Floating Liquefied Natural Gas (FLNG) Market is set to exceed 300 MTPA by 2024 led by rising adoption of natural gas-fired power plants.
Sellbyville, DE -- (SBWIRE) -- 02/26/2019 -- Significant developments of integrated LNG-to-power projects predominantly across the power deficit countries will stimulate the FSRU market. Growing demand for gas fueled power plants will reinforce the commercialization of LNG regasification which will positively impact the industry growth. Mobility, short construction periods, cost efficiency and lower environmental impact are some of the key factors which will positively drive the FLNG market. In 2015, South Africa Department of Energy (DOE) introduced its LNG to Power IPP Procurement Programme to produce upto 3000 MW of capacity from gas fired power plants.
Favorable government initiatives including fiscal incentives to improve energy supply security will drive the FLNG market. In 2017, the European Union enacted a proposal to invest USD 500 million in priority energy infrastructure including the implementation of FSRU vessels in the Member States. In 2016, the EU Connecting Europe Facility (CEF) funded the construction of Croatia floating LNG import facility with an objective of diversifying the country's energy supply.
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Rising adoption of natural gas-fired power plants will embellish the FLNG market share. In 2017, Wison Offshore & Marine developed an integrated floating LNG power plant capable of regasification, LNG storage & loading facilities, and power generation in a single unit. In 2017, the government of Indonesia introduced a program to build gas-fired power plants and LNG import infrastructure to meet their electrification targets. The country aims to increase the total capacity to 35,000MW by 2019, primarily from natural gas fueled power stations.
Growing demand for natural gas, primarily across Asia pacific will stimulate the LNG FPSO market share. In 2016, the Asia Pacific natural gas consumption increased by over 4.9% from 2010.Vessel ability to relocate from one place to another, cost efficiency relative to onshore liquefaction plants and adaptability to operate in any well depth are some of the features which may propel the business growth. These vessels can be employed for exploitation, storage, recovery, transportation and end-use applications of offshore associated-gas resources and marginal gas fields.
Small/Mid-Scale FLNG market is predicted to expand over 30% by 2024. Short development schedule and low capital cost makes its adoption preferable over other alternates. It finds wide applications in stranded gas reserves which are economically unviable to produce through other means. Increasing government focus towards development of floating import units and infrastructure to build reliable energy sector will propel industry landscape. Growing demand for cost efficient and flexible LNG distribution solutions will further complement the business growth.
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Geographically, the United States is projected to witness significant gains in the global FLNG market. Favorable U.S. government initiatives to minimalize environmental damage from marine operations is one of the factors upscaling the regional FLNG market demand. Recently, the U.S. MARAD (Maritime Administration) has approved a deep-water floating LNG export facility situated in the gulf Of Mexico. As claimed by the company spokesperson, this facility would include four floating liquification vessels, having an individual volume capacity of 210,000 cubic meters. It is reported to be the first of its kind to receive a government approval. With such exemplary initiations by the regional government, U.S. FLNG market is forecast to witness a CAGR of 38% over 2017-2024.
Some of the prominent players operating in FLNG market include
- Woodside Energy
- Golar LNG
- Höegh LNG
- Excelerate Energy
- Black & Veatch