loating Liquefied Natural Gas (FLNG) market is projected to grow at a CAGR of 4.7% by 2034: Visiongain

/EIN News/ -- Visiongain has published a new report entitled Floating Liquefied Natural Gas (FLNG) Market Report 2024-2034: Forecasts by Vessel Type (Converted LNG Carriers, Newbuild (Purpose-built) FLNG Vessels), by Capacity (Small-Scale FLNG (Up to 1 MTPA), Mid-Scale FLNG (1-3 MTPA), Large-Scale FLNG (Above 3 MTPA)), by Storage (Onboard Storage Tanks, Membrane-type Storage Systems, Moss-type Storage Systems, Other), by Technology (Nitrogen-based Liquefaction, Mixed Refrigerant Liquefaction, Shell's Prelude FLNG Technology, Petronas PFLNG Technology, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global floating liquefied natural gas (FLNG) market was valued at US$20.2 billion in 2023 and is projected to grow at a CAGR of 4.7% during the forecast period 2024-2034.

Rapid Deployment and Time-to-Market Advantage

The rapid deployment and shorter time-to-market advantage offered by FLNG projects is a critical factor influencing the global market. Traditional onshore liquefaction facilities often entail lengthy construction periods, regulatory approvals, and associated delays. In contrast, FLNG facilities can be constructed in shipyards, facilitating parallel work streams and reducing construction timelines. The Coral South FLNG project in Mozambique, led by Eni, exemplifies the time efficiency of FLNG. The ability to bring new liquefaction capacity online swiftly enables operators to respond quickly to market dynamics, changing demand patterns, and emerging opportunities.

Flexibility in Project Scale

The flexibility in project scale is a driving factor for the FLNG market, allowing operators to tailor projects to specific gas reserves and market conditions. FLNG vessels come in various sizes, providing scalability and adaptability to different gas fields. This flexibility is particularly advantageous for operators looking to develop smaller or phased gas projects economically. Examples include the Petronas FLNG Satu project offshore Malaysia, demonstrating the adaptability of FLNG to smaller-scale developments. The ability to right-size projects based on resource availability and market demand enhances the overall economic viability of FLNG ventures.

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How has COVID-19 had a significant negative impact on the Floating Liquefied Natural Gas (FLNG) Market?

The COVID-19 pandemic has significantly impacted various industries worldwide, and the floating liquefied natural gas (FLNG) market is no exception. The energy sector, including FLNG projects, has faced a myriad of challenges stemming from disruptions in supply chains, reduced demand for energy, and delays in project timelines. Here is a comprehensive analysis of the COVID-19 impact on the FLNG market:

The global economic downturn resulting from the pandemic led to a decline in energy demand, affecting the overall liquefied natural gas (LNG) market. As countries implemented lockdowns and travel restrictions, industrial activities slowed down, leading to a decrease in the consumption of natural gas. This reduced demand had a cascading effect on FLNG projects, delaying investment decisions and hindering the progress of ongoing developments.

Supply chain disruptions emerged as a critical factor affecting the FLNG market. The lockdowns and restrictions on international trade impeded the timely delivery of critical components and equipment required for the construction and operation of FLNG facilities. Delays in the transportation of materials, engineering challenges, and labour shortages further contributed to project setbacks, impacting the overall timeline and increasing costs.

How will this Report Benefit you?

Visiongain’s 374-page report provides 120 tables and 181 charts. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global floating liquefied natural gas (FLNG) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Floating Liquefied Natural Gas (FLNG). Get financial analysis of the overall market and different segments including vessel type, capacity, storage, and technology and capture higher market share. We believe that there are strong opportunities in this fast-growing floating liquefied natural gas (FLNG) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Reduced Land-Based Infrastructure Requirements

The reduced land-based infrastructure requirements of FLNG projects contribute to their attractiveness and market growth. Traditional onshore liquefaction plants necessitate extensive infrastructure, including pipelines, storage tanks, and processing facilities. FLNG eliminates the need for such land-based infrastructure, streamlining project development. The Coral South FLNG project, located offshore Mozambique, showcases how FLNG minimizes the environmental footprint and land disturbance associated with onshore developments. The streamlined infrastructure requirements enhance the overall sustainability and social acceptance of FLNG initiatives.

Global LNG Trade Expansion

The expansion of global liquefied natural gas (LNG) trade acts as a driving force for the FLNG market. As LNG becomes an increasingly traded commodity on the global market, the ability to liquefy natural gas offshore facilitates access to new markets and trading routes. FLNG projects, such as the Prelude FLNG in Australia, are strategically positioned to support LNG exports to diverse regions. The global reach of FLNG vessels aligns with the growing demand for LNG and enhances the resilience of supply chains, contributing to the market's sustained growth.

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Where are the Market Opportunities?

Technological Advancements and Innovation

Technological advancements and ongoing innovation play a crucial role in driving the global FLNG market. Continuous improvements in liquefaction technologies, materials, and processing efficiency contribute to the overall competitiveness of FLNG projects. Innovations such as modular design concepts, floating storage regasification units (FSRUs), and advancements in cryogenic technologies enhance the performance and cost-effectiveness of FLNG ventures. The pursuit of technological excellence positions FLNG as a forefront solution in the evolving landscape of natural gas production and liquefaction.

Government Support and Regulatory Frameworks

Government support and favorable regulatory frameworks significantly influence the growth of the FLNG market. Many governments recognize the economic and strategic benefits of FLNG projects and actively support their development through regulatory incentives, permitting processes, and financial assistance. For example, the Prelude FLNG project received support from the Australian government, emphasizing the role of regulatory backing in advancing such ventures. Clear and supportive regulatory environments reduce project uncertainties, attract investments, and foster the overall development of FLNG initiatives on a global scale.

Competitive Landscape

The major players operating in the floating liquefied natural gas (FLNG) market are ABB Limited, Baker Hughes Company, BASF SE, Black & Veatch, BP Plc, Chiyoda Corporation, Excelerate Energy, Golar LNG Limited, Hoegh LNG Holding, JGC Holdings Corporation, Linde Plc, Petroliam Nasional Berhad, Shell plc, Technip Energies N.V., TotalEnergies SE, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

• 24 Nov 2023, BASF SE signs a contract with Woodside Energy to supply FLNG technology for the Scarborough project.
• 04 Nov 2023, Shell signs long-term FLNG contract with Petrobras for the supply of LNG from its Prelude FLNG facility in Australia.
• 12 Sept 2023, ABB and Shell signed a Memorandum of Understanding (MoU) to collaborate on the development and implementation of standardized solutions for floating liquefied natural gas (FLNG) facilities worldwide.
  
  

To access the data contained in this document please email contactus@visiongain.com. Avoid missing out by staying informed – order our report now.

To find more Visiongain research reports on the oil & gas sector, click on the following links:

• Liquified Natural Gas (LNG) Market Report 2023-2033
• Liquefied Natural Gas (LNG) Storage Tank Market Report 2021-2031
• Liquefied Natural Gas (LNG) Bunkering Market Report 2021-2031
• Floating LNG Power Vessel Market Report 2021-2031
• Small Scale Liquefied Natural Gas (LNG) Market Report 2021-2031
  
  

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: contactus@visiongain.com

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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

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