The Fsru Market To See An Innovation-Based Growth At A CAGR Of 8% Between 2020-2030

Covid-19 To Compel The Market Participants To Let 2020 Just Pass?

Persistence Market Research states that the global FSRU (Floating Storage & Regasification Unit) market is set to witness a CAGR of over 8% between 2020 and 2030. The production of natural gas has been growing at an exponential rate. This could be attributed to continuously falling prices due to shale gas revolution coupled with growing demand for LNG imports from automotive sectors and power plants.

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Artificial Intelligence would be the torchbearer of industrial automation in the next decade. The AI-related techniques are bound to lead not just the wave of technological advancements, but also prove to be economically relevant. This could be credited to powerful and flexible machine software. Also, in future, functional tests concerned with manufacturing equipment are likely to be performed by making use of comprehensive modes regarding virtual and simulation commissioning.

Production machines would thus be digitally fed, that too, with the “live” data all through the equipment’s lifecycle. Wireless protocols such as 5G would be the buzzword going forward. Persistence Market Research is there with the automation-oriented mindsets of its analysts and consultants followed by insights regarding the same.

Consistency witnessed in the form of demand for 140,000 – 180,000 mStorage Capacity

There are two categories of FSRU as per storage capacity – 140,000 – 180,000 mand above 180,000 m3. In the initial days, it was a norm to have vessels with storage capacity having upper limit not more than 140,000 m3. However, this limit was raised to 170,000 m3 in 2018 and that trend is being followed till date. Thus, the first category promises geometric progression all though the forecast period.

Demand from Near Shore and Port Based FSRU to Soar, Thereby Boosting the Demand for Inshore Terminals

The FSRU market has onshore and offshore terminals based on platform. FSRU (Floating Storage & Regasification Unit) vessels get anchored either using exclusive buoy systems offshore due to technical glitches or port congestion or are fixed near shoreline. The latter one is asked for, as it proves to be cost-effective as well as easily accessible (maintenance is easy). As such, the inshore terminals are likely to account for US$ 700 Mn+ absolute opportunities in the subsequent 10 years.

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How About Barge-Based and Carrier-Based Vessels?

Coming to the “design’ aspect, the FSRU (Floating Storage & Regasification Unit) constitutes carrier vessel-based and barge-based. Barge-based vessels are emerging as the most sought-after ones, especially where the small-scale LNG import comes into picture. Otherwise, carrier-based vessels are doing a good job.

What do Regions have to Say?

The fastest growing economies like Southeast Asia and MEA are expected to lead the FSRU (Floating Storage & Regasification Unit) market due to the growing demand for FSRU terminals herein due to remote locations and non-existence of pipeline networks. FSRU terminals prove to be a feasible alternative for the LNG imports in comparison with land-based terminals due to fast project turnaround time coupled with flexibility. MEA and Asia-Pacific are collectively expected to account for more than 80% of revenue generated in FSRU market between 2020 and 2030.

Competitive Landscape

The fleet owners leasing out vessels to the terminal operators through long-term contracts govern the FSRU market. At times, the operators end up buying out vessel. Due to a handful of fleet owners available, the competition is fierce. Inorganic modes of expansion are being followed.

For instance –

  • Hoegh, in Sep 2018, did receive an order from CCB Financial Leasing Co. Ltd. to supply FSRU # 10. It was delivered in Q2 2019.
  • Exmar NV, in Dec 2017, received an order from Wison Shipyard to supply barge-based FSRU with storage capacity of 26,000 mLNG and regasification capacity of 600MMSCFD.
  • In Feb 2017, Excelerate Energy inked a deal with DSME (Daewoo Shipbuilding and marine Engineering) to deliver up to 7FSRU vessels.

The other players in the FSRU market include Golar LNG Limited, Cosco Shipping International (Hong Kong) Co., Ltd., Keppel Offshore & marine Ltd, MITSUI & CO., LTD., BW LPG Limited.

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