Market value of floating liquefied natural gas (FLNG) 51.6 billion USD by 2032

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.

Request PDF Sample: https://www.alliedmarketresearch.com/request-sample/A15554

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.

Click here to make an inquiry before purchasing: https://www.alliedmarketresearch.com/purchase-enquiry/A15554

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.

Get a customized research report: https://www.alliedmarketresearch.com/request-for-customization/A15554

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.

Buy this report (266 pages PDF with insights, charts, tables and figures): https://bit.ly/3UR54IG

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.

Trend reports from the energy and electricity industry:

Crude oil market

https://www.alliedmarketresearch.com/crude-oil-market

Floating Production, Storage and Offloading Systems (FPSO) Market

https://www.alliedmarketresearch.com/floating-produktion-storage-and-offloading-market-A07604

Floating liquefied natural gas (FLNG) market

https://www.prnewswire.com/news-releases/floating-liquefied-natural-gas-market-to-reach-51-6-billion-globally-by-2032-at-10-8-cagr-allied-market-research-302086818.html

Bio-LNG market

https://www.prnewswire.com/news-releases/bio-lng-market-to-reach-3-4-billion-globally-by-2032-at-17-9-cagr-allied-market-research- 301933456.html

LNG bunker market

https://www.globenewswire.com/news-release/2021/04/08/2206893/0/en/LNG-Bunkering-Market-is-Expected-to-Hit-5-14-Billion-by-2027- Says-AMR.html

Bunker fuel market

https://www.prnewswire.com/news-releases/bunker-fuel-market-to-hit-164-9-billion-by-2030-at-4-3-cagr-allied-market-research-301517745. html

Bunker fuel market in Singapore

https://www.alliedmarketresearch.com/singapore-bunker-fuel-market-A14491

About Us

Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality “Market Research Reports” and “Business Intelligence Solutions” to global corporations, medium and small businesses. AMR has a targeted approach to provide its clients with business insights and consulting to help them make strategic business decisions and achieve sustainable growth in their respective market space.

Pawan Kumar, CEO, Allied Market Research, leads the company to provide high-quality data and insights. We have professional business relationships with various companies and this helps us in sourcing market data that helps us in preparing accurate research data tables and confirms the utmost accuracy in our market forecasts. All the data presented in the reports published by us is acquired through primary interviews with top officials of leading companies in the concerned industry. Our methodology for sourcing secondary data includes extensive online and offline research and discussions with knowledgeable professionals and analysts of the industry.

David Correa
Allied Market Research
+1 800-792-5285
Send us an email here
Visit us on social media:
on facebook.
X

Disclaimer:

EIN Presswire provides this news content “as is” without any warranty of any kind. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, please contact the author above.