The global FSRU (Floating Storage and Regasification Unit) market is expected to flourish expeditiously and touch 230 MPTA at an admirable 13.88% CAGR during the assessment period (2018-2023) owing to the soaring demand for natural gas. The natural gas emerged as an excellent alternative to fossil fuels such as diesel and petrol owing to its cleaner burning which makes it environmentally viable. Also, it can be adopted in a shorter time period for reducing the carbon emissions. The FSRU is a vital component that is needed to transfer and transit LNG (liquefied natural gas). These vessels are custom built akin to LNG carriers yet has the ability of transforming back LNG to the gaseous state channels. FSRUs have created a niche in the market chiefly because it is easy to implement, is affordable, needs little investment or construction and can offer faster access to LNG.

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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).

Industry 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.

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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.

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