Floating Liquefied Natural Gas Market Experiencing Growth Owing to Rising Oil and Gas Consumption | Technavio

Technavio’s new market research report on the global floating liquefied natural gas (FLNG) market provides an analysis of the essential trends that are expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor, which has the potential to significantly impact the market and contribute to its growth or decline.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180507005540/en/

Technavio has published a new market research report on the global floating liquefied natural gas ma ...

Technavio has published a new market research report on the global floating liquefied natural gas market from 2018-2022. (Graphic: Business Wire)

According to Technavio market research analysts, the global floating liquefied natural gas market’s CAGR is anticipated to be around 94% during the forecast period. However, the growth momentum of the market is expected to decelerate due to a decrease in the year-over-year growth.

The rising global oil and gas consumption is a major factor driving the market’s growth. According to a major research, the global liquid fuel consumption stood at 98.50 mbpd in 2017. The global liquid fuel consumption has been predicted to be growing at an annual rate of 1.56% and is expected to grow at a high rate during the forecast period. The crude oil prices dropped from USD110/bbl in June 2014 to as low as USD 27/bbl in January 2016, resulting in fuel price reduction and increase in the fuel consumption. The price of crude oil was just over USD 70/bbl in January 2018, representing a gradual stabilization in the upstream oil and gas industry.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers

In this report, Technavio highlights the rise in the number of deepwater and ultra-deepwater drilling projects as one of the key emerging trends in the global floating liquefied natural gas market:

Rise in number of deepwater and ultra-deepwater drilling projects

As per a major research, the oil shock resulted in the decline of crude oil price to as low as USD 30.70/bbl in January 2016, which was the lowest since 2003. Apart from this, the prices of the rigs were reduced owing to the less 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 when compared with fixed platforms. The advantages of FLNG vessels make them ideal for offshore activities.

“Deepwater and ultra-deepwater projects take place far from the mainland. Thus, laying extensive oil and gas pipeline network to transfer the produced hydrocarbons to onshore facilities is too expensive. 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. The operators sell the LNG directly from the vessel and generate revenues,” says a senior analyst at Technavio for research on oil and gas.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Global floating liquefied natural gas market segmentation

This market research report segments the global floating liquefied natural gas market by processing capacity (small-scale capacity and large-scale capacity) and key regions (the Americas, APAC, and EMEA).

EMEA dominated the global floating liquefied natural gas market in 2017, by contributing around 59% share to the global market. It was followed by APAC and the Americas respectively. The Americas is expected to project tremendous growth during the forecast period when compared with the other two regions.

 

Save big with Technavio this May!

Find out what companies are venturing in to beat the heat this summer! Technavio indulges you with a massive 20% OFF on all

non-alcoholic beverages reports for the entire month.

OR

Technavio honors the achievements and efforts of Motherhood this Mother's Day by offering a whopping 30% OFF on all cosmetics and toiletry reports. Offer valid from 7th May for a limited period.

 

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.