Floating liquefied Natural Gas FLNG valued over USD 7.1 billion in 2016<span class="rating-result after_title mr-filter rating-result-5468">			<span class="no-rating-results-text">No ratings yet.</span>		</span>
Floating liquefied Natural Gas FLNG valued over USD 7.1 billion in 2016

Market Overview
Floating liquefied natural gas FLNG is an innovative step to establish offshore natural gas resources projects as a result companies are investing in establishing several new FLNG facilities. In 2014, Petronas developed the world’s first operational floating LNG producing facility, PFLNG Satu in Malaysia. In South Korea, Petronas is developing another FLNG facility at Samsung Heavy Industry’s shipyard named PFLNG2 on Geoje Island. Moreover, Belgian shipping group EXMAR NV developed a new unit Caribbean FLNG project, in a joint venture with Canadian petroleum exploration and production company Pacific Rubiales Energy PRE . The Prelude FLNG project in South Korea by Shell is estimated to produce nearly 110 thousand barrels of oil equivalent per day of gas BOE/D and natural gas liquids NGLs and 3.6 mtpa of LNG. These projects are expected to propel the market of FLNG in the new future.
Market players are actively participating into developing new FLNG units; however, companies are experiencing challenges in developing large and complex capital projects of FLNG. Expiration of license, cross border conflicts, potential cost incursion and government regulations are creating challenges in the development of new FLNG units mainly in countries such as Brazil, Iraq, Cyprus and Israel. Exchange rate fluctuations and tumbling energy prices are causing delay in the construction of FLNG projects which led to either cancellation of contract or closure of the projects leading to the huge economical loss to the market players. These are the major factors which are expected to hinder the growth of the FLNG market in the coming years.
Market Segmentation
Global Floating Liquefied Natural Gas FLNG Market is segmented on the following basis:
Based on Type of Technology
o LNG Floating Production Storage and Offloading FPSO
o Floating Storage Regasification Unit FSRU
Based on Production Capacity
o Small/Mid Scale 0-2.9 MTPA
o Large Scale 3 MTPA and above
Based on Mode of Deployment
o Near Shore
o Offshore
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Based on Geography
o North America U.S. & Canada {Market Size USD Billion , Growth Analysis % and FNLG Production MTPA }
o Latin America Brazil, Mexico, Argentina & Rest of Latin America {Market Size USD Billion , Growth Analysis % and FNLG Production MTPA }
o Europe The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE {Market Size USD Billion , Growth Analysis % and FNLG Production MTPA }
o Asia-Pacific China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia {Market Size USD Billion , Growth Analysis % and FNLG Production MTPA }
o Middle East & Africa GCC, South Africa, North Africa, RoMEA {Market Size USD Billion , Growth Analysis % and FNLG Production MTPA }
o Rest of World {Market Size USD Billion, Growth Analysis % and FNLG Production MTPA }
Market Size and Forecast 2016-2024
Global floating liquefied natural gas FLNG market share is anticipated to reach USD 73.7 billion by 2024, owing to the rising demand for gas fueled power plants which led to the expansion of incorporated LNG-to-power projects. Total spending on floating liquefied natural gas FLNG valued over USD 7.1 billion in 2016 and global FLNG market is estimated to grow at a CAGR of 24.0% during the forecast period.

Asia-Pacific region is expected to be the key area for the development of FLNG projects. Growing investment and establishment of floating storage regasification unit FSRU in countries such as Indonesia, Bangladesh and India are likely to boost the growth of FLNG market in Asia-Pacific region. Asia-Pacific region accounted for around 21% share of global FLNG market.
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Market Drivers and Challenges
Rising demand for clean and affordable fuel is contributing in increasing the demand for FLNG. Furthermore, cost effective operation included in pumping the gas to shore is expected to bring new business prospects for companies to establish coastal gas field. However, fluctuating prices of oil and natural gases are hampering the demand and supply of FLNG globally. If the period of low oil and gas prices will be stretched, it will negatively impact the business of FLNG and may results into the delay or cancellation of ongoing projects. Complex natures of FLNG projects also hold back the investment by the market players as the conversion process and nature of FLNG is highly technical and intricate. Moreover, offshore settings of floating natural gas projects is the biggest challenge, further the design capability of FLNG vessels to withstand the damage caused by sea waves and current motion is also a major concern for the market players. These factors are likely to affect the revenue generation from FLNG business, and less revenue from integrated gas businesses will surely impact the future investment made by the companies and expansion of FLNG business.
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