FLNG Market Size, Share, Growth, And Industry Analysis, By Type (LNG FPSO and FSRU), By Application (Produce, Liquefaction, Store and Delivery), Regional Forecast To 2031

Updated On: 08 April 2024

FLNG Market Report Overview

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The global FLNG market global size was USD 14.67 billion in 2021. As per our research, the market is expected to reach USD 138.95 billion in 2031, exhibiting a CAGR of 24.91% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with FLNG experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

In order to process, store, and liquefy gas before loading it onto tankers for export, FLNG terminals offer a solution. The transfer of offshore-based natural gas reserves is accomplished through the use of FLNG systems operations and procedures. The production, storage, liquefaction, and transfer of liquefied natural gas from offshore gas deposits to onshore ones are the main uses for floating terminal activities and processes. FLNG terminals provide an affordable option for the creation of standard fields. Due to the depletion of resources, oil and gas firms can move their vessel to other fields.

Since natural gas is a preferred fuel for power generation in many industries, there has been an increase in demand for it on a global scale. Over other fuels, natural gas is cheaper, safer, and cleaner. It might drastically lower greenhouse gas (GHG) emissions. In the electricity and industrial sectors of many nations, natural gas frequently replaces high-polluting fuels like coal and fuel oil. A versatile fuel, natural gas has many uses. Its rise is partly attributed to the environmental advantages it has over other fossil fuels.

COVID-19 Impact: Easy Exportation Due to Lockdowns to Fuel Market Growth

Floating Liquefied Natural Gas is referred to as FLNG. Because the vessel makes it possible to export gas from offshore regions where it would not otherwise be viable, it is crucial. This is accomplished by turning the gas into a liquid so that it may be shipped in tankers. The activities of numerous industries have either been temporarily discontinued or are being conducted with less staff due to the mandatory lockdowns and other restrictions imposed by the relevant regulatory organisations in the wake of the recent COVID-19 outbreak.

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Latest Trends

"Advanced Technology of the Terminal to Propel Market Growth"

The efficiency and advancement in technology make it a more attractive option for commercial development. Cleaner energy sources are needed more than ever, and the vessel excellently fills that need since it emits zero emissions. Governments are starting to see the advantages of employing the vessel as a means of lowering their carbon footprints, which may encourage future investment in this technology.

FLNG Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into LNG, FPSO and FSRU.

In terms of product, LNG is the largest segment.

• By Application Analysis

Based on application, the market can be divided into produce, liquefaction, store and delivery.

In terms of application, liquefaction is the largest segment.

Driving Factors

"Numerous Offshore Projects to Uplift Market Profile "

The market for FLNG terminals is anticipated to grow as a result of an increase in new offshore floating projects brought on by the rise in gas consumption. The terminals provide the opportunity to increase production while decreasing production costs, boosting project economics. Smaller independent energy businesses with minimal capital would be able to enter the market and supply the world's demand for gas through the use of lease options. It is projected that factors such a lack of infrastructure and the slow expansion of developing nations will have a detrimental effect on the market for terminals. Additionally, it is predicted that FLNG terminal facility design and construction issues may restrain the market throughout the projection period.

"Money Efficient Feature of Terminals to Promote Market Growth"

Liquefied natural gas is produced by the terminals on offshore floating platforms. This reduces the amount of money needed to establish an onshore LNG system. The terminals take up less area, which lowers the cost of construction and lessens the disruption caused by space needs. Smaller independent energy companies can lease vessels through the Floating Storage Regasification Unit (FSRU) and Floating Production Storage and Offloading (FPSO) contractors, which also saves money by preventing the need to order and purchase expensive liquefaction equipment and facility requirements. This is anticipated to boost FLNG market growth.

Restraining Factors

"Less Manufacturers in the Industry to Impede Market Expansion"

Only a few shipyards are equipped to construct vessels, which could pose a problem, though so far there haven't been any issues. The typical offshore and marine industry practice of building a vessel's topsides equipment in modules that are produced separately and then fitted onto the ship may help to mitigate this. This procedure is still drawn out.

FLNG Market Regional Insights

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"North America to Dominate the Market Due to Increased Demand for Natural Gas"

Over the course of the projection period, North America is anticipated to maintain its leadership in the global industry and own largest portion of FLNG market share. Particularly in the U.S., the demand for natural gas has been rising from a variety of end-use industries like electricity generation and chemicals. Over the following eight years, it is expected that this tendency would persist, spurring regional growth.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Royal Dutch Shell plc (U.S.)
• Hoegh LNG (Bermuda)
• Golar LNG (Bermuda)
• Samsung Heavy Industries Co., Ltd. (South Korea)
• Noble Energy Inc. (U.S.)
• Excelerate Energy L.P. (U.S.)
• Hyundai Heavy Industries Co., Ltd (South Korea)
• Woodside Petroleum Limited (Australia)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.