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FLNG Market – Growth Projections to 2025

Author : Rahul Sankrityayan | Published Date : 2019-09-19 

U.S. FLNG market is predicted to expand over 38 % owing to introduction of several government measures to reduce environmental impact from marine operation. Ongoing investment in onshore liquification project will further complement the business growth. In 2017, Golar LNG and Delfin midstream signed joint development agreement to develop Delfin LNG project in the off coast of Cameron Parish.

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Global FLNG Market size is expected to reach over USD 78 billion by 2024. Growing concern to maintain fossil fuel sustainability along with rapid fossil fuel depletion will stimulate the industry growth. Increasing demand for clean fuel along with stringent government regulations to reduce greenhouse gas emissions. In 2008, government of UK introduced Climate Change act with aims to reduce GHG emissions to 80% by 2050 from 1990 baseline. Introduction of several initiatives including fiscal incentives to improve energy supply security will further complement the industry landscape.

Increasing implementation of natural gas fired power plant to suffice clean electricity demand will propel the FLNG market size. In 2016, Ohio power sitting board approved the construction of 1,105 MW natural gas fired electric generation facility in the Columbiana county. Ability to offer short development schedule, lower environmental impact, cost efficiency and mobility are some of the features which makes adoption of product preferable over other alternates.

FSRU market is predicted to witness growth owing to its wide application across various countries lacking domestic energy reserves. Enhanced flexibility, fast track implementation, competitive pricing are some of the factors influencing the product penetration. In 2016, Ghana and Columbia added floating storage regasification units, to be followed by Puerto Rico, Bangladesh and Uruguay in 2017.

Abundant availability of natural gas reserves along with introduction of several fiscal policies will embellish the Colombia FLNG market. Ongoing investment towards discovery of natural gas reserves will further augment the industry. Privatization of energy sector allowed foreign players to enter into E&P sector.

Advancement in technology to design efficient and reliable floating infrastructure to unlock and develop difficult offshore gas reserves will drive Australia FLNG market share. In 2017, Shell launched preclude which enables the development of 3 tcf of gas fields which are unviable to produce through other alternates.

Ability to offer Low capital cost and short construction period will stimulate the Small/Mid-Scale FLNG market size. The product is suitable for development of stranded gas reserves which are uneconomical to produce through other technology. Increasing demand for reliable, efficient and flexible LNG distribution solution along with growing focus towards development of floating infrastructure and imports unit to develop reliable energy sector will fuel the business growth.

UAE FLNG market share is set to gain over 10% on account of increasing demand for natural gas from power plant to suffice electricity demand. Economic growth along with rapid demographic are some of factors responsible to positively impact electricity demand. In 2017, Abu Dhabi NOC announced to implement new FSRU import terminal to meet growing gas demand.

Major participants catering the FLNG market are Eni, Excelerate Energy, Mitsui O.S.K. Lines, Noble Energy, DSME and Associates, Mitsubishi Heavy Industries, Hoegh LNG, Ophir Energy, Woodside Petroleum, Golar LNG, Exmar, Royal Dutch Shell, Samsung Heavy Industries, Hyundai Heavy Industries and Petronas.

Related Report:

https://www.marketwatch.com//press-release/2019-2025-solar-water-heater-market-by-collector-system-application-340-pages-2019-09-18

https://www.marketwatch.com//press-release/pv-inverter-market-2019-2024-industry-growth-and-analysis-480-pages-2019-09-18

 

 

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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