According to one of the published reports, the projected value of the global FSRU (Floating Storage Regasification Unit) market in 2018 is US$ 1,217.9 Mn and the market is estimated to reach US$ 2,380.3 Mn by 2026 with a CAGR of 8.7%.
The Global FSRU (Floating Storage Regasification Unit) market is projected to create an incremental $ opportunity worth US$ 1,162.4 Mn during the forecast period.
FSRU (Floating Storage Regasification Unit) 40% more Cost Effective than Land-based Terminals
A Floating Gas Regasification Unit (FSRU) is used for the conversion of LNG (Liquid Natural Gas) gas into a liquid state, as in its gaseous state, LNG occupies more space as compared to its liquid state. FSRU (Floating Storage Regasification Units) are installed at onshore or offshore locations. Increasing production of LNG, coupled with growing LNG trade volumes based on the high demand from importing countries, is expected to drive the global FSRU (Floating Storage Regasification Unit) market during the forecast period. Moreover, a FSRU (Floating Storage Regasification Unit) required relatively less capital expenditure as compared to land-based terminals. Approximately, FSRU (Floating Storage Regasification Units) are 40% cheaper as compared to land-based terminals, which in turn drives the growth of the floating storage regasification market.
On the flip side, the storage capacity of FSRU (Floating Storage Regasification Units) is a major restraint to market growth. For example, the most commonly constructed size for FSRU (Floating Storage Regasification Units) has a storage capacity of 173,000 m3. Only a few have larger capacities and they are built on custom orders.
Middle East & Africa to Grow with a Significant CAGR in the Global FSRU (Floating Storage Regasification Units) Market
By regasification capacity, the above 5.5 MTPA segment dominates the global FSRU (Floating Storage Regasification Units) market as of 2018 while the less than 2.5 MTPA segment is estimated to capture more than an 80% value share of the global FSRU (Floating Storage Regasification Unit) market by the end of 2026. Further, the 2.5- 5.5 MTPA segment is expected to create an incremental $ opportunity worth US$ 175.06 Mn between 2019 and 2018.
By storage capacity, the up to 140,000 m3 segment is expected to grow with a noteworthy CAGR in the FSRU (Floating Storage Regasification Unit) market during the forecast period. In terms of value share, the 140,000 to 180,000 m3 segment is expected to dominate the FSRU (Floating Storage Regasification Unit) market throughout the forecast period. Interestingly, the value share of this segment in the FSRU (Floating Storage Regasification Unit) market is expected to reach nearly 84.1% by the end of 2026.
By platform, the offshore terminal segment is expected to grow with a considerable CAGR in the global FSRU (Floating Storage Regasification Unit) market throughout the forecast period. But, in terms of value share, the inshore terminal segment is expected to account for a noteworthy value share in the global FSRU (Floating Storage Regasification Unit) market during the forecast period. Furthermore, the inshore terminal segment is projected to create an absolute $ opportunity 1.7X that of the offshore terminal segment in the FSRU (Floating Storage Regasification Unit) market during the assessment period.
By design, the carrier vessel-based segment is expected to dominate the global FSRU (Floating Storage Regasification Storage Unit) market throughout the forecast period. The carrier vessel-based segment is expected to be valued at US$ 941.2 Mn in 2018.
By region, the Middle East & Africa region is expected to grow with a significant CAGR in the global FSRU (Floating Storage Regasification Unit) market during the forecast period. It is expected to grow with a sizable value share throughout the slated time period. Asia Pacific is expected to reach US$ 560.8 Mn by the end of 2026. The Americas region is expected to grow with a sluggish growth rate in the global FSRU (Floating Storage Regasification Unit) market as compared to the other regions as the region is highly involved in the production of Liquid Natural Gas (LNG). Europe is also projected to grow with a moderate CAGR in the global FSRU (Floating Storage Regasification Unit) market during the forecast period, owing to the limited deployment of FSRU (Floating Storage Regasification Units) across Europe.
Global FSRU (Floating Storage Regasification Unit) Market Competitive Landscape
Some of the prominent players involved in the chartering of FSRU (Floating Storage Regasification Unit) and included in this study on the FSRU (Floating Storage Regasification Unit) market are Citec Group Oy Ab, BW LPG Limited, Leif Höegh & Co, Exmar NV, Flex LNG Management AS, Excelerate Energy L.P., Keppel Offshore & Marine Ltd, PSA Marine (Pte) Ltd., Cosco Shipping International (Hong Kong) Co., Ltd., Gaztransport & Technigaz, Sener Group, Mitsui & Co., Ltd., Golar LNG Limited, Ochre Energy and NextDecade Corporation.
These insights are based on a report on FSRU (Floating Storage Regasification Unit) Market by Persistence Market Research.
