Global Floating Liquefied Natural Gas Market Analysis Highlights the Impact of COVID-19, 2020-2024 | Rising Global Oil And Gas Consumption to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#FloatingLiquefiedNaturalGasMarket–The global floating liquefied natural gas market size is expected to grow by USD 20.69 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The global liquid fuel consumption grew at a significant rate during 2011-2019 and it is expected to continue growing at a high rate during the forecast period. However, most oil-producing countries do not have large additional capacities. Hence, there is a rising need to discover greenfield oil wells in the existing and new oil fields to meet the high demand for fuel. In addition, natural gas has witnessed a higher rise in consumption than oil due to increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from the developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.
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As per Technavio, the growing preference for road transportation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Floating Liquefied Natural Gas Market: Growing Preference for Road Transportation
The growing preference for road transportation for last mile delivery and the consequent increase in the use of heavy, medium, and light-duty vehicles in emerging countries, will lead to a rise in vehicles, especially HCVs. One of the main reasons for enterprises to opt for road transport for transportation of cargo is the limited rail freight services within a country. The lack of sufficient freight services causes companies to choose roadways as a reliable mode of transportation of products. In India, road transportation is a widely chosen means for container transport. The primary reason for this the high rail freight cost, poor last-mile connectivity, and the lack of availability of freight trains. Road transportation vehicles travel long distances every day to deliver packages, especially during this COVID-19 pandemic, which leads to an increase in the consumption of liquid fuels. This will drive the growth of the global floating liquified natural gas market during the forecast period.
“Other factors such as the increasing demand for cleaner fuel, and the rise in number of deepwater and ultra-deepwater drilling projects will have a significant impact on the growth of the floating liquefied natural gas market value during the forecast period,” says a senior analyst at Technavio.
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Floating Liquefied Natural Gas Market: Segmentation Analysis
This market research report segments the floating liquefied natural gas market by production capacity (large-scale capacity and small-scale capacity) and geography (North America, MEA, APAC, Europe, and South America).
The North American region led the floating liquefied natural gas market share in 2019, followed by MEA, APAC, Europe, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the presence of leading vehicle manufacturers.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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