Floating Storage and Regasification Unit (FSRU) Market Segmented by Construction, Storage, Application, Technology, Current Scenario, Future Scope and Forecast 2023
The global FSRU (Floating Storage and Regasification Unit) market is expected to flourish expeditiously and touch 230 MPTA at an admirable 13.88% CAGR during the assessment period (2018-2023) owing to the soaring demand for natural gas.
Pune, India – September 30, 2019 /MarketersMedia/ —
Floating Storage and Regasification Unit Market Overview
FSRUs are increasingly used for transporting natural gas efficiently. Used of FSRU ensure timely delivery of natural gas in to local and international market. FSRU transportation services has continued to over time on the back of rising the LNG demand. The number of FSRU numbers has grown over the past decade and more units are likely to be added in the forthcoming years
There are different factors that is driving the growth of the FSRU market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include flexibility of operations, increased production of natural gas, cost and time savings at the time of construction, reduced environment and safety restriction. But on the flip side there is a major factor that can hinger the growth of the FSRU market which is the expected risk related to the high pressure of Floating Storage and Regasification Unit’s operation that does not happen in case of conventional LNG carriers.
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Industry Highlights
Some of the advantages of FSRU include effective scheduling, commercial flexibility and affordability. FSRUs have emerged as effective storage solution for countries that face issues of land constraints. Stationary onshore gas storage facilities require massive land areas, which could be a challenge for small sized countries. Moreover, construction of stationary facilities involves complex procedure and compliance to stern regulations. In such cases, FSRUs are a more feasible option as they are mobile and cost-effective.
The global economy has witnessed a steady growth in recent years, which has also fuelled the demand for fuels. LNG is witnessing a fast growth in demand worldwide due to its low environmental implications. Increased excavation activities for LNG to cater ta rising to demand for sectors such as power generation, transportation, petrochemicals among others is led to a greater need for FSRUs.
FSRU (Floating Storage and Regasification Unit) Industry Segmentation
In MFRF’s report, the global FSRU market is segmented on the basis of construction, storage and application.
Based on storage, it is segmented into converted FSRUs and newly built FSRUs. Of these, the newly built FSRU is likely to have the maximum market share at a notable CAGR over the assessment period owing to the low storage capacity limitation of the converted FSRU.
Based on storage capacity, the FSRU market is segmented into large, medium and small-sized FSRU. Of these, the large sized FSRU have shown a considerable increase of late is anticipated to grow further over the assessment period.
Based on application, it is segmented into power generation and industrial. Of these, power generation is likely to have the utmost share in the FSRU market.
Regional Analysis
Based on region, the global FSRU market cover growth opportunities and latest trends across North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.
It is projected that Asia Pacific (APAC) will spearhead the global FSRU market during the forecast period. In 2016, Asia Pacific consumed approx. 160 metric tonnes of FSRU. APAC is touted to remain an attractive market for FRSU in 2019 and beyond. The market growth is supported the widespread availability, and accessibility from the supply side. Meanwhile, the Middle East is also considered as a fast-emerging market for FSRU as it has high capacities of LNG production and is major supplier the world.
Competition Analysis
Some of the prominent companies mentioned in MRFR’s report include Hoegh LNG (Bermuda), BW gas (Norway), Exmar (Belgium), Mitsui O.S.K. Lines (Japan), Excelerate Energy (U.S), Teekay Lng Partners, L.P. (Bermuda), Golar LNG (Bermuda), Maran Gas Maritime Inc. (Greece), Bumi Armada (Malaysia), Offshore LNG Toscana SpA (Italy), and Gazprom FLEX LNG (U.K).
Industry Related News
December 2018 – AGL, a leading Australian company acquired an FSRU from Hoegh LNG on long-term charter for being installed in their LNG import project in Victoria.
January 2019 – The first ever FSRU was opened recently in Kaliningrad, Russia and owned by Gazprom.
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