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. The
natural gas emerged as an excellent alternative to fossil fuels such as diesel
and petrol owing to its cleaner burning which makes it environmentally viable.
Also, it can be adopted in a shorter time period for reducing the carbon
emissions. The FSRU is a vital component that is needed to transfer and transit
LNG (liquefied natural gas). These vessels are custom built akin to LNG
carriers yet has the ability of transforming back LNG to the gaseous state
channels. FSRUs have created a niche in the market chiefly because it is easy
to implement, is affordable, needs little investment or construction and can
offer faster access to LNG.
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Key Players
Leading
players profiled in the FSRU market include L.P. (Bermuda), Teekay Lng
Partners, Bumi Armada (Malaysia), Mitsui O.S.K. Lines (Japan), Offshore LNG
Toscana SpA (Italy), Maran Gas Maritime Inc. (Greece), Exmar (Belgium), Gazprom
FLEX LNG (U.K), BW gas (Norway), Golar LNG (Bermuda), Hoegh LNG (Bermuda) and
Excelerate Energy (U.S).
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.
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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.
Of these,
Asia Pacific will dominate the market during the assessment period owing to the
region’s increasing demand for LNG. The increasing need for gas to power
conversion units especially in countries under the APAC region is predicted to
propel the growth of the FSRU market in this region with higher environmental
viability of the natural gas that has boosted the fuel usage in the energy
generation plants as a substitute to conventional fuels such as coal. The
countries which have constraints to build onshore regasification facilities is
predicted to be the key players in the FSRU market. The FSRUs are faster to
construct and are also cheaper compared to onshore regasification facilities.
The best part about an FSRU is that this can be deployed just anywhere in water
and will cost about 50% less compared to onshore regasification facilities and
also made within 50% time needed for the latter. These factors are likely to
make FSRUs the recommended choice for regasification in those countries that
lack promising situations for the onshore regasification units. The Middle East
is anticipated to have the largest number of FSRUs in the world and also predicted
to remain the leading regional market owing to natural gas available in plenty
in this region.
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