World FLNG Market size to exceed $78bn by 2024
Published Date: August 8, 2019 Authors: Ankit Gupta, Aditya Singh Bais
FLNG Market size will surpass USD 78 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Ongoing government programs and benefits including financial incentives toward improvement of energy security and supply will foster the FLNG market growth. Growing demand for clean energy resources along with rapidly escalating NG demand will complement the industry outlook. In addition, increasing focus toward natural gas based power plants along with favorable regulatory policies toward emission reduction will complement the business outlook.
The Middle East FLNG market will grow over 14 % by 2024. Robust economic development along with rapid demographic growth across the UAE will augment the industry landscape. Rising domestic demand for natural gas coupled with increasing consumption of electricity across remote locations will complement the business landscape. Rising concern to ensure energy security coupled with growing need to diversify its energy supplies will boost the product demand. In 2016, the Turkey invested over USD100 million to commission its first FSRU facility, with an aim to diversify its energy mix.
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Robust development of integrated LNG-to-power projects primarily across the energy deficit regions will accelerate the FSRU technology. In 2017, the European Union (EU) announced a funding of USD 500 million toward the development of energy infrastructure which includes the adoption of FSRU vessels across the Member States. Short construction timeframe, cost efficiency, easy relocation and low ecological impact are some of the prime factors stimulating the industry growth.
Browse key industry insights spread across 200 pages with 324 market data tables & 9 figures & charts from the report, “FLNG Market Size By Technology (LNG FPSO, FSRU), By Capacity (Small/Mid-Scale, Large Scale), Industry Analysis Report, Regional Outlook (U.S., UK, Russia, China, Australia, Indonesia, Malaysia, India, Pakistan, UAE, Turkey, Egypt, Congo, Equatorial Guinea, Cameroon, Mozambique, Ghana, Brazil, Chile, Colombia), Price Trends, Competitive Market Share & Forecast, 2017-2024” in detail along with the table of contents:
Stringent government regulations across the maritime industry coupled with rising demand for cleaner energy fuels will drive the business growth. Surging demand for natural gas across the industries, commercial and domestic applications will further enhance the business outlook. The IMO Tier III norms limits the NOx emissions and necessitates the use of lower sulfur marine fuel in vessels operating across the Emission Control Area (ECA) areas.
The Chile FLNG market is anticipated to grow over 12% by 2024. Growing demand for LNG import terminals in order to enhance the reliability and competitiveness of the natural gas will positively enhance the business outlook. Ongoing natural gas discoveries coupled with increasing investment by foreign players toward the oil & gas infrastructure development will complement the business landscape. In 2018, the GeoPark made a new gas play discovery across the Uaken 1 exploration well, in the Fell block after successful drilling and testing.
Ongoing development of high-performance and reliable floating infrastructure for efficient storage and transportation of natural gas will stimulate the industry growth. Majority of the upcoming gas demand is anticipated to come from regions which are not capable of developing the pipelines infrastructure economically due to lack of funding or geographic constraints. Abundant requirement of natural gas as a refrigerated liquid form Europe and Asia will instigate demand for additional LNG production capacity that will enhance the business outlook.
Key players operating across the industry includes Golar LNG, Royal Dutch Shell, Höegh LNG, Exmar, Excelerate, Eni, Mitsui O.S.K. Lines, Ophir Energy, Petronas, Woodside Petroleum, Noble Energy, Hyundai Heavy Industries, DSME and Associates, Samsung Heavy Industries and Mitsubishi Heavy Industries.
FLNG market research report includes in-depth coverage of the industry with estimates & forecast in terms of MTPA & USD Billion from 2014 to 2024, for the following segments:
FLNG Market, By Technology
- LNG FPSO
- Large scale
- Large scale
FLNG, By Capacity
- Large scale
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Middle East
- Equatorial Guinea
- Latin America
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