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 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. A detailed
analysis report of COVID-19 impact on Global
FSRU Market is provided with the report.
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
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.
Technological feasibility, mobility, availability and
flexibility are some of the major advantages of FSRUs which helping draw
commercial interest towards them. In addition, FRSU come with all the important
equipment that are needed for LNG storage and regasification. These units are
equipped fuel pressure measurement tools, leakage detection systems and alert
sensors. In general costing, floating storage and regasification units comprise
three major sections namely infrastructure cost, owner’s cost and FSRU vessel
cost. However, the cost may vary or fluctuate depending on client requirement,
specificity of location, distance to be covered and services provider’s pricing
sheet.
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.
Global FSRU (Floating Storage
and Regasification Unit) Market: 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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