Market Size of Floating LNG Power Plant Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 604.04 Million |
| Market Size (2029) | USD 737.03 Million |
| CAGR (2024 - 2029) | 4.06 % |
| Fastest Growing Market | Europe, Middle East, and Africa |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Floating LNG Power Plant Market Analysis
The Floating LNG Power Plant Market size is estimated at USD 604.04 million in 2024, and is expected to reach USD 737.03 million by 2029, growing at a CAGR of 4.06% during the forecast period (2024-2029).
Over the long term, factors such as increasing demand for power due to increasing population and the lack of proper power infrastructures in developing countries are expected to drive the floating LNG power plant market.
On the other hand, high volatility and uneven LNG prices are expected to restrain the floating LNG power plant market.
Nevertheless, LNG adoption is expected to increase in the future owing to global emission norms. LNG, being a comparatively cleaner fuel, fulfills emission regulations. In 2020, IMO's reduced sulfur content in maritime fuel came into force, which is likely to result in the adoption of LNG as a bunker fuel. Offshore West Africa is also seeing increased oil and gas activity that, in turn, will present opportunities in the FLNG power plant market as well.
Asia-Pacific held a significant market share recently, and it is expected to be the largest and fastest market during the forecast period.
