Aug 23, 2023

News provided by Share this article Share toX NEW YORK, Aug. 23, 2023 /PRNewswire/ -- The  floating storage regasification unit (FSRU) market  size is estimated to grow at a CAGR of 7.88% between 2022 and 2027 and the size of the market is forecast to increase by 805.25 million, according to Technavio. Stabilization of crude oil prices is the key trend in the market. Crude oil prices, from 2014 to 2020 have not fallen globally but crude oil prices continue to fluctuate. Such fluctuations have an impact on E&P performance because they are often dependent on industry profitability. Falling crude oil prices in 2014 and 2020 led to a halt in some E&P activities. Furthermore, steady crude oil prices suggest a pause in E&P activity. According to the IEA, natural gas is expected to account for more than 25% of the energy demand of the world by 2040. This natural gas growth forecast is expected to boost the growth of the market during the forecast period. View new Sample Report within minutes! South America The power generation segment will account for a major share of the market's growth during the forecast period. FSRU is showing rapid growth due to the increasing demand for LNG worldwide. Accompanying this increase, LNG carriers are developing a floating power plant. Owing to these, they will produce power using LNG as fuel. These concepts are being introduced into the LNG market to support the transition from conventional fuels. Furthermore, the demand for LNG has increased due to the deployment of FSRUs, especially in Asia and Europe, to meet the demand for natural gas supply to improve the efficiency of power generation projects worldwide. Hence, these factors are expected to drive the growth of the segment during the forecast period. Floating Storage Regasification Unit (FSRU) Market: Market Dynamics Key driver - The cost competitiveness of FSRU is the key driver for the growth floating storage regasification unit (FSRU) market. An FSRU mainly uses a hybrid ship for the transportation of LNG from its production plant to different regions across the globe. These ships offer a major solution to the problems such as shortage of fuel and help in meeting the power requirements across various end-users. Furthermore, FSRUs offer a fast, affordable, and flexible mode of transport of natural gas to customers. According to the IEA, the cost of building an FSRU with all necessary facilities is 40%-50% less compared to the price of an onshore LNG facility. This competitive advantage offered by an FSRU and rising the rate of adoption of clean fuels are expected to drive the growth of the FSRU market during the forecast period. Significant Challenge - Growth in the number of alternatives is a challenge that affects the growth of the market. Floating Storage Regasification Unit (FSRU) Market 2023-2027: Company Analysis We provide a detailed analysis of around 25 companies operating in the Floating Storage Regasification Unit (FSRU) Market, including some of the companies such as BUMI ARMADA BERHAD, BW Group, Dynagas Ltd., Eni SpA, Excelerate Energy Inc., Exmar NV, Flex LNG Ltd., Golar LNG Ltd., H Energy Group of Companies, Hoegh LNG Holdings Ltd., Jaya Samudra Karunia Group, Karadeniz Holding A.S., LNG Hrvatska d.o.o, MITSUI and CO. LTD., OLT Offshore LNG Toscana Spa, RWE AG, SENER GRUPO DE INGENIERIA SA, Swan Energy Ltd., Teekay Corp., and Trafigura Group Pte. Ltd. our research reports on the Floating Storage Regasification Unit (FSRU) Market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support. What's New? - Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession Global competitiveness and key competitor positions Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial -  Buy the report! Companies offering - BUMI ARMADA BERHAD: The company offers floating storage regasification unit (FSRU) such as Armada TGT 1 and Armada sterling. BW Group: The company offers floating storage regasification units through BW LNG. Excelerate Energy Inc.: The company offers floating storage regasification unit (FSRU) such as FSRU 101. Floating Storage Regasification Unit (FSRU) Market 2023-2027: Key Highlights CAGR of the market during the forecast period 2023-2027 Detailed information on factors that will assist floating storage regasification unit (FSRU) market growth during the next five years Estimation of the floating storage regasification unit (FSRU) market size and its contribution to the parent market Predictions on upcoming trends and changes in consumer behavior The growth of the floating storage regasification unit (FSRU) market Analysis of the market's competitive landscape and detailed information on companies Comprehensive details of factors that will challenge the growth of the floating storage regasification unit (FSRU) market companies Register for trial today and gain instant access to 17,000+ market research reports. Related Reports: The  pipelay vessel operator market  size is estimated to grow at a CAGR of 3.85% between 2023 and 2027. The market size is forecast to increase by USD 57.18 million. Furthermore, this report extensively covers market segmentation by application (oil and gas, power, and others), type (J-lay barges, S-lay barges, and reel barges), and geography (APAC, North America, Middle East and Africa, and South America). Growing demand for oil and gas globally is the key driver for the growth of the market during the forecast period. The naval vessels market is estimated to grow at a CAGR of 13.5% between 2022 and 2027 and the size of the market is forecast to increase by USD 82.64 billion. Furthermore, this report extensively covers market segmentation by type (destroyers, aircraft carriers, frigates, submarines, and others), application (search and rescue, combat operations, mcm operations, and coastal surveillance), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Increasing investment in marine surveillance capabilities is the key driver notably driving the growth of the market during the forecast period. Floating Storage Regasification Unit (FSRU) Market Scope Report Coverage Key companies profiled BUMI ARMADA BERHAD, BW Group, Dynagas Ltd., Eni SpA, Excelerate Energy Inc., Exmar NV, Flex LNG Ltd., Golar LNG Ltd., H Energy Group of Companies, Hoegh LNG Holdings Ltd., Jaya Samudra Karunia Group, Karadeniz Holding A.S., LNG Hrvatska d.o.o, MITSUI and CO. LTD., OLT Offshore LNG Toscana Spa, RWE AG, SENER GRUPO DE INGENIERIA SA, Swan Energy Ltd., Teekay Corp., and Trafigura Group Pte. Ltd. Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Table of contents About US Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contact