A floating storage and regasification unit is considered as a vital component, which is required while transferring and transiting liquefied natural gas (LNG) using oceanic channels. It is also known as a special kind of ship that is only used for the transferring of LNG across the globe. The tremendous demand for liquefied natural gas across different parts of the world is one of the major factors projected to encourage the growth of the global floating storage and regasification units market in the next few years.
The growing need of LNG importers to fast track regasification access is anticipated to fuel the growth of the overall market in the coming years. As regions worldwide have comparatively unexpected and smaller gas requirements, the floating storage and regasification units are projected to fulfill their demands. In addition, the low cost of construction required for floating storage and regasification units is another essential aspect, which is likely to contribute towards the development of the global market in the coming few years.
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The global market for floating storage and regasification units is expected to find application in the energy sector. As transferring of fuel is a complication task, as slight callousness can result in loss of the fuel, degrade the oceanic ecosystem, and can take a toll on lives of several people. As a result, the entire process of the transfer is done within the ship itself in order to avoid the need to unload the liquefied natural gas in its semi-frozen state. A high level of competition is expected in the near future with a potential rise in the number of players entering the global floating storage and regasification units market.
Global Floating Storage and Regasification Units Market: Overview
The global market for floating storage and regasification unit (FSRU) is predicted to ride on the need to transport liquefied natural gas (LNG) to remote locations. LNG is the most suitable form in which natural gas can be moved through long distances. An FSRU can cost-effectively and time-efficiently store and regasify LNG and provide a convenient access to the global LNG supply for LNG importers.
Global Floating Storage and Regasification Units Market: Drivers
One of the primary drivers of the global FSRU market is the ability of FSRUs to help LNG importers gain a fast track regasification access. As the need for energy changes, these units can be easily relocated from one location to another. Regions that have comparatively unpredictable and typically smaller gas requirements can essentially benefit from floating regasification systems. In fact, these systems are considered to be an ideal means of supplying for the gas needs of such regions. Additionally, the systems have a lower cost of construction, which makes them more ideal.
The construction of large scale land-based terminals could be infeasible, considering the smaller requirements and remote locations of certain power generation facilities. A new set of risks is expected to be associated with the high pressure of FSRU operations, which is not the case with the conventional LNG carriers. Such downtrends could emerge as a restraint in successfully converting existing LNG carriers into FSRUs.
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Howbeit, the adoption of FSRUs in the global market has increased considerably, owing to the significant mobility witnessed on the part of these units. Most remote power generation facilities use natural gas as a fuel for generating power. These facilities find it extremely convenient to get natural gas supplied to their faraway locations. While FSRUs can be constructed by transforming the old LNG carriers, they can also be built on demand.
Global Floating Storage and Regasification Units Market: Geography
In the current scenario, the international market for FSRU is observed to be one of the most profitable ones, especially in the energy sector. The overall FSRU market is poised to grow on a global platform on the back of the augmenting penetration of the LNG market in different economies of the world. South America and Europe are projected to witness multiple projects built to satisfy the substantial requirement of LNG to fulfill the energy demands. Especially in countries such as South Korea, Japan, and China, the Asia Pacific region is anticipated to demonstrate weighty growth prospects.
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Global Floating Storage and Regasification Units Market: Companies
Excelerate Energy, Teekay Corporation, GDF Suez, Hoegh LNG, Flex LNG, BW Offshore, and Golar LNG among others are the significant industry players expected to exhibit a strong competition in the global FSRU market. Most players in the market are foreseen to take advantage of the diversification of energy sources by the major energy consuming economies. Such a diversification is deemed to have birthed from the need to reduce the dependence on imported petroleum and improve international competitiveness. Players are also looking to cash in on the developed and developing economies consuming natural gas in a significant measure.
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