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).
Also Read: https://www.marketwatch.com/press-release/fsru-floating-storage-and-regasification-unit-market-size-to-expand-at-a-notable-cagr-of-1388-during-2018-2023-information-by-construction-by-storage-by-application-and-by-regions--forecast-till-2023-2019-02-20
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