Floating Liquefied Natural Gas (FLNG) Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Technology (LNG FPSO, FSRU, Others); By Capacity (Small & Mid-Scale, Large Scale, Others), and Regions (North America (The US, Canada, Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of the Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World)
Global Floating Liquefied Natural Gas (FLNG) Market Size & Forecast
The Global Floating Liquefied Natural Gas (FLNG) market was valued at USD 21,355 million in 2023 and is expected to grow at a strong CAGR of around 11.44% during the forecast period (2024-2032) owing to rising demand for cleaner fuel across the globe.
Global Floating Liquefied Natural Gas (FLNG) Market Analysis
FLNG technology can be considered a very critical technology and solution as the world is striving to meet its increasing demands for natural gas, especially in the offshore and remote areas. The FLNG technology, including the LNG FPSO (Floating Production Storage and Offloading) and FSRU (Floating Storage Regasification Unit) technology, gives direct extraction, liquefaction, storage, and transportation of the natural gas from offshore fields to the target market, thus making any enormous and expensive investments in onshore infrastructure completely redundant.
The Global Floating Liquefied Natural Gas (FLNG) market was valued at USD 21,355 million in 2023 and is expected to grow at a strong CAGR of around 11.44% during the forecast period (2024-2032). Developments in the floating liquefied natural gas (FLNG) marketplace world have taken massive strides in the span of the last few years, an improvement spurred by the increasing worldwide gas requirements and through more efficient and adaptable solutions regarding offshore gas production. LNG FPSOs, as well as the new FSRUS, are examples of FLNG technology that can enable the liquefaction, involving LNG and natural gas, plus transportation of natural gas from offshore fields, without requiring any capital-intensive infrastructure that needs to be developed inland. These floating plants are pivotal tools, granted access to such remote or deep-water resources without costly investments spending offshore field facilities. For the burgeoning global energy need, energy resources need more effective access. As environment concerns drive the move toward cleaner energy sources, natural gas is proving as a preferred substitute to the globally reckoned hydrocarbons, and this drives the technical evolution of FLNG processes, which is very important into the progression of energy transition.
Geographically, the FLNG market is growing rapidly in regions such as APAC (Asia Pacific), North America, and Europe, with an emphasis on offshore gas fields in Middle East and Africa. These areas are home to largely untapped reserves of natural gas, which could be accessed and liquefied on a far greater scale through the FLNG technologies. As the expanse of the FLNG technology continues to be explored, one of the major benefits for its development is to continue to fuel the growth of emerging markets, make progress towards better environmental standards, and will play a big role in the security of global energy supply because of their rising natural gas demand. Considering all the changes the demand for the Floating Liquefied Natural Gas (FLNG) during 2024-2032.
Global Floating Liquefied Natural Gas (FLNG) Market Trends
This section discusses the key market trends that are influencing the various segments of the Global Floating Liquefied Natural Gas (FLNG) Market as identified by our team of research experts.
Increase in Offshore Gas Exploration
Offshore gas exploration increasingly dominates the global FLNG market, contributing little less to the corporate bottom line, it also offers huge opportunities in terms of revenue.ge. Energy companies are switching more and more to offshore fields for gas provision, because they are depleting onshore reserves or at least finding once simple access increasingly difficult, and this trend is compounded by a dramatic escalation in global natural gas demand. Essentially all new prospects lie offshore, much of it untapped, even more so deepwater and remote locations where traditional onshore infrastructure is not feasible or too costly.
Floating LNG units such as Liquefied Natural Gases (LNG) FPSO's and FSRU's inject newfound flexibility and cost-effectiveness into the manufacture, liquefaction, and storage of natural gas, all done at sea. These floating platforms capture and process natural gas that comes from an offshore field without elaborate onshore facilities, giving energy companies access to onshore resources, and reducing costs and development time.
Asia Pacific is Expected to Hold Major Market Share During Forecast Period
Asia-Pacific FLNG market has been on a growth journey over the past years, characterized by a fast-growing demand of industry needs for natural gas, as a cleaner energy source to coal and oil, in this very region. Many do seek to reach energy targets while hitting carbon emission reduction benchmarks. As such, investment in infrastructure on the ocean side to reach profitable gas reserves turns out to be more attractive with the floating LNG (FLNG) facility in place.
Countries such as China, Australia, Malaysia, and Indonesia have massive offshore natural gas reserves; they use FLNG technologies to get easy oil methods. The FLNG technologies, such as LNG FPSOs and FSRUs, allow the extraction, liquefaction, and storage of natural gas directly on board a vessel floating in the sea so that not only the most efficient but also cost-effective LNG to market can be operated.
Additionally, clean-energy policies have been effective in encouraging increased adoption of FLNG systems within the region as energy security also is rising on the list of the most significant national security risk areas. Moreover, enhancement of the efficiency and other environmental sustainability aspects of the technology has happened in addition to further increasing their efficiency.
Given a large demand for natural gas and with more new drilling activities, the Asia Pacific FLNG market will tend to expand that with time particularly as China, India or Japan move to avoid coal and other forms of energy, introduce renewables, and scale down coal-based power generation.
Considering all the shifts the demand for Floating Liquefied Natural Gas (FLNG) would further grow during 2024-2032.
Global Floating Liquefied Natural Gas (FLNG) Industry Overview
The Global Floating Liquefied Natural Gas (FLNG) market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Höegh Evi, Golar LNG Limited, Excelerate Energy Inc., Eni S.p.A., Mitsui O.S.K. Lines, Shell Plc, Petroleum Nasional Berhad (PETRONAS), EXMAR, BASF SE, and ABB Ltd.
Global Floating Liquefied Natural Gas (FLNG) Market News
In 2025, British Petroleum has started flowing gas from Greater Torture Ahmeyim (GTA) Phase 1, one of the deepest with the total capacity of 2.1 million tonnes per annum in Africa.
Global Floating Liquefied Natural Gas (FLNG) Market Report Coverage
Reasons to buy this report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
The report presents a quick review of overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The Global Floating Liquefied Natural Gas (FLNG) market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Floating Liquefied Natural Gas (FLNG) Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Floating Liquefied Natural Gas (FLNG) market were the three major steps undertaken to create and analyze the adoption of Global Floating Liquefied Natural Gas (FLNG) in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Floating Liquefied Natural Gas (FLNG) market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Global Floating Liquefied Natural Gas (FLNG) market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Global Floating Liquefied Natural Gas (FLNG) market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as By Technology and By Capacity. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Floating Liquefied Natural Gas (FLNG) market. Further, we conducted factor analysis using dependent and independent variables such as By Technology and By Capacity in the Global Floating Liquefied Natural Gas (FLNG) market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Floating Liquefied Natural Gas (FLNG) market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Floating Liquefied Natural Gas (FLNG) market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
The industry’s market size, in terms of revenue (USD) and the adoption rate of the Global Floating Liquefied Natural Gas (FLNG) market across the major markets domestically
All percentage shares, splits, and breakdowns of market segments and sub-segments
Key players in the Global Floating Liquefied Natural Gas (FLNG) market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Floating Liquefied Natural Gas (FLNG) market. Data was split into several segments and sub-segments after studying various parameters and trends By Technology and By Capacity in the Global Floating Liquefied Natural Gas (FLNG) market.
The main objective of the Global Floating Liquefied Natural Gas (FLNG) Market Study
The current & future market trends of the Global Floating Liquefied Natural Gas (FLNG) market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Analyze the current and forecast market size of the Global Floating Liquefied Natural Gas (FLNG) market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
Segments in the study include areas By Technology and By Capacity.
Define and analyze the regulatory framework for global Floating Liquefied Natural Gas (FLNG) industry.
Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
Analyze the current and forecast market size of the Global Floating Liquefied Natural Gas (FLNG) market for the major regions.
Major countries of regions studied in the report include North America (The US, Canada, and Rest of North America), Europe (The UK, France, Germany, Italy, Spain, Rest of Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World
Company profiles of the Global Floating Liquefied Natural Gas (FLNG) market and the growth strategies adopted by the market players to sustain in the fast-growing market.
Deep dive regional level analysis of the industry.
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Global Floating Liquefied Natural Gas (FLNG) market?
The Global Floating Liquefied Natural Gas (FLNG) market was valued at USD 21,355 Million in 2023 and is expected to grow at a CAGR of 11.44% during the forecast period (2024-2032).
Q2: What is the driving factor for the growth of the Global Floating Liquefied Natural Gas (FLNG) market?
Rising Global Demand for Natural Gas is one of the key driving factor for growth.
Q3: Which segment has the largest share of the Global Floating Liquefied Natural Gas (FLNG) market by Technology?
FSRU segment has the largest share of the Global Floating Liquefied Natural Gas (FLNG) market by Technology.
Q4: Which region will dominate the Global Floating Liquefied Natural Gas (FLNG) market?
Asia Pacific is expected to dominate the market during the forecast period.
Q5: Which regions dominate the global Fantasy Sports market?
North America is expected to dominate the market during the forecast period.
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