Floating Liquefied Natural Gas Market Comprehensive Study 2024 By Petronas, DSME, Exmar, Golar LNG, Höegh LNG, Excelerate Energy, KBR, Inc., Woodside Energy

Floating Liquefied Natural Gas Market is set to exceed USD 78 billion by 2024, according to a new research report by Global Market Insights, Inc. Favorable government initiatives including fiscal incentives to improve energy supply security will drive the FLNG market. In 2017, the European Union enacted a proposal to invest USD 500 million in priority energy infrastructure including the implementation of FSRU vessels in the Member States. In 2016, the EU Connecting Europe Facility (CEF) funded the construction of Croatia floating LNG import facility with an objective of diversifying the country’s energy supply.

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U.S. FLNG market is set to witness gain over 38 % by 2024. Favorable government measures to minimize ecological damage from marine operations will stimulate the product demand. In 2017, the U.S. Maritime Administration (MARAD) approved the country’s first deep-water floating LNG export facility in the Gulf of Mexico. The facility will include four floating liquefaction vessels, each having a capacity of 210,000 cubic meters of natural gas to reduce number of coastal shipments.

Significant developments of integrated LNG-to-power projects predominantly across the power deficit countries will stimulate the FSRU market. Growing demand for gas fueled power plants will reinforce the commercialization of LNG regasification which will positively impact the industry growth. Mobility, short construction periods, cost efficiency and lower environmental impact are some of the key factors which will positively drive the FLNG market. In 2015, South Africa Department of Energy (DOE) introduced its LNG to Power IPP Procurement Programme to produce upto 3000 MW of capacity from gas fired power plants.

Floating Liquefied Natural Gas Market Competitive Market Share & Forecast, 2017-2024 in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/floating-liquefied-natural-gas-flng-market

The significant plunge in oil price trends that has created a challenging environment for the LNG sector, can be primarily credited for FLNG market growth. Against this backdrop, conventional LNG players are embarking on experiments based on FLNG technology. Though still a niche segment, FLNG market has of late gained a global attention, given the enough substantiations backing its competitive viability over traditional onshore liquification plants. Beneficial fiscal initiatives undertaken by the government with regards to energy supply security is promoting the industry expansion.

Significant deployments of integrated LNG- FLNG projects especially across power deficit countries have incredibly upscaled FSRU vessel implementation, subsequently driving overall FLNG industry commercialization. In fact, market experts assert that FLNG technology has the potential to be a game-changer in the liquefaction industry both from commercial and technical standpoints. Increasing demand for gas fueled power plants have reinforced the commercialization of LNG regasification, a factor which is positively impacting FLNG market growth.

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.

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Eminent players in the FLNG market:
• Petronas
• Samsung Heavy Industries
• DSME
• Exmar
• Golar LNG
• Höegh LNG
• Excelerate Energy
• KBR, Inc.
• Woodside Energy
• Noble Energy

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.