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FSRU Industry Insights:
FSRU (Floating Storage and Regasification Unit) Market Size is projected to grow from USD 2.1 Billion in 2023 to USD 3.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.90% during the forecast period (2023 – 2032).
The floating storage and regasification unit market is anticipated to upscale at a fast pace during the forecast period. One of the most primary reasons behind the ascension of the global floating storage and regasification unit market includes the booming growth noted in the liquified natural gas market. This is likely to act as a catalyst for the economic growth of various countries across the world, as it is environment-friendly for adoption and viable for a shorter period of time to reduce the carbon emissions. Recent discoveries in offshore regions are also made which focus on the fulfilment of the demand for various end-user industrial sectors such as power generation, transportation, as feedstock for petrochemical manufacturers, and other end-users.
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FSRU (Floating Storage and Regasification Unit) Market Drivers:
Flexibility and Quick Deployment: FSRUs offer a flexible and rapid solution for LNG import infrastructure. Compared to traditional onshore LNG terminals, FSRUs can be deployed relatively quickly, allowing countries to meet their growing natural gas demands in a more timely manner.
Infrastructure Constraints: Many regions face challenges in establishing onshore LNG infrastructure due to regulatory, environmental, or economic reasons. FSRUs provide a workaround by enabling countries to import LNG without the need for extensive onshore facilities.
COVID-19 Impact on FSRU (Floating Storage and Regasification Unit) Market:
Shifts in Energy Demand: Lockdowns, travel restrictions, and economic slowdowns associated with the pandemic have influenced energy demand patterns. Changes in demand for natural gas may impact FSRU projects, as these units are typically deployed to meet the demand for liquefied natural gas (LNG).
Financing Challenges: Economic uncertainties and the financial impact of the pandemic have made it challenging for some projects to secure financing. Investors may have become more cautious, affecting the development of FSRU projects.
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FSRU Market – Regional Analysis
The global FSRU market is studied for the regional segments of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among these, Asia Pacific is estimated to dominate the global FSRU market during the review period. This can be owed to the region’s rising demand for LNG. Further, an increasing need for gas and power conversion units, especially in countries within the APAC is also expected to propel the growth in the regional FSRU market.
Industry Highlights
Floating storage and regasification unit market is also expected to help in getting natural gas on time and make it available readily in the local markets. Diversification in the market is highly visible, fulfilling the demands for liquified natural gas and natural gas on a global level, which in turn, is expected to promote the growth of the FRSU market over the forecast period. Apart from that, FRSU businesses are also witnessing exponential growth due to the growing demand for green fuel all over the globe.
The floating storage and regasification unit emerged approximately 1.5 decades back, in the early 2000s. Presently, there are around 26 FSRUs in the world, out of which 23 are operated as terminals and three are operated as LNG tankers. 11 more FSRUs are still under construction. One of the major reasons behind the growth of the global floating storage and regasification market is the commercial flexibility, scheduling, as well as lower costs. Additionally, it attracts various countries that have land constraints for the construction of any stationery onshore regasification facilities and takes years to build, commission, and operate. Owing to this, the FSRU is poised to present itself as the perfect solution owing to its regasification capabilities and the fact that it can be deployed anywhere.
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FSRU Market Segmental Analysis
The global FSRU market is segmented by construction, storage, application, and region. Based on construction, the global floating storage and regasification unit market is segmented into newly build and converted. The newly built FSRU is expected to hold the maximum share of the global FSRU market during the forecast period. This can be owed to the low storage capacity limitation of the converted FSRU.
Based on storage, the global FSRU market is segmented into small, medium, and large. Among these segments, the large sized FSRU are likely to witness a considerable rise and is also expected to witness fast-paced ascension over the forecast period.
Based on applications, the global floating storage and regasification unit market is segmented into industrial and power generation. The power generation segment is expected to boast the dominant stance in the market.
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