FSRU (Floating Storage and Regasification Unit) Market Research Report – Forecast to 2030

FSRU (Floating Storage and Regasification Unit) Market Research Report: Information by Construction (Newly built and Converted), by Storage (Small, Medium and Large), by Application (Industrial and Power Generation), and by Regions – Forecast till 2030

ID: MRFR/E&P/4700-HCR | November 2022 | Region: Global | 100 Pages         

FSRU (Floating Storage and Regasification Unit) Market

FSRU (Floating Storage and Regasification Unit) Market is expected to increase from 85 MTPA in 2020 to 2030 MTPA in 2030 at a CAGR of approx. 13.88%


By Construction Newly built Converted
By Storage Small Medium Large
By Application Industrial Power Generation

Key Players

  • Excelerate Energy (U.S)
  • Hoegh LNG (Bermuda)
  • Golar LNG (Bermuda)
  • BW gas (Norway)
  • Gazprom FLEX LNG (U.K)
  • Exmar (Belgium)
  • Maran Gas Maritime Inc. (Greece)
  • Offshore LNG Toscana SpA (Italy)
  • Mitsui O.S.K. Lines (Japan)
  • Bumi Armada (Malaysia)
  • Teekay Lng Partners L.P. (Bermuda)


  • Mobility
  • Technology Feasibility
  • Flexibility
  • Availability
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FSRU (Floating Storage and Regasification Unit) Market will increase from 85 MTPA to 2030 with a CAGR of 13.88 %.

FSRU (Floating Storage and Regasification Unit) Market Scenario

The growing demand for natural gas is chiefly driving the market’s growth. The rise of new FSRU (Floating Storage & Regasification Unit) vessels with storage capacity constraints integrated with converting previous generation LNG carriers fuels the market.

It is propelling the economic growth of different countries worldwide due to its eco-friendly nature. This unit can reduce carbon emissions, due to which the market is getting support from the government. The discoveries in offshore regions to fulfil and meet the demand of various sectors, like power generation, transportation, petrochemical manufacturers, and end-users, are accelerating the market. FSRU market can help the verticals get natural gas on time and make it available for local markets. FSRU market will successfully meet the market’s demand, further leading to market expansion.

The FSRU emerged nearly 15 years back in early 2000. There are currently 26 FSRUs in the world, out of which 23 are operated as terminals, three operated as LNG tankers, and approx. 11 are under construction. The main reason behind the growth of this industry is commercial flexibility, scheduling, and lower cost. Moreover, it attracts the countries, which have land constraints to construct any stationary onshore regasification facilities and it takes years to build, commission, and operate. Due to that, FSRU acts as a perfect solution because it can be deployed anywhere.  The cost of a new FSRU is just 50-60% of an onshore terminal and that is to be delivered in half the time.  An FSRU costs approx. USD 250-300 million, is constructed in 25- 40 months, and the specifications depend on the client requirements & location.

The CNG market and LNG markets are evolving because of their low cost, low carbon emission, and easy transportation facilities. The factors driving the FSRU market growth are their mobility, technology feasibility, flexibility, and availability.  Service providers from various ventures have highly appreciated this trade due to the above-mentioned reasons.

FSRU (Floating Storage and Regasification Unit) Market Key Players

The key players in the global FSRU market are Excelerate Energy (U.S), Hoegh LNG (Bermuda), Golar LNG (Bermuda), BW gas (Norway), Gazprom FLEX LNG (U.K), Exmar (Belgium), Maran Gas Maritime Inc. (Greece), Offshore LNG Toscana SpA (Italy), Mitsui O.S.K. Lines (Japan) Bumi Armada (Malaysia), and Teekay Lng Partners, L.P. (Bermuda).

Recent Developments

April 2022

  • Floating gas-to-power, a specialist in Karpowership South Africa, showcased a floating storage regasification unit (FSRU) ship in Cape Town before it ventured to Rio de Janeiro. KPS SA planned on docking three vessels – at Richards Bay, Saldanha Bay, and Coega to generate 1.2 GW of power for South Africa’s grid for the 20 years.

  • Ellison, a subsidiary of Hellenic Petroleum and Italy’s Edison, will lead toward the opportunities for Greece’s position. It will offer the shipment of liquefied natural gas to Europe by implementing an independent Floating Storage Regasification Unit in Thessaloniki. The company has applied for an FSRU license from the Regulatory Authority for Energy. The project will be developed off Thessaloniki in the Thermaikos Gulf, and the operation will take place by 2025.

April 2022

  • EXMAR NV’s Executive Committee reported its first-quarter results in 2022. It has signed an agreement with GASUNIE of the regasification barge FSRU S188.

LNG is received through hoses or unloading arms and stored in tanks. The low-pressure pumps situated in storage tanks transfer LNG to the recondenser where it gets into contact with compressed boil-off gas from the storage tank, and the boil-off gas is condensed back into LNG before entering the high-pressure pumps. At every stage, fuel is measured to know about the losses. Pressure measurement is done at every stage of transferring the LNG, if required,   the pressure of LNG from approx. 5 bar g to 100 bar g raised as per the customer demand. Finally, the LNG is vaporized at export pressure, metered, and exported from export arms to the pipelines.

In terms of cost, the total capital cost of FSRU terminal consists of three major components, namely FSRU vessel, owner’s cost, and infrastructure cost whereas, the cost may be fluctuating according to service providers, client requirement, and specificity of location. As per the demand, Asia Pacific is expected to be the largest FSRU market during the forecast period, due to the gas to power conversion unit often encouraging the use of natural gas on a large level.

FSRU (Floating Storage and Regasification Unit) Market Segmentation


FSRU (Floating Storage and Regasification Unit) Market Regional Analysis

In 2016, Asia Pacific contributed approx. 160 MTPA to the global market. Thus, it can be predicted that it will have further growth during the forecast period. This growth was for the easy availability, accessibility, and flexibility from the supply side of LNG because of FRSUs. The Middle East has the maximum number of FSRU across the world and possess reserves that can fulfill the demand for LNG across the world.

Report Scope:

Report Attribute/Metric Details
  Market Size   2030 230 MTPA
  CAGR   13.88% 2030
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Construction, Storage and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Excelerate Energy (U.S), Hoegh LNG (Bermuda), Golar LNG (Bermuda), BW gas (Norway), Gazprom FLEX LNG (U.K), Exmar (Belgium), Maran Gas Maritime Inc. (Greece), Offshore LNG Toscana SpA (Italy), Mitsui O.S.K. Lines (Japan) Bumi Armada (Malaysia), and Teekay Lng Partners, L.P. (Bermuda)
  Key Market Opportunities   New product launches and R&D Amongst major key players
  Key Market Drivers

  • Mobility
  • Technology Feasibility
  • Flexibility
  • Availability

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    Frequently Asked Questions (FAQ) :

    A floating storage regasification unit, abbreviated as FSRU, is an important component that is used for transiting and transferring of liquefied natural gas (LNG) via ocean channels. FSRU is often referred to as a special ship that is used specifically for the transportation of LNG.

    Natural gas is an excellent alternative source for fossil fuel. LNG is being used to fuel automobiles instead of diesel and petrol. It is due to the depletion of fossil fuel and the growing need to curb vehicular emission, LNG is being used extensively as a clean and renewable source of energy. Hence, the surge in the demand for LNG is encouraging its import and export across different countries. Mostly, the transportation is done via water bodies. It is important to note that the LNG spill on an ocean can be dangerous for marine creatures. Thus, specialized vehicle, FSRU is gaining popularity. This is expected to spur the global FSRU market growth.

    Addition causes, such as operational flexibility, and an increase in the production and supply of LNG can bolster the worldwide FSRU market growth.

    Ease of installation, quick offloading, better physical space management, and seamless execution of heating and liquefaction process are advantages offered by FSRU that are expected to benefit the market.

    MRFR, in its latest “FSRU Market” report, states that the market can strike a 13.88% CAGR in the assessment period.