Straits Research | August 2025 – According to a recent report by Straits Research, the global floating storage and regasification unit (FSRU) market was valued at USD 903.34 million in 2024 and is projected to grow to USD 1,783.33 million by 2033, expanding at a robust CAGR of 7.85% over the forecast period (2025–2033).

FSRUs are becoming vital assets for countries aiming to enhance energy security, diversify LNG sources, and accelerate decarbonization strategies. Their rapid deployment capabilities, lower capital requirements, and flexibility make them attractive compared to conventional onshore LNG terminals.

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Market Trends

• Hybrid Vessel Innovations Hybrid FSRUs are emerging, combining regasification, storage, and power/hydrogen generation in a single unit. In April 2025, Wärtsilä and Höegh Evi launched the world’s first floating ammonia-to-hydrogen cracker, capable of producing 210,000 tonnes/year of hydrogen, supporting Europe’s green energy transition.

• Growing Role in Marine Fueling FSRUs are increasingly used in marine fueling (bunkering) to comply with IMO 2020 emission regulations, offering LNG as a cleaner alternative for maritime operations.

Regional Insights

Asia-Pacific Leads with Energy Diversification

Countries like China and India are actively expanding their FSRU fleets to meet growing LNG demands. For example, India’s Jaigarh FSRU terminal became operational in 2022, and several new projects are planned for Andhra Pradesh and West Bengal.

While the U.S. uses few FSRUs domestically, it plays a vital role in supplying FSRU-based terminals abroad. Companies like Excelerate Energy are at the forefront of providing global FSRU services.

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Market Segmentation Overview

By Type

• Mooring Type (dominant due to long-term operations)

• Mobility Type

By Storage Capacity

• <150,000 m³ (preferred for island nations and niche markets)

• 150,000–180,000 m³

• 180,000 m³

By Construction Type

• New Build (increasingly popular for custom solutions)

• Converted LNG Carriers

By Application

• Power Generation

• Industrial Use

• Marine Fueling

• Commercial/Utility Supply

By End-User

• Oil & Gas

• Marine

• Transportation

• Others

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Top Companies in the Global FSRU Market

• Excelerate Energy

• Höegh LNG

• Golar LNG

• BW LNG

• Samsung Heavy Industries

• Daewoo Shipbuilding & Marine Engineering (DSME)

• Mitsui O.S.K. Lines (MOL)

• Hyundai Heavy Industries

• Maran Gas Maritime

• Kawasaki Heavy Industries

Future Outlook

The FSRU market is poised for strong growth due to rising global LNG demand, government incentives, and increased focus on energy transition and supply chain resilience. With ongoing investments in hybrid technology and new builds, FSRUs are set to become permanent fixtures in the global LNG ecosystem.

FAQs

• What is an FSRU?

• Why are FSRUs gaining popularity?

• Which regions are the fastest-growing markets?

• What is the role of FSRUs in decarbonization?

• What are the challenges in the FSRU market?

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