HomeRegional NewsInternationalFLNG market to hit $70bn by 2023

FLNG market to hit $70bn by 2023

The Floating Liquefied Natural Gas (FLNG) market is expected to summit at $70 billion by 2023  and see a CAGR of 27.14%, according to recent analysis by Energias Market Research.

According to the report, which examines the global FLNG market over the forecast period (2017-2023), four key factors are responsible for this increased uptake.

These include, increasing investment in Liquefied Natural Gas (LNG) market; shifting focus towards cleaner burning fuel, save on the cost by reduction in upstream infrastructure and reduction of operational downtime to develop a gas field.

FLNG report and key findings

The market research firm said in a  statement: “The report segments Floating Liquified Natural Gas (FLNG) market by Processing Capacity (Small (0-2.9 MTPA), Large (3 MTPA and above)), by Type (Floating Production Platform, Regassification Platform), by Deployment (Near-shore, Offshore), by Region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Rest of the World (RoW).”

“The FLNG market is expected to reach at a capacity of 260 MTPA by 2023.

Small to mid size FLNG is expected to grow by 28% during the forecast period.

“Low capital investment and shorter development time drives the growth of small and mid size FLNG,” the report added.

FSRU type FLNG is expected to grow at a CAGR of 20% during 2017 to 2023. LNG FPSO market growth will be simulated by the demand of natural gas in Asia-Pacific region, the company statement noted.

Adding that “near-shore FLNG segment will dominate the FLNG market, factors such as reduced cost, shorter development time and reduction in land use drive the growth of near-shore FLNG.”

Geographic report findings

Geographically, North America held the largest market share due to increase in LNG production from shale gas fields.

Asia-Pacific region is estimated to be the fastest growing region due to the increasing energy demand as well as development of gas fields in the region.

Planned offshore liquefaction facility in Iran and other import facility in Egypt and UAE are expected to fuel the growth of FLNG market in Middle East & Africa at a significant CAGR. Read more…

In August 2017, Golar LNG partners buys stake in Hilli Episeyo FLNG the which will be deployed later this year in Cameroon, to produce gas for Perenco, the research firm concluded.


Featured image: Stock

Ashley Theron
Ashley Theron-Ord is based in Cape Town, South Africa at Clarion Events-Africa. She is the Senior Content Producer across media brands including ESI Africa, Smart Energy International, Power Engineering International and Mining Review Africa.