Floating liquefied natural gas (FLNG) market expected to grow by an average of 10.8% annually until 2032

WILMINGTON, DELAWARE, UNITED STATES, August 26, 2024 /EINPresswire.com/ —

According to a new report by Allied Market Research, the floating liquefied natural gas (FLNG) market size was valued at $19.2 billion in 2022 and is expected to reach $51.6 billion by 2032, growing at a compound annual growth rate of 10.8% between 2023 and 2032.

The floating LNG process refers to the production, liquefaction, storage and release of natural gas directly from offshore gas fields without the need for onshore infrastructure.

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FLNG vessels offer a versatile and economical approach to gas utilization. They act as floating liquefaction plants positioned over offshore gas wells. FLNG consists of several parts, including storage tanks, offloading facilities, FLNG boats and the liquefaction process.

Asia Pacific dominated the FLNG market share in terms of revenue in 2022. It is expected to grow at the highest compound annual growth rate during the forecast period. Several companies in the region are expanding LNG production at offshore locations.

The market is also heavily influenced by the war between Russia and Ukraine, which has led to countries in the Asia-Pacific region becoming self-sufficient in terms of their energy needs and therefore more investment, expansion and exploration in the FLNG industry.

The major players in Floating Liquefied Natural Gas (FLNG) industry are Eni SpA, Shell plc, Hoegh LNG, Golar LNG Limited., EXMAR, Woodside Energy Group Ltd., Mitsui OSK Lines., Excelerate Energy, Inc., BASF SE, ABB Ltd. and Petroliam Nasional Berhad (PETRONAS).

Large floating structures with storage tanks, liquefaction plants and unloading facilities are called FLNG ships. They are specially designed or converted from existing LNG tankers. On the FLNG ship, natural gas is extracted from offshore wells and processed.

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The gas is cooled to incredibly low temperatures, converting it into LNG, which is easier to transport and store. The LNG produced is kept in storage tanks on FLNG carriers. In these tanks, the LNG is kept in a liquid state by being stored at cryogenic temperatures. To transfer the produced LNG to LNG carriers or other transport vessels for distribution to the markets, unloading systems are installed inside the vessels.

The development of offshore gas fields – especially in remote or difficult locations – is ideal for FLNG. There is no need to build costly infrastructure on land. FLNG vessels offer flexibility in use.

It is expected that operators will be able to benefit from the mobility of multiple gas fields over the course of the vessel’s deployment.

The development times for FLNG plants are often shorter than those for onshore plants. Countries that want to benefit quickly from natural gas reserves benefit from this short time to market. In FLNG projects, modular construction and standardized designs help to reduce costs.

By working with international energy companies and investors, expertise and financial resources will be brought to the development of the floating LNG industry. Joint ventures and partnerships are being explored.

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The successful implementation of FLNG projects requires extensive infrastructure measures, including the construction of FLNG vessels, pipelines and associated facilities.

Building the necessary infrastructure is challenging. Financing large FLNG projects can be challenging. The capital-intensive nature of such projects requires significant investment and economic considerations play a key role in the project’s viability.

By technology, the FSRU segment is expected to grow at a CAGR of 11.0% in terms of revenue during the forecast period for the floating liquefied natural gas (FLNG) market. This is attributed to their ability to deliver regasified liquefied natural gas quickly and conveniently. They play a vital role in the delivery of LNG through ocean canals. They are highly cost-effective and environmentally friendly and hence are gaining importance in recent years.

In terms of capacity, the large-scale floating liquefied natural gas (FLNG) market dominated the revenue contribution in 2022, growing at a high CAGR. Growing demand for LNG has led to increased investments in gas production, processing, transmission and distribution.

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Industrial and commercial customers are receiving large orders, resulting in increased production capacity and several planned expansions. Such factors are leading to the growth of the floating LNG market.

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