FSRU (Floating Storage and Regasification Unit) Market Latest Update with Global Technological Advancements and Growth Acceleration to 2024

Floating storage and regasification units (FSRU) are terminals which are used in the safe transport of liquefied natural gas (LNG). FSRU are attached to the reliquefaction plant to freeze and reheat the LNG fuel and provides it in a semi-cooled state to coastal nations. The global FSRU market report by Market Research Future (MRFR) asserts its views on the industry and backs it with drivers and challenges which can provide to be useful for new investors for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry as well as countermeasures enforced during the lockdown period are discussed in the report.

Market Scope

The global FSRU market volume is expected to increase from 85 million tons per annum (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.

The environment-friendly production method of transporting LPG is expected to drive market growth over the forecast period. Benefits of low costs, commercial flexibility, and scheduling are likely to facilitate steady market demand. The developments in LPG and CNG plants and feasibility and flexibility of FSRU facilities will benefit the market.
The rapid fall in prices of LNG and natural gas and transition to green fuel can expedite the adoption of FSRU facilities and aid market growth. Production of ships in various sizes fitted with regasification units owing to their scope for multiple applications can bode well for the market in the coming years. The coronavirus pandemic has led to shipping majors in prohibiting movement of the crew as well as banning visitors in a bid to curb the surge of the virus.

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Segmentation

The global FSRU market has been segmented by construction into newly built and converted. The converted segment is likely to gain centerstage during the forecast period. This can be attributed to retrofitting FSRU systems on existing vessels for a nominal price.

• Based on storage, the market has been segmented into small, medium, and large FSRU, which is constructed and depends on the capacity and requirements of clients. The small and medium segments are likely to gain revenue for the market owing to the utilization of barges for serving as a small utility unit. This segment can succeed owing to new policies favoring LNG and need for clean power generation.
• By application, the market has been segmented into industrial, power generation, and others.

Regional Analysis

In 2016, Asia Pacific contributed close to 160 MTPA to the global market. Thus, it can be predicted that it will grow at a robust rate during the forecast period. This growth is attributed to easy availability, accessibility, and flexibility from the supply side of LNG made possible by FRSUs. Recently, the Australian government approved the construction of a FSRU facility to Hoegh LNG. The growth of nations of India and Japan are likely to lead to heavy investments in onshore facilities which can ensure the safe transportation of fuel.

The Middle East has the maximum number of FSRU across the world and possesses reserves that can fulfill the demand for LNG across the world. This can be attributed to construction of various onshore facilities for storage of LNG as evident by the approach taken by Teekay LNG Partners, L.P.

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Competitive Outlook

• BW Gas
• Mitsui O.S.K. Lines
• Exmar
• Teekay Lng Partners
• L.P.
• Hoegh LNG
• Excelerate Energy
• Offshore LNG Toscana SpA
• Bumi Armada
• Gazprom FLEX LNG
• Golar LNG
• Maran Gas Maritime Inc

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