A floating storage regasification unit (FSRU) is a component for transferring and transmitting liquefied natural gas through the oceanic channels. in addition, it is known as a ship used for liquefied natural gas transfer. The floating storage regasification is a quick and flexible way of supplying natural gas for fast track projects. It plays an important role in LNG carriers and the local gas supply infrastructure. The floating storage regasification unit is used to supply natural gas, producing hydrocarbons, and energy sectors. This technique makes transferring fuel an easy task and prevents degradation of the oceanic ecosystem by the leakage of fuel. Thus, it becomes an essential to storage liquefied natural gas in a semi-frozen state with the help of a floating storage regasification unit system.
COVID-19 impact analysis
- The global market for floating storage regasification unit is severely impacted by the outbreak of the COVID-19 pandemic.
- The suspension of activities in the energy, transportation, and marine sectors is anticipated to limit the demand for floating storage regasification unit, due to restrictions imposed to maintain social distancing and less demand for liquefied natural gas.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, inadequate growth towards gas to power projects will further hamper the production rate of floating storage regasification unit, thus negatively impacting the market growth.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Surge in demand for environment-friendly liquefied natural gas is the major driver of the floating storage regasification unit market. LNG is a suitable technique in which natural gas can be moved through long distances. FSRU units help in relocating energy changes from one location to another easily. Thus, these systems are considered as an ideal means to supply and transfer natural gas. Furthermore, the construction of the floating storage regasification is inexpensive and leads to adopting of this technique globally, owing to its high mobility and commercial flexibility. The technique emits low carbon, and is suitable for the environment, which makes floating regasification unit ideal for use. The major restraint for the FSRU market is its large capital for installations and the high cost of production due to the volatility in the oil & gas industry. In addition, the floating storage regasification unit has low capacity storage of LNG, which will hamper the growth of the market during the forecast period.
Key benefits of the report
- This study presents the analytical depiction of the global floating storage regasification unit market industry along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the floating storage regasification unit market share.
- The current market is quantitatively analyzed to highlight the Floating storage regasification unit market growth scenario.
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
Floating Storage Regasification Unit Market Report Highlights
By End User
Key Market Players
Trafigura, FLEX LNG, Excelerate energy, Ltd., EXMAR, Golar LNG, HOEGH LNG, Bumi Armada, BW Gas