Floating LNG: Introduction
The floating LNG is a method that involves LNG operations, and other processes are performed to build natural gas reserves offshore. This method produces liquid, stores and moves LNG from offshore reserves to onshore. It is utilized in areas in which natural gas is not transported via pipelines. The total capacity of an LNG system within a floating LNG facility is one-third that of the typical LNG facility.
The Global Floating LNG Market Forecast:
FLNG market size for 2016 was estimated at more than USD 10 billion. It is expected to reach 300 MTPA by 2024.
The global Floating Liquefied Natural Gas (FLN) Market is projected to grow by approximately 4.68 Billion over the forecast period 2021-2025. And it will be increasing at a CAGR of 6.12% during the timeframe of the forecast.
Market Trend and Dynamics of the Global Floating LNG Market:
There are major factors which are driving the market. Those factors are rising demand for energy security and environmental policies, which favour the market.
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Key players in the global Floating LNG market covered in Chapter 13:
Royal Dutch Shell
Samsung Heavy Industries
Mitsubishi Heavy Industries
DSME and Associates
Petroliam Nasional Berhad
Hyundai Heavy Industries
In Chapter 6, on the basis of types, the Floating LNG market from 2015 to 2025 is primarily split into:
In Chapter 7, on the basis of applications, the Floating LNG market from 2015 to 2025 covers:
Market segment by Region, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The Growth of the LNG market is favoured due to its Eco-Friendly Nature and Environment Policies:
Natural gas power plants are being popular nowadays since it is greener than fossil fuels available. It is a green-burning fuel, as it releases 30% and 45% less carbon dioxide(co2) than coal and oil, respectively. Additionally, it doesn’t release sulfur emissions. It isn’t as pure as wind or solar energy sources, but it is the purest of the available fossil energy sources.
Natural gas is an odourless chemical, non-corrosive, and safe gas. It quickly evaporates, leaving no traces in soil or water. It is highly sought-after all over the world to cut down CO2 emissions. It is the European Commission aims to reduce greenhouse gas emissions by 40% by 2030 in comparison to 1990. Since natural gas has no odour and smells clean, mercaptan is incorporated into it to detect gas leaks. The Department of Energy(DOE) approved the first floating LNG project in the USA in the year 2017 to export LNG to countries that do not have free trade agreements with the U.S. These policies are driving the expansion of the global floating LNG Market.
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