Aug 18, 2021 (Market Insight Reports) -- FSRU (Floating Storage and Regasification Unit) Market Key Players
Key contenders profiled in the global FSRU (Floating Storage and Regasification Unit) Market report 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 players have incorporated strategies such as mergers and agreements, joint ventures and collaborations, partnerships, geographic expansions, strategic alliances, and others to stay at the forefront.
The FSRU (Floating Storage and Regasification Unit) Market is projected to develop at a healthy 13.88% CAGR between 2018- 2023, as per the current Market Research Future (MRFR) analysis. A floating storage regasification unit or FSRU, simply put, is a key component needed during transit and transfer of liquefied natural gas (LNG) via oceanic channels. In short, it is a special form of ship used to transfer LNG. It has wide applications in power generation, industrial, and others.
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Various factors are fuelling the demand for the FSRU market. Such factors, as revealed by the new MRFR analysis, include growing production of natural gas, shale gas revolution, consequently falling prices, rising LNG import demand from automotive sectors and power plant, and increasing LNG trade worldwide. Additional factors adding market growth include changing consumers demand, consumers rising disposable income, changing product preference, and existing trends.
On the contrary, issues with storage capacity and the ongoing COVID-19 pandemic may limit the global FSRU market growth over the forecast period.
The global FSRU (Floating Storage and Regasification Unit) Market has been segmented by construction into newly built and converted. The converted segment is likely to gain centerstage during the forecast period. This can be attributed to retrofitting FSRU systems on existing vessels for a nominal price.
Based on storage, the market has been segmented into small, medium, and large FSRU, which is constructed and depends on the capacity and requirements of clients. The small and medium segments are likely to gain revenue for the market owing to the utilization of barges for serving as a small utility unit. This segment can succeed owing to new policies favoring LNG and need for clean power generation.
By application, the market has been segmented into industrial, power generation, and others.
Based on region, the global FSRU (Floating Storage and Regasification Unit) Market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, & the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. Rising gas to power conversion unit, encouraging the usage of natural gas on large levels, is adding to the global FSRU market growth in the region.
The global FSRU market in North America is predicted to have sound growth over the forecast period. The tremendous growth in export, new upcoming liquefaction projects, high involvement in LNG production, possessing operational, technical, and logistics capabilities, are adding to the global FSRU market growth in the region.
In Europe, the FSRU (Floating Storage and Regasification Unit) market is predicted to have moderate growth over the forecast period for the limited deployment of FSRU across the region.
The global FSRU (Floating Storage and Regasification Unit) Market in the MEA is predicted to have sound growth over the forecast period at a healthy CAGR. Presence of maximum FSRU worldwide and the presence of reserves that fulfil the demand for LNG across the globe are adding to the global FSRU market growth in the region.
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