About Floating Storage and Regasification Unit (FSRU)
FSRU refers to a floating storage and regasification unit (FSRU), which is a floating vessel used to transport, store, and regasify liquefied natural gas (LNG) onboard. It is also known as LNG storage ship. Generally, an FSRU includes LNG storage tanks, as well as equipment for LNG loading and unloading and LNG regasification. An FSRU serves as a special type of LNG tanker used to transfer LNG from one place to another via sea routes. Compared to a traditional land-based solution, a floating regasification solution saves time and money and ensures minimal footprint, with a dockside or offshore regasification facility requiring less land use than a land-based terminal. Furthermore, the rising natural gas demand is also considered to be one of the vital aspects causing a surge in the performance of the global market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.65% |
Competition among existing players is due to the Floating Storage and Regasification Unit (FSRU) market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Floating Storage and Regasification Unit (FSRU) market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Floating Storage and Regasification Unit (FSRU) market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hoegh LNG (Germany), Excelerate Energy LP (United States), New Fortress Energy Inc. (Ireland), BW LNG (Singapore), Mitsui O.S.K. Lines, Ltd. (Japan), EXMAR NV (United States), Bumi Armada (Russia), Dynagas LTD. (Russia), Karpowership (Turkey), OLT Offshore LNG Toscana (Italy) and Qatar Gas Transport Company Ltd. (Qatar) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Maran Gas Maritime Inc. (Greece), LNG Hrvatska d.o.o. (Croatia) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Floating Storage and Regasification Unit (FSRU) market by , Application (Power Generation, Oil & Gas Industry, Marine Transportation and Others) and Region.
On the basis of geography, the market of Floating Storage and Regasification Unit (FSRU) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Floating Storage and Regasification Unit (FSRU) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
The FSRU growth in small scale LNG distribution. and The development of new FSRU technologies that enhance efficiency and reduce operational cost.
Market Growth Drivers:
Increasing LNG demand. and Cost effective infrastructure.
Challenges:
The operation of FSRU's involves complex process and technical challenges., Metocean conditions threaten the availability of an FSRU. and FSRU's is the limited deck and storage space.
Restraints:
The long term contractual commitments required for FSRU's.
Opportunities:
Expansion in emerging countries.
Market Leaders and their expansionary development strategies
In January 2024, Milbank LLP represented the lenders in connection with the financing for the acquisition by Energos Infrastructure, an international marine LNG infrastructure company, majority-controlled by Apollo-managed funds and minority shareholder New Fortress Energy Inc., of two Floating Storage and Regasification Units (FSRUs) from affiliates of Dynagas. The two 174,000 m3 closed-loop FSRUs has been renamed Energos Force and Energos Power and has operate in Germany.
In June 2023, GAZ-SYSTEM, Polish gas transmission system operator, has launched Phase 2 of its Open Season procedure for the floating storage regasification unit (FSRU) terminal project in Gda. The FSRU terminal is to be designed to perform a regasification of 6.1 billion cubic metres (bcm) of gaseous fuel per year.
Key Target Audience
Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.