The new report titled ‘Global Floating Liquefied Natural Gas Market’, published by Emergen Research, is methodically curated by our team of analysts, keeping readers’ understanding in mind, and includes a wide-ranging database of industry distribution. Researchers have taken a holistic approach towards the global market analysis and highlighted the factors that influence the overall growth of the market. The study involves the use of efficient analytical tools like SWOT analysis and Porter’s Five Forces to inspect the strengths, weaknesses, opportunities, and threats associated with the growth of the various market segments.
The global Floating Liquefied Natural Gas (FLNG) market size reached USD 19.21 Billion in 2022 and is expected to register a revenue CAGR of 4.7 % during the forecast period, according to latest analysis by Emergen Research. Rapid demand for floating liquefied natural gas (FLNG) for power generation is driving revenue growth of the market. Several leading offshore drilling companies are acquiring onshore floating liquefied natural gas technology to fuel production of Liquefied Natural Gas (LNG) in order to meet rising demand for industrial gas globally. According to the International Energy Agency (IEA), global gas production is expected to growth 30% by 2040. Additionally, technological advancements in offshore drilling technology is accelerating market revenue growth. FLNG technology helps to extract gas from underwater fields that were previously difficult to access due to economic or environmental reasons. Many industries are sourcing significant volumes of LNG to ease supply chain processes. Companies are investing in latest floating drilling technology to reduce costs and additional investments in compression units, dredging, pipelines, and others. However, rising concerns regarding regulatory, pollution, and climate change are restraining growth of the market. According to World Economic Forum (WEF), global emissions of carbon dioxide from fossil fuels and cement production rose by 1.0% in 2022, reaching a record high of 36.6 billion tons of CO2 (GtCO2). In January 2023, a German environmental organization filed a complaint against permission for a newly built floating liquefied natural gas terminal in Wilhelmshaven, claiming release of chlorine is harmful and German climate targets could be put at risk.
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Key Points of Floating Liquefied Natural Gas Market:
- Extensive coverage of the analysis of the Floating Liquefied Natural Gas market
- Key insights into the regional spread of the industry in key geographies
- Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
- Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the Floating Liquefied Natural Gas market
- Complete data about the key manufacturers and vendors in the Floating Liquefied Natural Gas market
Market Drivers:
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in RD activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
The report also talks about the shift in demands and emerging trends that are expected to drive the growth of the market. The rising demand for the Floating Liquefied Natural Gas products is expected to drive the demand for Floating Liquefied Natural Gas, thereby bolstering the growth of the industry. Moreover, the report also studies the impact of the COVID-19 pandemic on the market.
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Regional Analysis:
The report sheds light on the region expected to dominate the Floating Liquefied Natural Gas market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the Floating Liquefied Natural Gas market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
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Leading Companies of the Floating Liquefied Natural Gas Industry and Profiled in the Report are:
Shell Plc, BASF SE, ABB Limited, Chiyoda Corporation, Samsung Heavy Industries Co., Ltd., Linde plc, JGC Holdings Corporation., Excelerate Energy, Inc., BP Plc, TotalEnergies Trading SA, Petronas LNG Ltd. , Baker Hughes Company, Technip Energies N.V., Höegh LNG AS, Golar LNG Limited, Black Veatch Holding Company
Based on Type, the Floating Liquefied Natural Gas Market is segmented into:
Technology Outlook (Revenue, USD Billion; 2019-2032)
- Floating Storage Regasification Unit (FSRU)
- Floating Production Storage and Offloading (FPSO)
Capacity Outlook (Revenue, USD Billion; 2019-2032)
- Large-scale FLNG
- Mid-scale FLNG
- Small-scale FLNG
End-use Outlook (Revenue, USD Billion; 2019-2032)
- Power Generation
- Industrial
- Others
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