Floating Liquefied Natural Gas Market by Processing Capacity and Geography - Forecast and Analysis 2021-2025

The floating liquefied natural gas market share is expected to increase by USD 4.68 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.12%.

This floating liquefied natural gas market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating liquefied natural gas market segmentations by processing capacity (large-scale capacity and small-scale capacity) and geography (North America, Europe, APAC, South America, and MEA). The floating liquefied natural gas market report also offers information on several market vendors, including Black & Veatch Holding Co., Eni Spa , Excelerate Energy LP, EXMAR NV, Golar LNG Ltd., Lloyds Energy DMCC, Petroliam Nasional Berhad , Royal Dutch Shell Plc, Samsung Heavy Industries Co. Ltd., and TechnipFMC Plc among others.

What will the Floating Liquefied Natural Gas Market Size be During the Forecast Period?

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Floating Liquefied Natural Gas Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising global oil and gas consumption is notably driving the floating liquefied natural gas market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating liquefied natural gas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Liquefied Natural Gas Market Driver

Rising global oil and gas consumption is one of the key factors driving the growth of the global floating liquefied natural gas market. Liquid fuel consumption across the globe, especially in emerging economies such as India, China, and Brazil, is expected to grow, owing to the increasing demand for vehicles and a rise in the consumption of petrochemicals. For instance, according to the US Energy Information Administration (EIA), in 2019, the production of petroleum and other liquid fuels in Brazil averaged 3.7 million barrels per day (b/d). Similarly, natural gas consumption has also seen a rise in the last ten years. According to the US Energy Information Administration (EIA), global natural gas consumption increased significantly in 2019. Natural gas has witnessed a higher rise in consumption than oil due to the increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.

Key Floating Liquefied Natural Gas Market Trend

The rise in the number of deepwater and ultra-deepwater drilling projects will fuel the global floating liquefied natural gas market growth. As per the US Energy Information Administration, the oil shock resulted in the decline of crude oil prices in early 2020 due to the COVID-19 pandemic, which was one of the lowest since 2003. Also, the prices of the rigs were reduced due to the fewer number of ongoing projects in the oil and gas industry. Sensing profit through low rig rates, some companies are resuming their offshore projects. FLNG vessels provide the advantages of reduced investments and earlier cash flow compared with fixed platforms. The advantages of FLNG vessels make them ideal for offshore activities. Deepwater and ultra-deepwater projects are also far from the mainland; hence, laying an extensive oil and gas pipeline network to transfer the produced hydrocarbons to onshore facilities is too costly. Therefore, FLNG vessels are economical for deepwater and ultra-deepwater projects, as these vessels can treat, liquefy, and store the natural gas extracted from offshore fields. Operators sell the LNG directly from the vessel and generate revenues. Advances in technology allowed exploring gas reserves that were initially uneconomical. This is likely to drive the global FLNG market during the forecast period.

Key Floating Liquefied Natural Gas Market Challenge

Fluctuations in oil and gas prices are major challenges for the global floating liquefied natural gas market growth. The continued trend of low crude oil prices has put additional pressure on the oil and gas service providers. Low-profit margins for a continued period result in reduced revenues, which directly influence the financial aspect of a company. The market potential for oil and gas service businesses has declined due to the low investments in oil and gas projects. As the business for the integrated oil companies is diverse, they were still able to absorb the market pressure, but core upstream companies were affected drastically. For the drilling and production of crude oil to be commercially viable, the crude oil price needs to be sufficiently high from a financial standpoint, which helps the firms to sustain themselves in the market. The cascading effects of the low crude oil prices have been witnessed in companies whose operations require the consumption of petroleum products. The oil and gas equipment manufacturers also have declining sales due to the reduced number of oil and gas exploration and production projects.

This floating liquefied natural gas market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global floating liquified natural gas market as part of the global industrial gases market under the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the floating liquefied natural gas market during the forecast period.

Who are the Major Floating Liquefied Natural Gas Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Black & Veatch Holding Co.
• Eni Spa 
• Excelerate Energy LP
• EXMAR NV
• Golar LNG Ltd.
• Lloyds Energy DMCC
• Petroliam Nasional Berhad 
• Royal Dutch Shell Plc
• Samsung Heavy Industries Co. Ltd.
• TechnipFMC Plc

 

This statistical study of the floating liquefied natural gas market encompasses successful business strategies deployed by the key vendors. The floating liquefied natural gas market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Black & Veatch Holding Co. - The company offers PRICO, a low-cost FLNG in different configurations such as barge - small-mid scale, ship shape - mid scale, and conversion - small-mid scale.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The floating liquefied natural gas market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Floating Liquefied Natural Gas Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the floating liquefied natural gas market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global chemicals market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Floating Liquefied Natural Gas Market?

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35% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for floating liquefied natural gas market in North America. Market growth in this region will be slower than the growth of the market in regions.

Rising global oil and gas consumption will facilitate the floating liquefied natural gas market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Following the outbreak of the COVID-19 pandemic in 2020, many oil and gas companies have either stopped or reduced their operations, which has impacted oil and gas production in both upstream and downstream operations. As of August 5, 2021, more than 35 million people were infected by COVID-19 in the US, and the country reported over 600,000 deaths due to the disease. The COVID-19 pandemic led to a decline in oil production across the region, which hampered the growth of the FLNG market in North America in 2020. However, with the rise in transportation and industrial activities across the region in 2021, the market in focus is expected to grow during the forecast period

What are the Revenue-generating Processing Capacity Segments in the Floating Liquefied Natural Gas Market?

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The floating liquefied natural gas market share growth by the Large-scale capacity segment will be significant during the forecast period. The large-scale capacity FLNG projects include those whose capacity is greater than 3 MTPA. Prelude is one of the major large-scale FLNG projects, which is also the first deployment of Royal Dutch Shell's FLNG technology.

This report provides an accurate prediction of the contribution of all the segments to the growth of the floating liquefied natural gas market size and actionable market insights on post COVID-19 impact on each segment.

 

Floating Liquefied Natural Gas Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 6.12%
Market growth 2021-2025	$ 4.68 billion
Market structure	Fragmented
YoY growth (%)	5.58
Regional analysis	North America, Europe, APAC, South America, and MEA
Performing market contribution	North America at 35%
Key consumer countries	US, Canada, Djibouti, Mauritania, and Australia
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Black & Veatch Holding Co., Eni Spa , Excelerate Energy LP, EXMAR NV, Golar LNG Ltd., Lloyds Energy DMCC, Petroliam Nasional Berhad , Royal Dutch Shell Plc, Samsung Heavy Industries Co. Ltd., and TechnipFMC Plc
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Floating Liquefied Natural Gas Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive floating liquefied natural gas market growth during the next five years
• Precise estimation of the floating liquefied natural gas market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the floating liquefied natural gas industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of floating liquefied natural gas market vendors

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