Press release
Global Floating Storage and Regasification Units (FSRUs) Market: Burgeoning Demand for Regasification of LNG to Propel Market, finds TMR Research
The analysis takes a closer look at the lucrative market avenues emanating in various economies. Recent investments by global players for the construction of new FSRUs to enhance their competitiveness quotient are highlighted. The research study highlights key risk factors associated with the operations of FSRUs and evaluates their impact on the strategies of leading market players.
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The global floating storage and regasification unit market is primarily driven by the pressing need for LNG importers to transport LNG safely over far distances and fast-tracking regasification access to remote locations in a cost-effective manner. Regions characterized by unpredictable gas requirements, especially those dependent on LNG imports, increasingly contribute to the soaring demand for FSRUs. The rising advantage of offshore receiving facilities over various onshore systems translates into a higher demand for FSRUs, which is expected to propel the market along the forecast period.
However, the risk factors linked with the high pressure of FSRU operations, coupled with high vessel leasing cost, are likely to hinder the demand for FSRUs. Nevertheless, the increasing viability of refurbished regasification units to better balance the supply and demand requirements of LNG in various quarters is anticipated to unlock abundant opportunities for companies. Furthermore, recent technological advances in electric propulsion systems, such as dual-fuel systems, to optimize fuel efficiency onboard and aid in the maintenance of vessels are expected to attract large investments by major shipbuilders.
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The construction of FSRUs across various major regions is anticipated to soar due to their significantly enhanced mobility and the burgeoning demand from several power generation facilities that use natural gas as a fuel.
South America and Europe are anticipated to witness numerous FSRU construction projects to meet LNG requirement in emerging economies to satisfy their soaring energy demands. Asia Pacific is emerging as a lucrative market for FSRUs, driven by the substantial demand for LNG as an environmental-friendly fuel in several economies. Coupled with this, continuous advancement in LNG regasification systems from global leading shipbuilders in countries such as South Korea, Japan, and China is likely to boost the regional market.
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A large number of players in the market are capitalizing on the opportunities emanating out of the diversification of energy resources in several energy consuming economies. Major players eyeing a significant share in the FSRUs market include Teekay Corporation, Excelerate Energy, ENGIE, Leif Höegh & Co, BW Offshore, Golar LNG, and Flex LNG Ltd.
About TMR Research
TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.
Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.
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