About this market
The stabilization of crude oil prices to drive growth in the market. Crude oil prices from 2014 to 2016 have witnessed fluctuations with steep variations in the price of crude oil per barrel, even though the market did not observe any reduction in the quantity of crude oil supplied across the globe. The volatility of crude oil prices affects the entire value chain as well as exploration and production (E&P) activities as these activities are solely dependent on the profitability of the industry. Technavio’ s analysts have predicted that the floating storage regasification unit market will register a CAGR of over 9% by 2022.
Market Overview
Cost competitiveness of FSRU
An FSRU uses a hybrid ship for the transportation of LNG from its source of production to different regions across the globe. These ships offer a solution to the shortage of fuel and help in meeting the power requirements across various end-users.
Growth in number of alternatives
These alternative techniques of LNG transportation are used mainly for offshore storage and transportation purposes.
For the detailed list of factors that will drive and challenge the growth of the floating storage regasification unit market during the 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Golar LNG and Höegh LNG the competitive environment is quite intense. Factors such as the stabilization of crude oil prices and the cost competitiveness of FSRU, will provide considerable growth opportunities to floating storage regasification unit manufactures. BW Gas, Excelerate Energy, EXMAR, Golar LNG, Höegh LNG, and Mitsui O.S.K. Lines are some of the major companies covered in this report.