Global FSRU Market Forecast to Surge $805.25 Million by 2027

October 20, 2023:The global floating storage regasification unit (FSRU) market is expected to grow by $805.25 million from 2022 to 2027, at a CAGR of 7.88%, according to a new report by Research and Markets.

The growth of the FSRU market is attributed to several factors, including:

1. Rising demand for LNG: Liquefied natural gas (LNG) is a clean and efficient fuel that is becoming increasingly popular worldwide. FSRUs are essential for converting LNG back into natural gas so that it can be used to generate electricity or power industrial processes.
2. Increasing need for flexible and scalable LNG import solutions: FSRUs offer a flexible and scalable way to import LNG, as they can be deployed to new locations relatively quickly and easily. This is particularly attractive for countries looking to reduce their reliance on pipeline imports, or that do not have existing LNG import infrastructure.
3. Growing availability of FSRU vessels: The number of FSRU vessels in operation has increased significantly in recent years, and more vessels are currently under construction. This has made FSRUs more affordable and accessible for countries looking to import LNG.
4. The FSRU market is segmented by region, type, and application. The market is segmented by region into North America, Europe, Asia Pacific, and South America. By type, the market is segmented into conventional FSRUs and hybrid FSRUs. The market is segmented by application into power generation, industrial use, and city gas.

Asia Pacific is the largest market for FSRUs, followed by Europe and North America. The growth of the FSRU market in Asia Pacific is attributed to the rising demand for LNG in the region. The growth of the FSRU market in Europe is attributed to the increasing need for flexible and scalable LNG import solutions. The growth of the FSRU market in North America is attributed to the growing availability of FSRU vessels.

The key players in the FSRU market include Exmar, Höegh LNG, BW LNG, and Excelerate Energy. These companies offer various FSRU services, including vessel chartering, regasification services, and FSRU project development.