A growing number of industry insiders believe that the global FSRU market is poised to flourish in the years ahead as demand for natural gas continues to climb.
According to analysts at Market Research Future the segment could see demand top 230 million tonnes per annum (Mtpa) at a compound annual growth rate of 13.88% between 2018 and 2023.
Poten & Partners is equally optimistic about the future of LNG demand and the knock-on effect that this could have on the FSRU segment in 2019 and beyond.
Of the 29 FSRU projects developed globally, seven have been decommissioned but the UK-based brokerage and consultancy is confident that future prospects remain strong.
Edi Saputra, an LNG and natural gas consultant at Poten, believes Asia and other emerging markets will continue to fuel FSRU demand in the years ahead.
“If you look at the drivers of FSRU demand going forward, our view is that the emerging markets will still drive the demand growth, especially in Asia, the Middle East, Africa and South America,” he wrote in a report published by the organisers of the upcoming FSRU Asia Summit.
While interest in FSRUs is on the rise in Australia and other major markets Saputra doesn’t believe that this will be a game changer for the segment in the near term.
“When it comes to FSRU development, the key difference between the major markets and emerging markets is that emerging markets do not have enough existing infrastructure yet, hence FSRU can be a quick and timely solution to meet their needs,” he explained.
Further commentary about developed, developing and prospective projects can be found in The FSRU Market Report: 2019 and Beyond.
The report, produced in advance of the FSRU Asia Summit in Singapore, also explores trends, challenges and opportunities in and outside the Asia-Pacific region. Dive in now to see what the future holds for FSRUs.
This article was produced by the content marketing team at NHST Global Publications, Upstream's publisher, on behalf of an advertiser.