Floating storage & regasification is a special ship which is utilized in the transfer and transport of LNG (Liquefied Natural Gas) through seas and oceans. LNG needs to be heated before transferring into storage system. It is transported in a semi-cooled state at a temperature below -160 ? C and it needs to be heated before transferring. Floating storage catalyzes the movement towards gas-to-power projects that are becoming a need for today’s changing energy dynamics.
The floating storage and regasification unit market is segmented based on heating types, application, and region. Floating storage and regasification unit market is segmented based on heating into types such as open looped, closed-roofed, IFV, and floating. IFV is intermediate fluid vaporization type of floating storage and regasification unit. Open looped is a simple type of floating storage and regasification unit. Floating is a type of floating storage and regasification unit which is widely used across in order to curb environmental pollution and safely store LNG. Floating storage and regasification units are used in offshore oil & gas for storing, producing, and transferring hydrocarbons. Recent developments in the LNG industry have paved the way for the usage of floating storage and regasification units.
Demand for storage of environment-friendly fuel such as LNG, which is needed for energy consumption in today’s world, is a key factor driving the floating storage and regasification unit market. A dockside or offshore regasification facility requires minimum land use, which indirectly helps maintain the surrounding environment. A major advantage of using floating storage and regasification units is they avoid direct contact of seawater with the LNG, which ultimately reduces the risk of LNG from getting frozen.
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Restraints of the floating storage and regasification unit market are its high cost of production and installation due to the volatility in the oil & gas market. Moreover, low storage capacity to hold the storage of LNG is a major restraint of the floating storage and regasification unit market. However, the market is expected to expand primarily due to several countries regulating the usage of these units to store LNG in case of artificial scarcity of LNG and defense purposes. Cost of re-heating the fuel is significantly high and time-consuming.