Boom in LNG (Liquid Natural Gas) demand has catapult
the global FSRU (Floating Storage and Regasification Unit) market to high
echelons. Market Research Future (MRFR) projects that the global Floating
Storage and Regasification Unit (FSRU) Market will grow to 230 MTPA in
2023 up from 85 MTPA in 2018, reflecting a compound annual growth rate (CAGR)
of 13.88%.
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.
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. Due to
that, FSRU acts as a perfect solution because it can be deployed anywhere.
FSRU’s cost also 50-60% less than onshore terminals. Such factors are
substantiating the uptake of FSRU. The global demand for eco-friendly fuels
such as CNG and LNG is expected to rise further in the year to come owing.
Moreover, these fuel variants come at lower prices as compared other fossil
fuels. FSRUs have emerged as the prime facilitator for storage and
transportation of these natural gases.
Segmental Analysis
The global FSRU market is segmented by construction,
storage, application, and region. Based on construction, the global floating
storage and regasification unit market is segmented into newly build and
converted. The newly built FSRU is expected to hold the maximum share of the
global FSRU market during the forecast period. This can be owed to the low
storage capacity limitation of the converted FSRU.
Based on storage, the global FSRU market is segmented
into small, medium, and large. Among these segments, the large sized FSRU are
likely to witness a considerable rise and is also expected to witness
fast-paced ascension over the forecast period.
Based on applications, the global floating storage and
regasification unit market is segmented into industrial and power generation.
The power generation segment is expected to boast the dominant stance in the
market.
Regional Analysis
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).
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