FSRU (Floating Storage and Regasification Unit) Market size is estimated to reach US$ 2.9 billion by the year 2027, with a CAGR of 7.2% from 2022 to 2027. The floating Storage and Regasification Unit is a vital component required while transiting and transferring Liquefied Natural Gas (LNG) through the oceanic channels. Therefore, FSRU can be termed as a special type of ship used for LNG transfer; these are the main factors that have considerably increased the demand for the Floating Storage and Regasification Uniting the market, thereby driving the huge growth of the Floating Storage and Regasification Unit market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Floating Storage and Regasification Unit in the market are mainly due to 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 fulfill and meet the demand of various sectors, like power generation, transportation, petrochemical manufacturers, and end-users, are accelerating the market these are the main factors that have considerably increased the demand for the Floating Storage and Regasification Uniting the market, thereby driving the huge growth of the Floating Storage and Regasification Unit market in the upcoming years

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The report is segmented as:

The floating Storage and Regasification Unit Market are segmented on the basis of:

By Platform (Offshore Terminal, Inshore Terminal),

By Design (Barge-based, Carrier Vessel-Based Segments)

Geographical Segmentation:

The floating Storage and Regasification Unit Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Floating Storage and Regasification Unit is due to the growth was for the easy availability, accessibility, and flexibility from the supply side of LNG because of FRSUs these are the main factors that have considerably increased the demand for the Floating Storage and Regasification Unit in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Floating Storage and Regasification Unit Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has affected almost every industry, and the long-term effects are projected to impact the growth of the Floating Storage and Regasification Unit during the forecast period. Covid-19 pandemic has impacted hugely on the sales revenue of the Floating Storage and Regasification Unit market, Due to the government restrictions like lockdown in many countries have stopped the production of products by the manufacturing companies. Companies have started opening their manufacturing units after taking all the necessary preventive measures. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus.

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