NEW YORK, Feb. 01, 2018 (GLOBE NEWSWIRE) -- The FSRU market is expected to witness a CAGR of 13.6% and is projected to reach 225.4 MTPA by 2023. Factors propelling the growth of FSRU market are flexible FSRU operation, increasing natural gas production, time and cost saving construction of FSRU, and reduced safety and environment restriction.
The report segments FSRU market by Construction Type (Converted, New Build) by Deployment (Onshore, Inshore), by End Use (Power generation, Industrial, Other), by Storage Capacity (Small Sized, Mid-Sized, Large Sized) by Operation Type (Liquefied gas Carrier-FSRU, FSRU, Others), by Region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Rest of the World (RoW)). The report studies the global FSRU market over the forecast period (2017-2023).
Floating storage and regasification unit (FSRU) involves the use of a specialized vessel which is capable of transporting, storing, and re-gasifying LNG onboard. FSRU can be purpose-built or can be built by modifying a conventional LNG vessel. The global floating storage and regasification unit (FSRU) market finds application in the energy sector. LNG being a cleaner burning fuel is fast capitalizing the global energy market.
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Key findings of the Global FSRU Market Report
- The global FSRU market was valued at USD 8.23 billion in 2016
- Based on Construction Type, the New Built FSRU is expected to experience a highest CAGR during the forecast period. The limitation of low storage capacity of converted FSRU bolsters the demand for New Built high capacity FSRU
- Based on End-Use, the Power Generation is currently dominating and is expected to maintain its dominance in FSRU market during the forecast period. The proliferation of the use clean fuel to generate power will increase the deployment of FSRU
- The Offshore FSRUs is the largest segment in 2016. The development of LNG infrastructure including submerged turret loading system and terminals have bolstered the growth of offshore FSRU
- Based on Storage Capacity, the number of large-sized FSRU have increased recently and is expected to further increase during the forecast period
- Geographically, Asia-Pacific is the largest FSRU market and is expected to continue its dominance in the near future. The gas-to-power projects coupled with the demand from developing countries have propelled the growth of FSRU in the region
- South America is the second largest FSRU market in 2016. The expansion of regasification capacity of the region has given impetus to FSRU projects. Brazil with the largest deployment is the hotspot of FSRU projects in the region
- In 2017, Samsung Heavy Industries has received an order to build a 170,000 cubic meter FSRU to support a gas-to-power project in Indonesia. The ship is expected to be delivered in January 2019
- In 2015, GOLAR LNG signed a five year deal with West African Gas Ltd to charter 170,000 cbm FSRU in Tema
- The key players dealing in the FSRU market are Hoegh LNG, Excelerate Energy, Golar LNG, Wartsila, BW Offshore, EXMAR, Teekay LNG, Mitsui O.S.K Lines, Gazprom and Maran Gas Maritime Inc.
Investor Corner
The favorable LNG prices have given impetus to the investments in FSRU market globally.The world is looking for clean fuel to meet their energy requirement. This has increased the market capitalization of LNG in the energy mix of the world. FSRU has facilitated to meet the seasonal demand of LNG as well as it has brought remote LNG markets online. The first FSRU installed in 2008 since then the fleet of FSRU has grown to about 24 in 2016 and is expected to reach around 40 by 2020.The investors are lured by the capital expenditure involved in converting an existing LNGGC that is almost half of new built FSRU. This has served as market entry strategy of new companies investing in the FSRU market. A pocket of opportunity lies in the construction of floating storage and regasification barges (FSRB). FSRB are compact vessels with high regasification capacity and low storage capacity. FSRB is particularly suited for those economies who have land constraints and ready to deploy floating regasification unit for the long term.
Regional Insight
FSRU is advantageous for the countries that have dwindling or stagnant domestic gas production or are looking for alternatives to expensive liquid fuels in a relatively short time and with a limited budget. A trend of increasing deployment of FSRU among the developing countries is being observed. The Asia-Pacific countries have taken the lead in the deployment of FSRU. The land constraints of many Asian countries have made FSRU a viable solution. The proliferation of LNG in new markets such as Bangladesh have brought up additional investment in the FSRU market. The economies in South America is fast capitalizing on FSRU deployment. Brazil being the hotspot of FSRU projects has emerged as a leader in the South American region. The additional demand from Caribbean nations such as Jamaica where LNG is used for power generation and as a fuel in bauxite and aluminum industry propel the growth of FSRU market during the forecast period. The European market is set to remain weak, but an increase in Intra-Pacific trade will likely shift more Atlantic and Middle East volumes to Europe, giving European market significant growth potential.
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