Global Floating Storage and Regasification Unit Market Industry Sales, Revenue, Gross Margin, Market Share by Regions


Posted January 22, 2020 by Oliva4u

Floating Storage and Regasification Unit Market Research report identifies the global size for the year 2020-2027, and forecast of the same for year 2027.
 
Global Floating Storage and Regasification Unit (FSRU) Market are expected to grow with a CAGR over 9.5% during the forecasted period 2020-27 owing to the increasing demand for natural gas. Global Floating Storage and Regasification Units refers to a special type of ship used to transfer liquefied natural gas(LNG). Transporting LNG is not as easy as it requires being in a semi-cool state while transferring and needs to be converted back to gas state after transferring. Any mishandling results in a serious loss of precious marine lives and fuel. It is very harmful to the environment and therefore it has to be transported with safety requirements. FSRU are convenient and can make natural gas available to the market faster than any land-based units.
As the world is moving towards alternate energy and there is an increasing effort to reduce coal, LNG is beginning to gain importance in the energy market. Moreover, LNG is the least harmful gas and it is increasingly used by major countries to diversify their energy mix.
Major LNG projects in countries such as the US, Russia are expected to successfully operate in the next few years is likely to steer the FSRU market.
The increasing demand for natural gas production, commercial flexibility, rising automotive sector, low cost and time-saving at the time of construction are the key drivers of growth of the Global FSRU market. Moreover, FSRU gaining prominence in countries where there are land constraints for constructing any stationary offshore regasification facilities. Also, it takes years to build and operate such facilities. FSRU is, therefore, a viable option for transiting and transferring LNG.
However, there is a high risk of environmental hazards and risks related to the high pressure of FSRU's operation that does not happen in the case of conventional LNG carriers. Fluctuating energy prices, government policies, and shipping rates are some of the factors hindering the FSRU market.

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Market Segmentation
Global Floating Storage and Regasification Unit (FSRU) market can be segmented based on Storage, Construction, End Users and Region.
By Storage, the FSRU market can be divided into Large, Medium and Small. Large-sized FSRU is likely to grow significantly during the forecasted period of 2020-27.
By Construction, the FSRU market can be divided into Newly built and Converted. The newly built FSRU market is expected to lead the market in the forecasted period of 2020-27 due to its large storage capacity.
By End Users, FSRU market can be classified into Power Generation, Industrials and Others. Power generation is holding the largest market share and it is expected to dominate the FSRU market in the forecasted period 2020-27 due to increasing efforts in replacing coal in energy mix.
By Region, FSRU market can be divided into North America, Europe, Asia Pacific, Middle East, and Latin America.
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Regional Analysis
Asia-Pacific Floating Storage and Regasification Unit (FSRU) market are expected to dominate in the forecasted period 2020-27 due to the increasing demand for LNG and the rising need for gas and power conversion units. Moreover increasing investments in FSRU and lower cost of renewable energy is propelling Asian countries like Bangladesh and India to expanding their Floating Storing and Regasification units.
Middle-east FSRU market is expected to grow significantly in the forecasted period of 2020-27 due to the abundant availability of LNG for production and it is a major supplier to the world.
Competitor Analysis
The major players in Global Floating Storage and Regasification are Teekay Lng Partners, Bumi Armada, Mitsui O.S.K. Lines, Offshore LNG Toscana SpA, Maran Gas Maritime Inc., Exmar, Gazprom FLEX LNG, BW gas, Golar LNG, Hoegh LNG, Excelerate Energy and Other Market Players.

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Contact Email [email protected]
Issued By Masterfox Consulting Group
Phone +91-98110 25630
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Categories Business , Energy
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Last Updated January 22, 2020