NEW YORK, Nov. 01, 2017 (GLOBE NEWSWIRE) -- The Floating Liquefied Natural Gas (FLNG) market is expected to witness a CAGR of 27.1%, and is projected to reach USD 70.0 billion by 2023. Factors propelling the growth of the FLNG market include increasing investment in the 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 the Floating Liquefied Natural Gas (FLNG) market by Processing Capacity (Small (0-2.9 MTPA), Large (3 MTPA and above)), by Type (Floating Production Platform, Regasification 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 (2017-2023).
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 movable midstream asset that avoids costly pipeline infrastructure to move gas onshore.
Browse full research report with TOC on "Global Floating Liquefied Natural Gas (FLNG) Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2023" at: http://energiasmarketresearch.com/global-floating-liquefied-natural-gas-flng-market-outlook/
Key findings from FLNG report
- The FLNG market is expected to reach at a capacity of 260 MTPA by 2023.
- Small to mid-size FLNG is expected to grow by 28.0% during the forecast period. Low capital investment and shorter development time drives the growth of small and mid-size FLNG.
- FSRU type FLNG is expected to grow at a CAGR of 20.0% during 2017 to 2023. LNG FPSO market growth will be simulated by the demand of natural gas in the Asia-Pacific region.
- Near-shore FLNG segment will dominate the FLNG market, factors such as reduced cost, shorter development time and reduction in land use drive the growth of near-shore FLNG.
- Geographically, North America held the largest market share due to an increase in LNG production from shale gas fields.
- The Asia-Pacific region is expected to be the fastest growing region due to the increasing energy demand as well as development of gas fields in the region.
- A planned offshore liquefaction facility in Iran and other import facilities in Egypt and the UAE are expected to fuel the growth of the FLNG market in Middle East & Africa at a significant CAGR.
- In August 2017, Golar LNG partners bought stake in Hilli Episeyo FLNG which will be deployed later this year in Cameroon, to produce gas for Perenco.
- The key players operating in the FLNG market are Petronas, Royal Dutch Shell plc, Ophir Energy, Excelerate Energy L.P, Exmar, Woodside Petroleum Limited, Golar LNG, Black & Veatch Holding Company, GEPetrol and Delfin LNG.
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 an opportunity to many players in energy sector is expected to register high growth over the coming years and would have a 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.
The 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 the 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.
The African region has 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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