates more FLNG vessels could be utilized to monetize potential future discoveries.
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