Floating Liquefied Natural Gas Market to Reach $51.6 billion, globally, by 2032 at 10.8% CAGR: Allied Market Research

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Mar 12, 2024, 10:15 ET

Monetization of offshore gas and increase in flexibility & mobility are the recent trends to drive the growth of the global floating liquefied natural gas market.

PORTLAND, Ore., March 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Floating Liquefied Natural Gas Market by Technology (LNG FPSO, FSRU, and Others) and Capacity (Small/Mid-Scale, Large Scale, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global floating liquefied natural gas industry generated $19.2 billion in 2022 and is estimated to reach $51.6 billion by 2032, exhibiting a CAGR of 10.8% from 2023 to 2032.

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Prime determinants of growth

FLNG technology allows the economic development of offshore gas fields by eliminating the need for extensive onshore infrastructure. This is particularly significant in remote or challenging offshore environments where traditional onshore facilities are impractical. FLNG projects open opportunities for the exploration and exploitation of offshore gas reserves that would have been considered economically unfeasible with traditional development methods.

FLNG enables the cost-effective development of offshore gas fields, making previously untapped resources economically viable. By providing a solution that is both cost-effective and flexible, FLNG projects unlock the economic potential of offshore gas reserves. This is particularly relevant for gas fields in remote or challenging locations where the costs associated with onshore development, including infrastructure construction and logistics, might outweigh the economic benefits.

The mobility of FLNG vessels allows operators to explore and develop various offshore gas fields using a single unit. The mobility of FLNG enables the optimization of resource utilization. Operators deploy a single FLNG vessel to multiple gas fields, extracting and processing gas at each location. This capability minimizes the need for duplicate infrastructure investments and enhances the efficiency of gas field development.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$19.2 billion
Market Size in 2032	$51.6 billion
CAGR	10.8 %
No. of Pages in Report	266
Segments Covered	Technology, Capacity, and Region
Drivers	• Monetization of offshore gas • Flexibility and mobility
Opportunity	• Growing market for LNG and unlocking gas reserves
Restraints	• High capital investments and limited technological advances • Operational and safety challenges due to lack of infrastructure

The FSRU segment is projected to dominate the market growth during the forecast period.

Depending on technology, FSRU segment dominated the market share for floating liquefied natural gas in 2022 in terms of revenue. In 2022, it contributed more than half of the total market revenue in 2022 while growing at a CAGR of 11.0%. LNG FSRUs is commonly used as floating import terminals in areas where establishing traditional onshore LNG facilities is challenging or economically unfeasible. They are deployed quickly to provide emergency LNG supply during natural disasters or other events affecting the regular supply chain.

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The large scale segment is projected to dominate the market growth during the forecast period.

Depending on capacity, the large scale segment dominated the market share for floating liquefied natural gas in 2022 in terms of revenue. In 2022, it contributed nearly half of the total market revenue in 2022. For large scale FLNG, economies of scale are a primary consideration, aiming to maximize production efficiency. Large-scale FLNG projects feature complex and extensive infrastructure, including multiple liquefaction trains and large storage tanks. It utilizes advanced liquefaction technologies, often incorporating multiple processing trains to handle high volumes of natural gas.

The Asia-Pacific region is projected to maintain its dominance the growth throughout the forecast period.

By region, Asia-Pacific dominated the market share for floating liquefied natural gas in 2022 in terms of revenue. In 2022, the Asia-Pacific region contributed nearly one-third of the revenue at a CAGR of 11.1% during the forecast period. Australia has been a major contributor to the Asia-Pacific FLNG market. Several operational projects, such as Prelude FLNG and Ichthys LNG, have established the country as a leader in the sector. These projects contribute to the global LNG market, meeting the demand from various regions. Many countries in the region aim to enhance their competitiveness in the global LNG market through FLNG projects.

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Leading Market Players: -

Eni S.p.A.
Shell plc
Hoegh LNG
Golar LNG Limited.
EXMAR
Woodside Energy Group Ltd.
Mitsui O.S.K. Lines.
Excelerate Energy, Inc.
BASF SE
ABB Ltd.
Petroliam Nasional Berhad (PETRONAS)

The report provides a detailed analysis of these key players in the global floating liquefied natural gas market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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