LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global floating storage regasification unit market to post a CAGR of over 9% during the forecast period, according to their latest market research report.
Stabilization of crude oil prices is one of the major trends being witnessed in the global floating storage regasification unit (FSRU) market 2018-2022. From 2014 to 2016, crude oil prices 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 activities as these activities solely depend on the profitability of the industry. In 2014, fall of crude oil prices led to a number of E&P activities being put on hold.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
According to Technavio analysts, one of the key factors contributing to the growth of the global floating storage regasification unit market is the cost competitiveness of FSRU:
Global floating storage regasification unit market: 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. Furthermore, they offer quick transportation of LNG, which drives the rate of adoption of FSRU. These vessels are docked in a port or at sea where the LNG is regasified and fed it into the transmission network and later delivered to the end-user.
According to a senior analyst at Technavio for research on oil and gas, “Crude oil continues to be the most preferred fuel type for power needs, and oil dominates the fuel industry owing to its ease of pumping into fleets for transportation. As natural gas was transported through pipelines, this mode of transportation restricted the demand for LNG in the market. The number of FSRU fleets operated across the world as a result of new construction of fleets or the conversion of existing fleets is increasing owing to the global need to reduce emissions and use clean fuels for power requirements.”
Global floating storage regasification unit market: Segmentation analysis
The global floating storage regasification unit market research report provides market segmentation by end-user (power generation and industrial) and by region (EMEA and Rest of the World). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The power generation segment held the largest market share in 2017, accounting for 55% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 53%. This region is expected to dominate the market through 2022, with nearly 2% increase in its market share.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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 10,000 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.
If you are interested in more information, please contact our media team at media@technavio.com.
