Global Market Insights provides a detailed overview of FLNG Market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of FLNG Market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
The size of FLNG Market was registered at USD 10 billion in the year 2016 and is anticipated to cross USD 78 billion by 2024. Between the period 2017 – 2024, the FLNG market is expected to register a CAGR of 25%.Wison Offshore & Marine, in June this year, has announced that it intends to develop a range of floating solutions equipped with regasification, integrated LNG loading and storage facilities, & power generation in a single unit. If reports are to be believed, the production capacity will fall in the range of 10 MW to 800 MW. The company believes that floating LNG power generation solutions have been deployed across major regions, primarily subject to the environmental policies enforced lately across the globe. In this regard, Wison’s aforementioned project is an evidence of the major developments underlining FLNG market.
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Some of the prominent players operating in FLNG market include Höegh LNG, Woodside Petroleum, Exmar, Golar LNG, Mitsui O.S.K. Lines, Petronas, Ophir Energy, Noble Energy, Eni, Royal Dutch Shell, Excelerate Energy, Hyundai Heavy Industries, Samsung Heavy Industries, and Mitsubishi Heavy Industries, Ltd.
The Indonesian Government has recently come up with their plan of increasing its total LNG import capacity to 35 GW by 2019. The regional government has also introduced a program for development of gas fired plants to upgrade the LNG import infrastructure for addressing new electrification targets.
FLNG Market Growth Drivers:
- Monetization of stranded gas reserves
- High onshore terminal costs
- Environmental solution
- Rising natural gas demand
- Short development schedules
- Advancement in subsea technologies
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Geographically, the United States is projected to witness significant gains in the global FLNG market. Favorable U.S. government initiatives to minimalize environmental damage from marine operations is one of the factors upscaling the regional FLNG market demand. Recently, the U.S. MARAD (Maritime Administration) has approved a deep water floating LNG export facility situated in the gulf Of Mexico. As claimed by the company spokesperson, this facility would include four floating liquification vessels, having an individual volume capacity of 210,000 cubic meters. It is reported to be the first of its kind to receive a government approval. With such exemplary initiations by the regional government, U.S. FLNG market is forecast to witness a CAGR of 38% over 2017-2024.
Partial Table of Contents (ToC) of the report:
Chapter 4. FLNG Market, By Technology
4.1. Global market share by technology, 2016 & 2024
4.2. Floating Storage Regasification Unit (FSRU)
4.2.1. Small/Mid (0-2.9 MTPA)
22.214.171.124. Market estimates and forecast, 2014 – 2024
4.2.2. Large (3 MTPA and above)
126.96.36.199. Market estimates and forecast, 2014 – 2024
4.3. LNG Floating Production Storage and Offloading (LNG FPSO)
4.3.1. Small/Mid (0-2.9 MTPA)
188.8.131.52. Market estimates and forecast, 2014 – 2024
4.3.2. Large (3 MTPA and above)
184.108.40.206. Market estimates and forecast, 2014 – 2024
Chapter 5. FLNG Market, By Capacity
5.1. FLNG market share by capacity, 2016 & 2024
5.2. Small/Mid (0-2.9 MTPA)
5.2.1. Market estimates and forecast, 2014 – 2024
5.3. Large (3 MTPA and above)
5.3.1. Market estimates and forecast, 2014 – 2024
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Flexible volume contracts, competitive pricing, and existing production assets are some of the factors that will enhance FLNG market growth in the coming years. Many regions are looking forward for FLNG based plants installation, considering the high infrastructural cost of the onshore LNG plant installation.
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