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U.S. Floating Liquefied Natural Gas (FLNG) Market Astonishing Gains over 2017-2024 | Technip, Saipem, PETRONAS, KBR, Inc., Ltd, Black & Veatch, Höegh LNG

03-01-2019 07:36 PM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Floating Liquefied Natural Gas (FLNG) Market

Floating Liquefied Natural Gas (FLNG) Market

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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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 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 size. 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.

Competitive pricing, existing production assets and flexible volume contracts will embellish the small scale FLNG market growth. These developments can unlock marginal fields by eliminating the use of high pipeline infrastructure costs and highly capital intensive remote onshore LNG plant installation. Africa aims to commission its first floating LNG vessel offshore Cameroon to commence small scale LNG export operations by 2018.

Rising demand for cleaner fuel coupled with stringent government regulations across the maritime industry will stimulate the FLNG market. The International Maritime Organization Tier III establishes limits on NOx emissions and requires the use of lower sulfur content fuel. The requirements apply to vessels operating in the U.S. waters and North American Emission Control Area (ECA).

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Colombia floating liquefied natural gas market is set to exceed 8 MTPA by 2024. High natural gas reserve potential along with flexible fiscal policies will fuel the industry growth. Robust growth in natural gas discoveries subject to the country’s regulatory reforms favorable to foreign investments will further complement the business outlook. Privatization of Colombian energy resources enabled many foreign players to foray into its exploration and production sector.

Technological innovation to design reliable and high-performance floating infrastructure will stimulate the Australia FLNG market size. In July 2017, Shell introduced Prelude which can withstand the severest cyclones including those of Category 5. It will enable the development 3 Tcf of gas fields which are uneconomic to produce through other means.

Notable players in the FLNG market include Shell, Technip, Saipem, PETRONAS, KBR, Inc., Hyundai Heavy Industries Co., Ltd, Black & Veatch, Samsung Heavy Industries, Höegh LNG and others.

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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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
Blog: http://global4energy.com/

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