Floating Liquefied Natural Gas (FLNG) Market Share, Competitive Industry Share & Forecast, 2017 – 2024

Global floating liquefied natural gas market size is anticipated to witness significant growth on account of rapid fossil fuel depletion and increasing concern to maintain the availability of nonrenewable resource.

Stringent government regulation to reduce environment pollution will propel the floating liquefied natural gas market share during the forecast period. The International Maritime Organization (IMO) has established SOx emission limit to reduce pollution. As per this limit, sulphur content of fuel oil used in ships shall not be exceed 0.50% m/m from January 2020. The U.S. Environmental Protection Agency (EPA) has also implemented national legislation including MARPOL Annex VI for sulphur and NOx emission control areas. The emission control areas guided under MARPOL Annex VI are the North Sea, the Baltic Sea, the North American and the U.S. Caribbean Sea.

Monetization of stranded gas reserves, technological advancement, increasing costs for onshore units development, relocation flexibility, shorter lead times, and less space requirements will propel the floating liquefied natural gas market size. In Australia, building costs are around 30 % more expensive than offshore due to lack of collaboration between stakeholders and high labor costs which will propel the regional industry growth. Increasing demand to unlock the substantial stranded natural gas reserves is also a factor responsible to stimulate the industry growth.

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Based on technology, floating liquefied natural gas market can be segmented into Floating Storage Regasification Unit (FSRU) and Floating Production, Storage & Offloading (FPSO). Floating liquefied natural gas market share from FSRU is anticipated to witness growth owing to its high capacity, efficiency, and flexibility features. FPSO is expected to witness substantiate growth on account of increasing investment towards ultra-deep-water offshore E&P. Its ability to curb amortization costs is also a factor responsible to encourage the industry growth. FPSO can be further segmented into converted, new-build, and redeployed.

On the basis of depth it can be segmented into shallow water, deep-water, and ultra-deep-water. Ultra-deep water FLNG market size is expected to witness highest growth owing to increasing demand for ultra-deep water rigs. Increasing investment towards deep and ultra-deep water may also positively influence the business growth.

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Increasing investment in floating LNG project will propel floating liquefied natural gas market share during the forecast period. Shell is investing $12 billion in a FLNG project that has the potential to unlock vital natural gas resources offshore. Countries including India, Bangladesh, Benin, Bahrain, Colombia, Egypt, Dominican Republic, Ghana, Indonesia, Italy, Jamaica, Malaysia, Lebanon, Lithuania, Malta, Philippines, South Africa, Puerto Rico, Uruguay, Sri Lanka, and Vietnam are also planning to install FLNG plant in future.

Africa floating liquefied natural gas market size will witness significant growth with high capex owing to the increasing number of floating LNG projects on Africa’s east coast and west coast. Italy based Eni is exploring the construction of three floating LNG vessels in the Rovuma basin, offshore Mozambique. Increasing gas demand owing to rapid industrialization will also complement the regional industry growth from 2016 to 2024.

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Latin America floating liquefied natural gas market will witness growth owing to deployments of floating regas units in Chile and Puerto Rico. Australia is expected to witness substantial growth owing to the Shell prelude project.
Major participants in floating liquefied natural gas market are Excelerate Energy, Höegh LNG, Golar LNG, Shell and Associates, Petronas, Exmar, Noble Energy, Woodside Petroleum, DSME and Associates, Samsung Heavy Industries, Hyundai Heavy Industries, Black & Veatch, JGC Corporation, KBR, Saipem, Technip, and Wison Offshore & Marine.

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