As per the estimation, the global FSRU market is expected to increase from 85 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 global Floating Storage and Regasification Unit (FSRU) market is expected to grow at a high rate and the main reason is the boom in the LNG (Liquified Natural Gas) market. This acts as a catalyst for the economic growth in various countries worldwide, as it is environment-friendly and viable to be adopted in a shorter period of time to reduce the carbon emissions. Recent discoveries in offshore regions have been made, which focus on fulfilment of the demand for various sectors, such as transportation, power generation as a feedstock for petrochemical manufacturers, and other end-users. FSRU market helps get natural gas on time and makes it readily available to local markets. Diversification in the market is prominent, fulfilling the demands for LNG and natural gas, globally. FSRU business is growing exponentially to meet the demand for green fuel.
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In MFRF’s report, the global FSRU market is segmented on the basis of construction, storage and application.
Based on storage, it is segmented into converted FSRUs and newly built FSRUs.
Based on storage capacity, the FSRU market is segmented into large, medium and small-sized FSRU.
Based on application, it is segmented into power generation and industrial.
Based on region, the global FSRU market cover growth opportunities and latest trends across North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.
Of these, Asia Pacific will dominate the market during the assessment period owing to the region’s increasing demand for LNG. The increasing need for gas to power conversion units especially in countries under the APAC region is predicted to propel the growth of the FSRU market in this region with higher environmental viability of the natural gas that has boosted the fuel usage in the energy generation plants as a substitute to conventional fuels such as coal. The countries which have constraints to build onshore regasification facilities is predicted to be the key players in the FSRU market.
The Middle East is anticipated to have the largest number of FSRUs in the world and also predicted to remain the leading regional market owing to natural gas available in plenty in this region.
Leading players profiled in the FSRU market include L.P. (Bermuda), Teekay Lng Partners, Bumi Armada (Malaysia), Mitsui O.S.K. Lines (Japan), Offshore LNG Toscana SpA (Italy), Maran Gas Maritime Inc. (Greece), Exmar (Belgium), Gazprom FLEX LNG (U.K), BW gas (Norway), Golar LNG (Bermuda), Hoegh LNG (Bermuda) and Excelerate Energy (U.S).
Industry Related News:
December 2018 – AGL, a leading Australian company acquired an FSRU from Hoegh LNG on long-term charter for being installed in their LNG import project in Victoria.
January 2019 – The first ever FSRU was opened recently in Kaliningrad, Russia and owned by Gazprom.
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
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
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