SELBYVILLE, Delaware, Aug. 23, 2019 /PRNewswire/ -- Global FLNG market production's growth driven by rising need for environmentally sustainable fuel and growing demand for liquified natural gas (LNG). Though at present FLNG occupies a relatively small share in the LNG market, estimates show that FLNG industry will witness exponential growth over the coming years, as FLNG offers manageable costs and lower capital investment.
FLNG systems are recording increased investment and demand as they are facilities that use the same systems as land-based LNG plants but without the need for miles of pipelines to get the gas to the nearest coastal facility as they deal with offshore storage, processing and transport of LNG. This leads to reduced costs as it opens scope for sources that are miles offshore and were previously costly to take advantage of.
Global FLNG Market will achieve 25%+ CAGR to cross the USD 78 billion by 2024, supported by rapid surge in global energy demand along with rising infrastructure investments, as reported in the latest study by Global Market Insights, Inc.
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Natural gas is hailed as one of the cleanest and safe energy sources in the world. On burning natural gas only half the amount of CO2 as coal and less than 10% of air pollutants is produced. Among renewable energy sources gas is the cleanest and most economically viable method of producing power. FLNG facilities come with their own environmental benefits when compared to land-based plants.
Gas store on a facility near the field leads to reduced need for construction of long pipelines. With a lifespan of nearly 20 years, FLNGs can be moved to be redeployed at other fields once their current gas source is depleted which make further construction needless.
Over the last few years, demand for natural gas has risen dramatically. In 2000, less than 100 million tons of LNG per year was being produced which rose to 284 million tons in 2017. Growing reliance on LNG in countries in Asia and Africa has been registered, following a surge in production in the U.S., indicating that usage of LNG is expected to continue rising over the forecast period.
As LNG is essential to develop new technologies to reach greater gas fields out to sea, FLNG market has witnessed increased interest and capital expenditure from LNG demand.
The International Energy Agency (IEA) also underlined the increasing demand of natural gas in its Gas 2019 report and attributed the demand to strong consumption in fast-growing Asian economies. The IEA said in its Gas 2019 annual market report that natural gas demand grew 4.6 percent in 2018, fastest rise since 2010.
The rising demand for natural gas and the enforcement of flexible fiscal policies will augment Colombia floating liquefied natural gas market outlook over the forecast period. The country's regulatory reforms that encourage increasing FDIs and the nation's extensive natural gas potential will drive Colombia FLNG industry size, slated to cross 8 MTPA by 2024.
Browse key industry insights spread across 200 pages with 324 market data tables & 9 figures & charts from the report, "FLNG Market" in detail along with the table of contents:
Nearly half the increase in energy consumption across the globe can be attributed to the increase in consumption of gas. Demand for gas is anticipated to rise by more than 10% over the next 5 years and reach nearly 4.3 tcm in 2024. The IEA report estimates China to account for more than 40% of global gas demand escalation driven by the government's goal to improve air quality by decreasing coal consumption.
China's natural gas consumption grew 18 percent in 2018. Slower economic growth can somewhat slow down the average annual rate of natural gas consumption but this slowdown in China is expected to be abundantly compensated by strong growth in gas consumption in other Asian countries like Bangladesh, India, and Pakistan where the industrial sector is the main contributor to growth.
The industrialization trend is also expected to impact Turkey FLNG market share over the forecast period. Escalating need for energy security will augment Turkey market size, slated to depict a CAGR of 18% over 2017-2024.
The massive demand for LNG over the past few years has made way for more FLNG projects to be started. Reportedly, 22 FLNG vessels are expected to be active by 2022, with plans to deploy more in the future. Notable among the present projects is Petronas' FLNG Satu, currently stationed in the Riau Archipelago between Malaysia and Indonesia. PFLNG Satu became the first completed FLNG vessel in April 2017 that produced LNG from the Kanowit gas field offshore Malaysia.
PFLNG Satu is estimated to cost approximately $10 billion and can produce up to 1.2mtpa of LNG. The vessel has approximately storage capacity of 354,000m3. It is designed to have a life span of 20 years without dry-docking requirement and can be redeployed in various locations. In May 2019, PFLNG shipped its first LNG cargo. In July 2019 Australia's Prelude FLNG shipped its first cargo of LNG. Other such instances are being reported from FLNG facilities around the world which foreshow positive growth prospects for FLNG market outlook.
The marine industry is also playing a considerable role in propelling LNG demand and thus fueling FLNG market trends. Apparently, a sulphur cap on marine fuel emission is about to be levied in 2020 and marine industry players are weighing the merits of different options through which the stringent new rule can be adhered to.
Since burning LNG for ships is emerging as not only an ethical but a commercially viable option, LNG is witnessing increased demand from maritime industry players. An instance of the interested can be cited through the recent signing of a letter of intent between Forward Maritime Group, and Jiangsu Yangzijiang, the Chinese shipyard, to build twenty LNG powered Ultramax vessels between 2020 and 2023. Increased LNG demand will consequently increase growth scope for FLNG market adding to revenue share of the latter as well.
What does this report offer?
This FLNG market report covers a detailed analysis of every segment of the market including different technologies, varied capacity, regional share and company profiles. The report provides insights on FLNG industry in terms of parameters which include market segmentation, industry landscape, growth drivers, competitive landscape and global trends that will shape the industry outlook.
The document comprises an executive summary, summary of industry insights, industry ecosystem analysis, technology landscape, current and upcoming projects etc. Regulations imposed by governments and competitive landscape of the industry are also elaborated on along with various business tactics adopted by the industry players to increase revenue share.
The technology segment of FLNG market is subdivided into Floating Storage Regasification Unit and LNG Floating Production Storage and Offloading. Important indicators included in the technology segment encompass market share anticipated to be registered by each subsegment during the forecast duration.
A detailed analysis of the companies operating in the global market is included in the research report. Regionally, FLNG market report is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each region is further elaborated on including consumer base, market distribution, presence of industry players and other aspects.
In terms of the capacity segment, global market is divided into small/midsized facilities and large facilities. The capacity segmentation elaborates on a collection of industry scope and leading driving factors.
The FLNG industry report also discusses current and anticipated market share to be held by each subsegment during forecast timeframe. Various trends characterizing the performance of the application landscape have also been discussed in detail.
The FLNG market report consists of an assortment of significant parameters that can facilitate the process of decision-making for stakeholders. The report also consists of information such as industry drivers and SWOT analysis.
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