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Floating LNG Market Size, Share, Industry, Forecast and outlook (2023-2030)

Published: 2023 January 03
SKU : EP2468
180 pages
Report Summary
Table of Contents
List of Tables & Figures

Global Floating LNG Market is segmented By Terminal Type (Floating LNG Liquefaction Terminal, Floating LNG Import Terminal), By Capacity (Small Scale, Mid-Scale, Large Scale), By Region (North America, Europe, South America, Asia-Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

[200 Pages Report] The Global Floating LNG Market is estimated to reach a high CAGR of 24% over the forecast period (2022-2029).

Floating LNG Market - Strategic Insights



Market CAGR


Segments Covered

By Terminal Type, By Capacity and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Floating LNG is a system in which LNG operations and various other processes are conducted to develop offshore natural gas reserves. This system produces, liquefies, stores, and transfers LNG from offshore to onshore reserves. It is deployed in regions where natural gas cannot be carried by pipelines. The size of the total LNG system in a floating LNG facility is one-third of the normal LNG facility.

Floating LNG Market Dynamics

The major factors driving the market of Floating LNG are the rising need and demand for energy security and environmental policies favoring the market.

Eco-friendly Nature of Natural Gas and Environment Policies Favoring the Growth of the LNG market

Natural gas plants are more encouraged nowadays as it is better for the environment among the available fossil fuels. It is a clean-burning fuel as it emits 30%, 45% less carbon dioxide(co2) than oil and coal respectively and it does not emit sulphur emissions, it is not as clean as solar or wind energy but it is the cleanest among all the available fossil fuel sources. Natural gas is an odourless, non-corrosive, and non-toxic gas. It evaporates quickly leaving no residue in water and soil. It is in high demand around the world to reduce carbon dioxide emissions. The European Commission aims to reduce greenhouse gas emissions by 40% by 2030 as compared to 1990. Since natural gas is odourless, mercaptan is added to it for detecting gas leaks. Department of Energy(DOE) approved the first floating LNG project in the USA in 2017 to export LNG to countries that do not have free trade with the US. These policies are driving the growth of the Global Floating LNG market.

Rising Demand for Energy Security

According to the report by the International Gas Union(IGU), the LNG trade was 354.7 MT in 2019. There are a total of 37 LNG importing countries in 2019. In 2020, the number of importing countries was 43 and the number of exporting countries was 20 and global LNG trade was 356 MT. There is a huge demand for LNG in the Asia-pacific region which had a market share of 71% of global trade in 2020. Due to covid-19 lockdowns and restrictions, LNG prices were low in 2020, and due to which imports increased more due to countries preferring natural gas over other fuels like coal for power generation. non-affordable and non-reliable clean energy is a major issue in both developed and developing countries, so using natural gas as energy source is a good solution to the problem as natural gas is the cleanest burning fuel. LNG increases global energy security. Major importing countries like European nations and India are focused on building more regasification facilities( conversion of LNG to natural gas). In the US,  Natural gas is also used to complete the demand for heating in winters. USA’s consumption of renewable energy sources exceeded the coal consumption in December 2020.

.Construction and design of floating LNG systems are hampering the growth of the market.

Large investment and high maintenance cost needed in the floating LNG system hampers the growth of the market.

COVID-19 Impact Analysis on Floating LNG Market Growth

The Global Floating LNG has shown a slight decline due to the COVID-19 pandemic, as there were full or partial lockdowns in many countries of the world due to which many FLNG projects and delivery of many FLNG vessels were delayed like BP Mauritiana Investment, a subsidiary of BP delayed the delivery of offshore FLNG vessel to Golar LNG, EXMAR-Belgium based company and YPF-state oil company of Argentina ended their agreement for Tango FLNG vessel due to covid-19 and also on 12th April 2021, India’s first FSRU Höegh Giant arrived in Maharashtra at the Jaigarh terminal of H-Energy which was also delayed due to covid-19. Many major companies completely shut down their operations and vessels like Norway based Höegh LNG imposed a lockdown with no crew on the vessels due to covid-19. However, the LNG market was not impacted due to covid-19 as Global demand for LNG was increased to 360 million tonnes in 2020 from 358 million tonnes in 2019. The demand for LNG from Asian countries saved the market as both China and India imported 11% more LNG in 2020. Even power and electricity demand also drives the LNG market as prices were low during covid-19 and people preferred LNG over coal for power generation especially in South Korea and Japan. In December 2019, the average price for LNG was approx USD 9-10 per MMBtu and almost half by the middle of 2020. LNG exports were also canceled in mid-2020. The economy of the US was also affected due to low LNG prices in Asia and Europe.

Segment Analysis on Floating LNG Market

The Global Floating LNG Market is segmented based on the terminal type, capacity, and region.

Based on Terminal Type, the worldwide Floating LNG market is segmented into Floating LNG Liquefaction Terminal and Floating LNG Import Terminal.

The Global Floating LNG market within the Floating LNG Import Terminal segment was valued at US$ XX billion in 2020 and a growth in market size is predicted leading to a market size worth US$ XX billion by 2028, growing at a CAGR of XX% during the forecast period (2021-2028). Floating LNG import terminals also are referred to as floating LNG regasification terminals. LNG import terminals are connected to distribution and storage units and LNG export terminals are connected to gas fields. In LNG import terminals, ship carriers transport LNG for storage and regasification, which is the conversion of LNG(-162 °C) to gas at atmospheric temperature. LNG export terminals are linked with the liquefaction of gas during which gas is converted to Liquified Natural Gas(LNG). According to the reports, India imported 23.8 million tonnes, 26.6 million tonnes of natural gas in 2019 and 2020 respectively. According to the report of the International Gas Union(IGU), 19 out of 37 countries imported LNG with Floating LNG import terminals or FSRU’s in 2020. FSRU is preferred over onshore facilities due to the low cost and less time involved. There are a total of 43 FSRU in the world in 2020 which increased from 37 in 2019. On 12th April 2021, India’s first FSRU Höegh Giant arrived in Maharashtra at the Jaigarh terminal of H-Energy.

Based on Capacity, the Global Floating LNG Market is segmented as - Large Scale, Small Scale, Mid-Scale.

Geographical Analysis on Floating LNG Market

Based on the Region, Global Floating LNG Market is segmented as - North America, Europe, Asia-Pacific, The Middle East, Africa and South America.

The North American region had a market share of XX% in 2020 and is expected to hold XX% by 2028. USA is the 3rd largest exporter of LNG. USA’s LNG export was 211 billion cubic feet in February 2021. According to the US Energy Information Administration, total natural gas imports of the US was 98% from Canada mostly by pipelines and only 2% of total imports are in the form of LNG mostly from Trinidad and Tobago. US’s total natural gas exports were 5270-5280 billion cubic feet in 2020. Due to the low prices of LNG in Europe and Asia during covid-19, the economy of the USA was affected. Total LNG cargoes exported by the US were 92, 68, 65 in February 2021, January 2021, and February 2020 respectively. Delfin LNG, a subsidiary of Fairwood Group is currently working on the first floating LNG project for the US. The cost of the project is estimated at $7 billion. The project was approved by the Department of Energy of the US in 2017.

Competitive Landscape on Floating LNG Market

The Global Floating LNG market is fragmented with key global players in the market and there are many large companies in the market. Some of the major companies contributing to the market's growth are- Samsung Heavy Industries, Hyundai Heavy Industries, Golar LNG, Royal Dutch Shell, Excelerate Energy, Höegh LNG, Petronas.

Mergers and Acquisitions, expansions, joint ventures etc increases competition in the market and many countries are funding companies to develop floating LNG terminals like New Fortress Energy, a new york-based acquired Hygo Energy Transition from Norway’s Golar LNG.

New products, services launched also increase competition between companies and many companies are developing innovative technologies to deliver LNG to different parts of the world. New agreements, partnerships also make the market competitive like Cairn Energy PLC and Cheiron Petroleum Corporation signed an agreement with Shell Egypt of an onshore upstream facility of shell in Egypt in 2021, deflin collaborated with Samsung Heavy Industries and Black & Veatch for FLNG project of the Gulf of Mexico.  

Even companies like Hyundai Heavy Industries, Daewoo Shipbuilding which are shipbuilding giants are also giving tough competition to other companies like Royal Dutch Shell, Golar LNG, Höegh LNG, etc. Coral Sul floating LNG’s hull was launched in South Korea at the shipyard of Samsung Heavy Industries in 2020.



Royal Dutch Shell plc is a British-Dutch company dealing with exploration, refining, petrochemicals, etc. The headquarters of the company are in The Hague, Netherlands. It is one of the seven Big Oil companies. Other Big Oil companies are British Petroleum Company plc, ExxonMobil, Eni, TotalEnergies, ConocoPhilips, Chevron. It is a public limited company that operates in around 70 countries of the world. The company is a 1907 merger of the Dutch company named Royal Dutch Petroleum Company, and a British company named Shell Transport and Trading Company. It is also listed on the London Stock Exchange. The company is also focusing on renewable energy sources like wind, biofuels, and hydrogen. Shell acquired the largest LNG producing company in the world named BG group in 2016. The company has two divisions- Shell Chemicals, Shell Gas & Power. The current CEO of the company is Ben van Beurden. The company was ranked 21st largest public company in the world according to Forbes Global 2000 ranking of 2020

Product Portfolio:

Royal Dutch Shell products include renewable natural gas, Prelude LNG(offshore LNG facility), petrochemicals, biofuels, lubricants and it also deals with refining, exploration of petroleum resources.

Key Developments

  • Shell International Petroleum Company, a subsidiary of Royal Dutch Shell collaborated with  Microsoft Corporation with an aim of net-zero carbon emissions in 2020.
  • Shell’s Prelude LNG facility restarted its operations in January 2021, It is the largest floating liquified natural gas(FLNG) project in the world and also the largest offshore facility.
  • Cairn Energy PLC and Cheiron Petroleum Corporation signed an agreement with Shell Egypt of an onshore upstream facility of shell in Egypt in 2021.

Financial Overview

The company has two types of shares - A & B. Some of the major shareholders of the company are Guaranty Nominees Limited, BlackRockInc, The Capital Group with market shares of 18.03%, 7.14%, 4.99% respectively. The company was ranked 21st largest public company in the world according to Forbes Global 2000 ranking of 2020. According to Fortune 500, Royal Dutch Shell was at rank 5 and the market value of the company is USD 11.27 billion.

 Why Purchase the Report?

  • Visualize the composition of the Global Floating LNG Market products in terms of type and End User options, highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the Global Floating LNG market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of Global Floating LNG Market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The global Floating LNG market report will provide access to approximately 53 market data tables, 42 figures, and 200 pages

Target Audience 2022

  • Equipment suppliers/ Buyers
  • Type Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Emerging Companies
  • Research professionals
  • Distributors
  • Manufacturers

Frequently Asked Questions

What is the Projected CAGR value of the Floating LNG Market?

Floating LNG Market  is expected to grow at a CAGR of 24% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Floating LNG Market during 2022-2029.

Which is the fastest growing region in the Floating LNG Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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