Market Research Future (MRFR) asserts that the global floating storage and regasification unit market will escalate to 2030 by 2030, growing at approx. 13.88% CAGR throughout the assessment period (2021-2030). With the rising need to enhance clean energy production, the market is expected to garner significant traction over the next few years.
FSRU (Floating Storage and Regasification Unit) Market Overview
Generally, FSRUs are deployed at the harbor to save time, and the gas is exported via a high-pressure gas export arm. However, refurbished FSRU vessels are positioned to prevent emergencies from a particular port or harbor. The offshore industry has been witnessing rapid growth in FSRUs over recent years, mainly due to the advantages such as cost saving, financial flexibility, and the relocation option FSRUs provide.
FSRUs provide the LNG market with an excellent opportunity to expand internationally. Besides, growing environmental concerns like carbon footprint drive market revenues, prompting the need for alternative resources for clean and sustainable energy generation. FSRU demonstrates the potential to transform the role of gas in the energy landscape. Increasing implementation of various policies regarding carbon dioxide and nitrogen oxide emissions bolsters the market value.
Top Key players involved in the FSRU market are,
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The global floating storage and regasification unit (FSRU) market is witnessing rapid revenue growth. The market rise attributes to the increasing demand for energy and depleting natural resources such as fuel & water. Growing government initiatives to strengthen energy security with new fast-tracked FSRU by constructing terminals for importing liquefied natural gas support the market growth.
LNG refers to liquefied natural gas in its liquid form, and growing activities of regasification and subsequent introduction into the gas transmission grid drive the market growth. LNG burns cleaner than petroleum and coal, addressing off-grid power generation for industrial and residential needs in remote locations. It also meets the growing demand for environment-friendly fuels from the shipping and trucking industries.
Cost-efficiency and low carbon footprints of natural gas are primary factors driving the floating storage and regasification unit market. Government initiatives to reduce carbon dioxide and nitrogen oxide emissions and modify existing liquefied natural gas (LNG) terminals push market growth. Rising carbon emissions and low operational costs are major driving forces behind the market growth.
Growing environmental concerns like carbon footprint prompt the need for alternative resources for clean and sustainable energy generation. As various industrial activities return to normalcy, the market demand is gradually picking up. These opportunities encourage industry players to form agreements with other industry players. Major industry players are investing substantially in innovative product developments and improving their existing product line efficiencies. All these factors are cumulatively boosting the market size.
FSRU (Floating Storage and Regasification Unit) Market Segments
The FSRU market is segmented into construction, storage, application, and regions. The construction segment is sub-segmented into newly built and converted. The storage segment is sub-segmented into small, medium, and large. The application segment is sub-segmented into industrial, power generation, and others. The region segment is sub-segmented into Europe, North America, APAC, MEA, and Rest-of-the-World.
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FSRU (Floating Storage and Regasification Unit) Market Regional Analysis
The Asia Pacific region dominates the global floating storage and regasification unit market. Factors such as the growing use of natural gas in power generation units and government policies & regulations toward greener fuels drive the market growth. There is increasing use of FSRU for transport and standby power requirements, particularly in India and China. Besides, the easy availability, accessibility, and flexibility from the supply side of LNG accelerate the region’s market shares.
FSRU (Floating Storage and Regasification Unit) Market Competitive Analysis
The floating storage & regasification unit market appears highly competitive and fragmented due to several well-established industry players. Industry players acquire promising companies to expand their product range with innovative and sustainable solutions for regasification. Besides, collaboration, product launches, expansions, and partnerships are other strategies these players initiate to gain a larger competitive share.
For instance, on Sept. 01, 2022, Tree Energy Solutions (TES), E.ON, and ENGIE announced their partnership for jointly managing Germany’s 5th floating storage regasification unit (FSRU). The contract to jointly develop and implement the fifth FSRU is from the German Federal Ministry of Economics and Climate Protection (BMWK). Excelerate Energy, a US-based LNG company, will offer a full range of flexible regasification services from FSRU, infrastructure development, and LNG supply.
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The FSRU will enable a seamless transition to green imports as the green terminal starts operation. The fifth FSRU will have an annual importing capacity of about 5bcm, covering about 5 % of the annual consumption in Germany. It will enhance Europe’s and Germany’s energy security and independence and achieve full net-zero by mid-century. The partnership showcases strong European cooperation.
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