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.
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
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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.
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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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