Dublin, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The "North America FLNG Market - Growth, Trends, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The North American Floating Liquefied Natural Gas (FLNG) market is projected to witness a Compound Annual Growth Rate (CAGR) of over 3% during the forecast period.
Key Highlights
The North American FLNG market has experienced the repercussions of the COVID-19 pandemic in 2020. However, the market has now rebounded to pre-pandemic levels. The market's growth is being fueled by upcoming FLNG projects, driven by the increasing demand for clean fuel technologies and a growing emphasis on sustainable energy solutions.
Despite the opportunities, high investment costs may pose challenges for FLNG during the forecast period. Nevertheless, the adoption of FLNG technology for natural gas production, liquefaction, and storage offers promising growth prospects for the North American FLNG market.
North America FLNG Market Trends
Upcoming FLNG Projects to Propel Market Growth
The demand for FLNG facilities is on the rise due to their flexibility in monetizing assets through natural gas liquefaction in remote areas. These facilities reduce development costs and time, making them a favorable option for exporting near-shore gas reserves or on-land pipeline network gas. Operator-based technologies, such as Shell DMR technology and Novatek's Arctic Cascade process, are gaining traction in the region, driving advancements in FLNG solutions.
According to the BP Statistical Review of World Energy 2022, North America's LNG imports have seen a significant decline, emphasizing the region's shift towards self-sufficiency in LNG production. The rise in FLNG projects is further evidenced by key developments like the joint venture between New Fortress Energy (NFE) and Mexican state-owned Pemex to develop the Lakach offshore gas field, as well as NFE's plans to launch the US FLNG project in 2023.
In February 2022, Black & Veatch was awarded the front-end engineering and design for the floating LNG project in British Columbia, showcasing the increasing prominence of FLNG in Canada's LNG export sector. The region's growing emphasis on FLNG facilities is expected to drive the North American FLNG market in the forecast period.
United States Emerges as Dominant Market
The United States is leading the way in the North American FLNG market, boasting the highest LNG export capacity and volumes globally. As of July 2022, the country accounted for 18% of LNG exports, with export capacity exceeding that of any other nation. The increasing demand for LNG has prompted significant investments in FLNG technology, offering an environmentally-sensitive approach to natural gas resource development.
Floating liquefied natural gas technology complements conventional onshore LNG, enabling the accelerated development of gas resources to meet growing demand. The advanced design of FLNG facilities allows for the production, liquefaction, and storage of natural gas at sea, providing a more efficient and compact alternative to traditional land-based LNG plants.
Delfin LNG's filing for an extension proposal with the United States Federal Energy Regulatory Commission (FERC) in July 2022 further demonstrates the country's commitment to FLNG projects.
North America FLNG Market Competitor Analysis
The North American FLNG market features a moderately consolidated competitive landscape, with key players including Shell PLC, Eni SpA, Technip Energies NV, Black & Veatch Holding Company, and New Fortress Energy. These major players contribute to the region's FLNG growth and continue to drive advancements in the market.
A selection of companies mentioned in this report includes
- Shell PLC
- Eni SpA
- Technip Energies NV
- Black & Veatch Holding Company
- New Fortress Energy
- Chiyoda Corporation
For more information about this report visit https://www.researchandmarkets.com/r/f12pjt
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