Global Floating Storage Regasification Unit (FSRU) Market Outlook to 2029

Global Floating Storage Regasification Unit (FSRU) Market Outlook to 2029

Updated on 02nd April 2024 | Market Research Reports | Q1 2024 | Report ID: BR0234

About the Report

The increasing governmental support for the use of natural gas as a cleaner energy source, surging use of FSRUs in remote locations and the ability of FSRUs to provide flexible and reliable LNG supply, cost competitiveness of FSRU's coupled with growing offshore gas production, and rising demand for LNG as a transition fuel are expected to drive the floating storage regasification unit (FSRU) market during the forecast period.


However, the high cost associated with the development and construction of FSRUs, regulatory and legal challenges, environmental concerns such as crude oil spills, and The availability of alternative solutions for natural gas storage and regasification, such as land-based storage facilities and pipelines, which can be less expensive and easier to develop in some cases are the major restraints to the global FSRU market growth.


Floating storage regasification units (FSRUs) are regarded as the fastest means to capitalize on low gas prices and its increased demand in various end-use sectors such as power generation, transportation, and industries. In 2023, a total of 45 FSRUs made up 6.7% of the active global LNG fleet.


It is anticipated that FSRUs will continue to be a popular option for storage and regasification during the forecast period. The conflict between Russia and Ukraine has further aroused interest in FSRUs across Europe. Shipowners have reported receiving a significant number of inquiries regarding the prospect of deployment in order to alleviate the supply crunch and reduce dependence on Russian gas.


FSRUs are on the path to becoming the "go-to" choice for countries to expand their existing regasification capacity.


FSRU Market Definition

The global FSRU market consists of establishments involved in operating the floating storage regasification unit either through long-term contracts or through spot chartering.


An FSRU is a special type of LNG tanker used to transfer LNG from one place to another, through sea routes. An FSRU acts as an interface between LNG Carriers and the local gas supply infrastructure, thus playing a vital role in the LNG industry.


FSRUs are utilized for LNG storage and regasification in addition to being ordinary LNG transporters. Compared to conventional onshore regasification facilities, FSRUs provide greater flexibility, reduced capital expenditures, and a quicker method of utilizing natural gas from LNG sources.


Advantages of FSRUs

FSRUs play an important role in equipping new countries to quickly ramp up their regasification facilities because the time taken to construct an FSRU is just about half of that of an onshore terminal and offers flexibility with almost a "plug-and-play" kind of operations. Some of the benefits are listed below:

  • Allow quick fuel switching
  • Complement domestic production
  • Require lower capital expenditures
  • Flexible
  • Faster
  • Reaches remote areas easily
  • Avoid delays due to land acquisition


Furthermore, an FSRU has the flexibility to serve multiple purposes, such as storage, regasification, and power generation, all at the same time or sometimes separately.


Current FSRU Market Scenario

During the first half of 2020, the global LNG market was adversely affected by the reduced demand for LNG due to a decrease in economic activity and the collapse in LNG prices.


The LNG price plummeted and recorded the lowest in the last 20 years. Following this, the price experienced a V-shaped recovery into 2021 due to an extreme winter, which increased demand for gas for heating. The LNG market experienced resilience during 2021 owing to the heavy reliance on LNG for power generation by many countries across the world.


Since 2015, the size of the world's FSRU fleet has more than doubled. The FSRU fleet consisted of 45 ships by the end of 2023. However, after a period of rapid deployment of FSRU-based import facilities between 2015 and 2018, the adoption of floating regasification terminals has slowed.


By the end of 2021, about a quarter of the fleet was either idle or working as LNG carriers, a less lucrative industry than serving as receiving terminals. Fleet operators' waning interest caused the FSRU order book to gradually decline from a peak of 12 outstanding orders in 2017 to only five by the end of 2021.


However, the Russian invasion of Ukraine and the subsequent rise in LNG demand in Europe to replace declining Russian pipeline gas supplies have contributed to a resurgence in interest in FSRU-based terminal projects. 


These projects have much shorter lead times than land-based terminal infrastructure. A floating regasification terminal can begin importing LNG less than a year after project approval, whereas a land-based terminal requires three to five years to complete. This is because port facilities and pipeline connections are readily available, and the FSRU is chartered from the existing fleet.


Currently, the rising demand for Floating Storage and Regasification Unit (FSRU) vessels, particularly in response to heightened demand from the European region, is causing a global shortage, which is affecting regasification project plans worldwide.


(You can access a comprehensive list of both completed, under contruction, and upcoming FSRU projects, along with their current status, through our extensive Global FSRU Database)


FSRU Market Outlook

The FSRU market growth rate is directly dependent on LNG market growth. In 2023, the worldwide demand for liquefied natural gas (LNG) soared to unprecedented levels, totaling 552 billion cubic meters (bcm). This marked a 1.8% year-on-year increase from the 2022 figure of 542.4 bcm. The growth was notable considering the constraints on new capacity additions and the prevailing lower spot prices, which contrasted with the historic levels observed in 2022.


Global Annual LNG Trade, 2013-2023, in billion cubic meters


The global LNG market volume is expected to double in the next decade because natural gas is touted as a key to the energy transition, decarbonization, and enhanced energy security, thus, driving the FSRU market during the market forecast period to 2029.


Amid the shortage of FSRU vessels, the number of new build FSRUs is expected to be limited as all the major ship builders are preoccupied with other projects. However, repurposing an LNG carrier into an FSRU represents a cost-efficient means of enhancing the energy efficiency of aging vessels.


In July 2023, the IMO revised its greenhouse gas strategy, setting an ambitious target for net-zero ship emissions by 2050, a major leap from the 2018 goal of 50% reduction. This change is expected to further drive the conversion of older LNG ships into FSRUs. However, there is some risk of over-build as plans continue to proliferate, with some operators reporting insufficient demand for additional longer-term capacity.


FSRU Market Dynamics

Cost Competitiveness of FSRUs is Driving the Market

An FSRU costs about USD 300 million to build, which is roughly half the investment required for an onshore facility


Also, these FSRUs can be made operational within a years' time, which is at least 6 times faster than an onshore facility of a similar scale, making them both cost-competitive and time-sensitive. This cost competitiveness is enabling both developing countries and established countries within the LNG market to rapidly expand their regasification facilities.


For instance, Croatia, a developing country in the LNG market, started to import LNG by deploying its first FSRU with a 1.9 MTPA capacity. Similarly, Brazil and India, already developed countries in the LNG market, have expanded their regasification facilities by commissioning two and one FSRU respectively.


Recently, India received its first FSRU, which arrived at H Energy Group's Jaigarh terminal in Maharashtra. The new FSRU has a storage capacity of 170,000 cubic meters and an installed regasification capacity of 750 million cubic feet per day.


However, shipbuilding and delivery delays due to COVID-19, decreasing charter rates seasonally, and enhanced regulations could restrain the FSRU market.


FSRU Market Trends

FSRU Suppliers Are Seeing Surging Demand from European Countries

In response to concerns about energy security, a number of European nations, particularly the Netherlands and Germany, are turning to floating storage regasification units (FSRUs). Since Vladimir Putin's invasion of Ukraine, European nations have leased at least 25 FSRUs, and more are likely to do so as the area strives to find alternatives to Russian gas.


Digitization and Cloud-Based Solutions

With the lockdown measures in place, the FSRU industry has transformed to accept digital documents in several operations, including terminal operations and cargo loading and unloading.


Remote inspections and digitally signed and vetted documentation have become the norm and will continue to be so in the coming years, thus encouraging transparency in the FSRU market.


The cloud-based solutions have enabled the ship-building training to take place remotely via simulators, which in turn has helped various marine engineering teams of companies such as Hanwha Ocean Co., Ltd. (formerly known as Daewoo Shipbuilding and Marine Engineering), Hyundai Heavy Industries Co., Ltd., and Samsung Heavy Industries Co., Ltd., continue working amidst the pandemic.


Floating LNG Power Plants in Combination with FSRUs

To combat the ill effects of climate change and secure a reliable power supply, various countries in Asia-Pacific and Europe are looking to invest in Floating LNG Power Plants.


Floating LNG power plants in combination with FSRUs are very competitive because of their low construction costs and faster deployment.


For example, Japan's FSRU operator Mitsui OSK and the Netherland's Karpower International BV entered a collaboration under the brand name 'KARMOL' to produce reliable electricity.


Regional Analysis

Asia-Pacific is expected to be the leading region in the FSRU market during the forecast period, followed by Europe, North America, and rest of the world (includes, South America, the Middle East and Africa).


Indonesia, Pakistan, China, Bangladesh, India, and Thailand are the major countries in Asia-Pacific with existing FSRU terminals along with a strong orderbook, while Italy, Turkey, Croatia, and Russia are a few emerging markets within Europe's FSRU market.



The Asia-Pacific region has countries that have both developing and established LNG markets. For instance, countries such as China, India, South Korea, Japan, and Australia have an established LNG market, while Indonesia, Pakistan, and Bangladesh are developing their LNG markets.


Asia-Pacific is expected to be the largest region for LNG imports during the forecast period. With a target to reduce emissions, LNG demand will rise in the power generation sector, especially in China and India, along with other countries in Southeast Asia such as Thailand, the Philippines, Indonesia, and Malaysia.


Indonesia, Pakistan, and Bangladesh have started importing LNG via FSRUs. Indonesia has three FSRU-based LNG terminals, while Pakistan and Bangladesh have two each.


India is the latest entrant into the FSRU market, with its two new FSRU-based terminals under development in Jaigarh and Jafrabad. While Pakistan is in the process of replacing the existing FSRU with one with a larger capacity.


Competitive Landscape

The global LNG carrier fleet grew steadily in the last twenty years, with the rapid increase in liquefaction capacity being the key factor. About 90% of the LNG vessels are less than 20 years old, and the order book for these vessels remains strong during the forecast period.


The FSRU market is currently in an early stage of development, and the competition within the market is not much. However, major oil and gas companies, marine transportation companies with strong reputations and extensive resources and experience are expected to enter the FSRU global market, thus intensifying the competition.


FSRU Market Share

Excelerate Energy LP and Hoegh LNG Holdings Ltd., which own the FSRU, continue to maintain the largest fleets of active FSRUs. Some other market vendors are Golar LNG Ltd (New Fortress Energy Inc.), BW Group, Bumi Armada Berhad, Flex LNG, Gazprom, Eagle LNG, LNG Croatia, Exmar NV, Dynagas, Mitsui O.S.K. Lines (MOL), etc.


COVID-19 Impact

COVID-19 has had an adverse impact on the overall LNG market, in general, and the FSRU market, in particular.


The regasification facilities expansion plans of several countries were delayed and, in some cases, even cancelled. For instance, in India, 3 large-scale onshore regasification facilities and 1 FSRU-based regasification facility were delayed by at least one year due to financing issues.


Also, the steep drop in the LNG prices during the pandemic caused a decline in LNG freight prices, which, in turn, led to deferring deliveries of newly built FSRUs. For example, Flex LNG, a major player in the FSRU market, had to delay two FSRU orders due to the pandemic.


Recent Developments

  • In January 2024, Cosco Shipping Heavy Industry in Shanghai delivered ETYFA’s converted FSRU which will serve the first Cyprus LNG import terminal in Vasilikos.
  • Seatrium Ltd has announced the successful delivery of the FSRU Alexandroupolis, in November 2023.
  • Exemplar, a floating storage and regasification unit ("FSRU") by Excelerate Energy Inc, arrived in the Finnish port of Inkoo in December 2022. Gasgrid Finland Oy has a ten-year charter of the FSRU Exemplar, which will provide regasified LNG to Finland and other Baltic nations in a flexible, dependable, and secure manner.
  • KARMOL, a joint venture between Turkish Karpowership and Japanese Mitsui O.S.K. Lines (MOL), has reached an agreement with Japanese banks for a loan of USD 71 million to finance its first floating storage and regasification unit (FSRU) in Senegal.
  • Construction starts for new LNG import terminal in Stade, Germany. By the end of 2023, the new jetty will be ready for ‘Transgas Force’, one of the five FSRUs chartered by the federal government. This ‘floating’ LNG terminal has a regasification capacity of up to 7.5 billion cubic meters annually.
  • Mitsui OSK Lines, Japan's shipping conglomerate, and Royal Vopak, a petroleum storage infrastructure company, have agreed to form a joint venture in Hong Kong to own and operate an FSRU project, for the Hong Kong LNG terminal.
  • Mitsui OSK Lines (MOL)  and Royal Vopak came to an agreement to jointly own and operate the MOL FSRU Challenger, the world’s largest FSRU, in December 2021. The FSRU, to be renamed Bauhinia Spirit, is expected to have a regasification capacity of 6.1 MTPA and a storage capacity of 263,000 cm.


Further Details Available in the Report

Blackridge Research's Global FSRU Market research report provides an FSRU market overview, comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market.


The market report analyses the annual trends of FSRU contracts, FSRU order book, the capacity of FSRU projects and investments into the sector; provides market size and forecast in terms of Capacity (MTPA); provides the list of upcoming LNG projects; details the markets' drivers and restraints; discusses growth challenges at various levels; provides supply chain analysis; provides company profiles and competitive market analysis including FSRU market share; discusses various market-specific scenarios and much more.


Analysis of the Covid 19 and Russia-Ukraine conflict impact on the global FSRU market is an integral part of the report, which helps companies navigate a rapidly changing market landscape.


What Do We Cover in the Report?

Global FSRU Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain growth.


The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.


Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and will functions as a guide for you to analyze the degree of impact.


Global FSRU Market Analysis

This report discusses an overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.


This section provides an assessment of the COVID-19 impact on global floating production storage and offloading market demand.


Global FSRU Market Size and Demand Forecast

The report provides global FSRU market size and demand forecasts until 2029, including year-on-year (YoY) growth rates and CAGR.


Global FSRU Industry Analysis

The report examines the critical elements of the global FSRU industry supply chain, its structure, and the participants.


Using Porter's five forces framework, the report covers an assessment of the global FSRU industry's state of competition and profitability.


Global FSRU Market Segmentation & Forecast

The report dissects the Global Floating Storage Regasification Unit (FSRU) Market into various segments based on construction type (new build ship, converted ship/hull).


Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments.


Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.


Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.


In addition, global market size, demand forecast, and growth rates will be provided for all regions.


The global FSRU market report is segmented based on geography into:


North America: United States, Canada, Mexico, and the Rest of North America

Europe: Spain, France, the United Kingdom (UK), Italy, Russia, and the Rest of Europe

Asia Pacific (APAC): China, India, Japan, South Korea, Australia, Indonesia, and the Rest of APAC;

Rest of the World: South America, Middle East, and Africa.


Key Company Profiles

This report presents detailed profiles of major market players in the global FSRU industry. Some of the major companies covered are Excelerate Energy, HÖEgh Lng As, BW Group, etc. Generally, each company profile includes an overview of the company, relevant products and services, a financial overview, and recent developments.


Competitive Landscape

The report provides a comprehensive list of notable companies in the global market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.


The study also discusses the strategies adopted by leading players in the industry.


Executive Summary

The executive summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.


The report begins with an executive summary chapter and ends with conclusions and recommendations.


Subscribe to our new global FSRU market report based on a thorough global industry analysis to get insights on the global FSRU industry outlook.


Get a free sample copy of the global FSRU market report by clicking the "Download a Free Sample Now!" button at the top of the page.


Also, check out our detailed analysis of the FSRU market in various regions (which covers key countries in each region): 

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunities
  • 3.6 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter's Five Forces Analysis

5. Regional Market Analysis

  • 5.1 North America
  • 5.2 Europe
  • 5.3 Asia-Pacific
  • 5.4 Rest of the World

6. Key Company Profiles

  • 6.1 Energos Infrastructure Management, LLC.
  • 6.2 HÖEGH LNG AS
  • 6.3 Mitsui OSK Lines
  • 6.4 BW LNG
  • 6.5 Excelerate Energy
  • 6.6 Other Notable Players

7. Competitive Landscape

  • 7.1 List of Notable Players in the Market
  • 7.2 M&A, JV, and Agreements
  • 7.3 Strategies of Key Players

8. Conclusions and Recommendations

List of Tables & Figures


Additional Notes


  This report helps to:-

  • Gain a deeper understanding of the impact of COVID 19, Russia-Ukraine conflict, and oil & gas prices crash on the FSRU market
  • Equip yourself with rigorous analysis and forward-looking insight into the FSRU market across various regions
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand evolve over the next 5 years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players
  • Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position

  Who need this report?

  • Oil & Gas Companies
  • Equipment Manufacturers and Suppliers
  • Charterers, and Operators
  • Investors and Financing companies
  • EPC Companies
  • Government and Regulatory Organizations

  What's included

Report - Global FSRU Market Outlook to 2029.pdf
Market Data - Global FSRU Market Outlook to 2029.xls

  Why buy this report?

  • Gain a deeper understanding of the impact of Covid-19 on the <Global Floating Storage Regasification Unit (FSRU) Market>.
  • Equip yourself with rigorous analysis and forward-looking insights into the <Global Floating Storage Regasification Unit (FSRU) Market> across multiple regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market size data and forecasts to understand how the demand across various segments evolves over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position

  Want to know about Current Offers?

Offer 1 - Save with Multiple Purchases - Buy two reports or more and instantly save up to 15% off.

Offer 2 - Introductory offer for new customers - Flat 10% off on your first purchase.

To learn more about the report and our other current offers, contact us here or You can send an email to

  Analyst access from Blackridge Research

All report purchases come with up to 60 minutes of phone time with an expert analyst who will assist you in connecting the report's key findings to the business issues you're dealing with. This must be used within three months of the report's purchase.

The above telephone time is excluding the post-purchase analyst support for any queries that you may have up to one year.

  Free Report Customization

We offer free customization of value USD 1500 for every report that you purchase. Get in touch with us to know more about free customization and our exciting custom research services.

  Further information

If you have any questions about this market research study, please do not hesitate to contact our research team using the top Contact us button, or you may also reach out at or call one of our Business Development managers:

AMERICAS (USA): +1 (917) 993 7467

ASIA (India): +91 8500 460 460

  Common Questions

You can purchase the report directly by selecting the licence type above and paying with a credit or debit card. Please contact for other payment options.
We can provide quarterly and half yearly report updates. Please contact for more information.
Single User License
The Single User License will provide access to only one user.

Team User License
The Team License will provide access only up to 7 users. This is great for a team.

Corporate License
This Premium package is ideal for large companies. By having Corporate license, any employee of your organization or its subsidiaries can access the report. You will also receive free industry update after six months and also a white label powerpoint presentation.
Yes, if you'd like to select certain sections of the report, please contact
The report publication process involves several steps: Secondary Research, Discussion Guide Preparation, Primary Research (interviews, surveys, among others), Data Triangulation, Market Engineering, Data Validation, and Report Writing. One of the research specialists will explain the research process in detail. For more details about the report methodology, contact us at
If for any reason you're not satisfied with the report, just email us at We will make sure it's resolved!
We're here to help from day one, with 24/6 outstanding support. For report purchases, we will provide post-purchase analyst support for any queries that you may have related to report up to one year.

Got a Question?

Sujith will help you find what you are looking for.

Call: +1 (917) 993 7467
+91 8500 460 460

Some of our clients

Haven’t found what you’re looking for?

More than 70% of our clients seek customized reports. Reach us out to get yours today!

Please Enter Business Email Address

By clicking "Submit" you are indicating that you have read and agree to be bound by the Blackridge Terms of Service and Privacy Policy.