FLNG Market to Touch $17.5Bln by 2026
The global floating liquefied natural gas (FLNG) market is estimated to grow at CAGR above 5.2% over the forecast time frame 2019 to 2026 and reach the market value around $17.5 billion by 2026.
Increasing demand for clean fuel techniques and increasing concentrate on sustainable energy blend will boost FLNG market growth, said a report by Acumen Research and Consulting.
Rapid depletion of fossil fuel, combined with continuing carbon footprint reductions, will promote favorable company development.
According to the International Energy Agency (IEA), there was a 4.6% increase in worldwide NG supply in 2018 relative to 2017. The U.S. and China are the biggest suppliers to the increase in oil manufacturing, with a share of over 50% of the complete increase.
The ability to boost gas procurement and the increase in the amount of natural gas produced crops will promote the FLNG industry.
Low capital costs, improved flexibility and fast track execution are main variables that stimulate FSRU requirement. Facilities discover broad implementation across multiple nations lacking national energy resources.
A floating storage regasification system is a LNG storage ship consisting of a regasification plant that transforms LNG into gas shape and transports it straight to the gas network.
The LNG industry will see development due to rising demand for natural gas, primarily in high-consumption areas including Asia Pacific and Middle East.
Compared to onshore liquefaction crops, cost efficiency, the capacity to move to several locations and adaptability to work in diverse well depth are few important characteristics that will encourage brand acceptance.
These vessels can use marginal gas areas and related offshore gas assets for shipping, regeneration, storage and multiple end-use purposes. Small / mid-scale capacity ships witness rapid deployment due to low capital costs and short development schedule. The installations are mostly implemented in stranded stocks that are economically unfeasible by other units.
Asia Pacific FLNG is set to expand due to accelerating investment in infrastructure growth along with significant public assistance. India's government seeks to increase NG's share of the main energy mix, said the report.
The vital players in the floating liquefied natural gas (FLNG) market includes Höegh LNG, Woodside Petroleum, Golar LNG, Exmar, Ophir Energy, Excelerate Energy, Mitsui O.S.K. Lines, Eni, Petronas, Royal Dutch Shell and Noble Energy. Also, the industry's main shipbuilders include DSME and Associates, Samsung Heavy Industries, Mitsubishi Heavy Industries, and Hyundai Heavy Industries.