Floating Storage and Regasification Unit Market Analysis, Key Growth Drivers, Challenges, Leading Key Players Review, Demand and Upcoming Trend by Forecast to 2023

“\”FSRU (Floating Storage and Regasification Unit) Market Research Report – Forecast to 2023\””
Global FSRU (Floating Storage and Regasification Unit) Market Research Report: Information by construction (Newly built and Converted), by storage (Small, Medium and Large), by application (Industrial and Power Generation), and by Regions– Forecast till 2023

As per the estimation, the global FSRU market is expected to increase from 85 MTPA in 2018 to 230 MTPA in 2023, at a CAGR of approx. 13.88%, which is due to the increase in demand for natural gas.  

As per the demand, Asia Pacific is expected to be the largest FSRU market during the forecast period, due to the gas to power conversion unit often encouraging the use of natural gas on a large level.

In 2016, Asia Pacific contributed approx. 160 MTPA to the global market. Thus, it can be predicted that it will have further growth during the forecast period. This growth was for the easy availability, accessibility, and flexibility from the supply side of LNG because of FRSUs. The Middle East has the maximum number of FSRU across the world and possess reserves that can fulfill the demand for LNG across the world.

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The global Floating Storage and Regasification Unit (FSRU) market is expected to grow at a high rate and the main reason is the boom in the LNG (Liquified Natural Gas) market. This acts as a catalyst for the economic growth in various countries worldwide, as it is environment-friendly and viable to be adopted in a shorter period of time to reduce the carbon emissions. Recent discoveries in offshore regions have been made, which focu  s on fulfilment of the demand for various sectors, such as transportation, power generation as a feedstock for petrochemical manufacturers, and other end-users. FSRU market helps get natural gas on time and makes it readily available to local markets. Diversification in the market is prominent, fulfilling the demands for LNG and natural gas, globally. FSRU business is growing exponentially to meet the demand for green fuel.

The FSRU emerged nearly 15 years back in early 2000. There are currently 26 FSRUs in the world, out of which 23 are operated as terminals, three operated as LNG tankers, and approx. 11 are under construction. The main reason behind the growth of this industry is commercial flexibility, scheduling, and lower cost. Moreover, it attracts the countries, which have land constraints to construct any stationary onshore regasification facilities and it takes years to build, commission, and operate. Due to that, FSRU acts as a perfect solution because it can be deployed anywhere.  The cost of a new FSRU is just 50-60% of an onshore terminal and that is to be delivered in half the time.  An FSRU costs approx. USD 250-300 million, is constructed in 25- 40 months, and the specifications depend on the client requirements & location.

The CNG and LNG markets are evolving because of their low cost, low carbon emission, and easy transportation facilities. The factors driving the FSRU market growth are their mobility, technology feasibility, flexibility, and availability.  Service providers from various ventures have highly appreciated this trade due to the above-mentioned reasons.

LNG is received through hoses or unloading arms and stored in tanks. The low-pressure pumps situated in storage tanks transfer LNG to the recondenser where it gets into contact with compressed boil-off gas from the storage tank, and the boil-off gas is condensed back into LNG before entering the high-pressure pumps. At every stage, fuel is measured to know about the losses. Pressure measurement is done at every stage of transferring the LNG, if required,   the pressure of LNG from approx. 5 bar g to 100 bar g raised as per the customer demand. Finally, the LNG is vaporized at export pressure, metered, and exported from export arms to the pipelines.

In terms of cost, the total capital cost of FSRU terminal consists of three major components, namely FSRU vessel, owner’s cost, and infrastructure cost whereas, the cost may be fluctuating according to service providers, client requirement, and specificity of location.

As per the estimation, the global FSRU market is expected to increase from 85 MTPA in 2018 to 230 MTPA in 2023, at a CAGR of approx. 13.88%, which is due to the increase in demand for natural gas.  

As per the demand, Asia Pacific is expected to be the largest FSRU market during the forecast period, due to the gas to power conversion unit often encouraging the use of natural gas on a large level.

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Market 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. 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.

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).

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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