LONDON--(BUSINESS WIRE)--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.
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.
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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.
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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.
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