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FSRU Market to Rise at 13.88% CAGR due to Growing Preference for LNG over other Fossil FuelsMarket Research Future (MRFR) has released a new report on the global floating storage and regasification unit (FSRU) market. The report presents an overview of the market’s present conditions and growth prospects in terms of the current economic factors. The historical growth trajectory of the global FSRU market is charted in the report in detail in order to provide a solid foundation for projections about the market’s likely growth trajectory over the forecast period. The various factors driving and hampering the global FSRU market’s growth are assessed in the report in order to highlight their impact on the market over the forecast period. According to the report, the global FSRU market is expected to grow at a CAGR of 13.88% over the forecast period of 2018 to 2023.
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The rising demand for natural gas is the key driver for the global FSRU market. Natural gas has emerged as the ideal alternative to other fossil fuels such as petrol and diesel due to its cleaner burning, which makes it more environmentally viable than other fossil fuels. The lower costs of natural gas and its easy transportability have also driven the demand for the same, which is likely to drive the demand from the FSRU market over the forecast period.
The FSRU business is thriving at present, as FSRUs are usually only leased for a specific time, apart from which they can be used as conventional LNG carriers, which is also a highly profitable line of business. Currently, 17 countries are using FSRUs, with four more countries planning to use them in the coming years. 30 FSRUs are estimated to be currently in service, with 12 more due to be delivered in the coming years. These units combined for a total regasification of close to 35 million tons of LNG in 2017, which represented around 12% of the year’s total LNG trade. The growing number of countries importing LNG is likely to remain a key driver for the global FSRU market in the coming years.
Segmentation:
The global FSRU market is segmented on the basis of construction, storage, application, and region.
By construction, the global FSRU market is segmented into newly built and converted FSRUs.
By storage capacity, the market is segmented into small, medium, and large.
By application, the global FSRU market is segmented into industrial, power generation, and others.
Regional Analysis:
Regionally, the global FSRU market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Asia Pacific is expected to be the largest regional market for FSRUs over the forecast period due to the growing demand for LNG imports in the region. The rising demand for gas to power conversion units in countries in the APAC region is likely to be a major driver for the FSRU market in the region, as the greater environmental viability of natural gas has led to increasing use of the fuel in energy generation plants in place of conventional fuels such as coal.
Countries that have constraints on building onshore regasification facilities are likely to be the major players in the global FSRU market. FSRUs are both cheaper and faster to construct than onshore regasification facilities. An FSRU can be deployed anywhere in the water, costs about 40-50% less than an onshore regasification facility, and is built within half the time required for the latter. This is likely to make FSRUs the preferred choice for regasification in countries lacking promising situations for onshore regasification units.
The Middle East has the world’s highest number of FSRUs and is likely to remain a leading regional market in global terms due to the high volume of natural gas present in the region.
Competitive Analysis:
Leading players in the global FSRU market include Excelerate Energy (U.S.), Golar LNG (Bermuda), Gazprom FLEX LNG (UK), Maran Gas Maritime Inc. (Greece), Mitsui O.S.K. Lines (Japan), Teekay LNG Partners LP (Bermuda), Bumi Armada (Malaysia), Offshore LNG Toscana SpA (Italy), Exmar (Belgium), BW Gas (Norway), and Hoegh LNG (Bermuda).
Industry Updates:
In December 2018, Australian company AGL acquired an FSRU on a long-term charter from Hoegh LNG, to be installed in its proposed LNG import project at Crib Point, Victoria.
In January 2019, Russia opened its first FSRU, owned by Gazprom and stationed in Kaliningrad.
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Table of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Global FSRU Market, By Construction
5.1 Introduction
5.2 Newly Built
5.2.1 Market Estimates & Forecast, 2018-2023
5.2.2 Market Estimates & Forecast By Region, 2018-2023
5.3 Converted
5.3.1 Market Estimates & Forecast, 2018-2023
5.3.2 Market Estimates & Forecast By Region, 2018-2023
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Website: https://www.marketresearchfuture.com/reports/fsru-market-6158
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