Turkey Floating Storage Regasification Unit Market to be dominated by Power Generation Industry till 2027
High demand for low carbon
emission transportation modes and a rise in global LNG trade are expected to
drive the demand for Turkey floating storage regasification unit market through
the forecast period, 2023-2027.
According to TechSci Research report, “Turkey
Floating Storage Regasification Unit Market By Region, Competition Forecast
& Opportunities, 2027”, the Turkey floating storage regasification unit
market is expected to witness a growth of steady CAGR in the forecast period,
2023-2027. A floating storage regasification unit is a special kind of ship
used while transiting and transferring liquified natural gas through the
oceanic channels. LNG is a viable and environment-friendly fuel component.
Still, transportation of the LNG requires extra attention as any slight mistake
can result in huge financial loss, damage to the ocean ecosystem, and maybe
loss of lives. The LNG fuel is transported in a semi-cooled slushy state of
-160 ͦ to the destinations and requires to be heated to bring back into its
original gaseous state. The reheating process is performed before the gas is
pumped into its storage systems. The process of transportation of LNG comprises
both freezing and reheat processes as it is highly expensive and
time-consuming, which creates the demand for floating storage regasification units.
A floating storage regasification unit is the fastest means to capitalize on
low gas prices. Its high demand across various industries such as power
generation and transportation is primarily driving the Turkey floating storage
regasification unit market demand.
However, high
production and installation costs and low storage capacity to store large
quantities of LNG may restrain the Turkey floating storage regasification unit
market growth in the forecast period.
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Turkey
floating storage regasification unit market is segmented into construction,
storage, application, capacity, design, regional distribution, and competitive landscape.
Based
on storage, the market is divided into small, medium, and large. The medium
segment is expected to capture the highest market share in the forecast period.
The demand for medium-sized floating storage regasification units is stable
across the country, and the majority of the deployed floating storage
regasification unit are of medium size.
Based
on application, the market is divided into industrial, power generation, and
others. The power generation is currently dominating the market and is expected
to maintain its dominance over the next five years. The power generation
industry requires vast amounts of liquefied natural gas in large quantities,
which fuels the demand for floating storage regasification units across the
country.
Based
on capacity, the market is divided into up to 140,000 m3, 140,000 to 180,000
m3, and above 180,000 m3. The 140,000 to 180,000 m3 storage capacity floating
storage regasification units are expected to hold significant market share in
the forecast period. The majority of the vessels converted to LNG carriers with
storage capacity belong to this range.
Based
on the design, the market is divided into barge-based and carrier vessel-based.
The carrier vessel-based are expected to hold the largest market share, while
the barge-based designs are expected to witness the fastest incremental growth
in the next five years. Barge-based vessels are beneficial in spaces where
small-scale LNG import is required. These vessels are expected to benefit from
expansion plans of existing floating storage & regasification unit
terminals.
Major
market players operating in the Turkey floating storage regasification unit
market are:
·
Excelerate Energy
·
Hoegh LNG
·
Golar LNG
·
BW Gas
·
Gazprom
·
Flex LNG
·
EXMAR
·
Maran Gas Maritime
·
Teekay LNG
·
Bumi Armada
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“Market
players are advised to focus on technological advancements to increase the
storage capacity and performance of floating storage regasification units. The
advent of cloud-based solutions that can provide marine engineers training in a
simulated environment is expected to act as a positive factor for the floating
storage regasification market. Market players are trying to digitize several
operations, including cargo loading and unloading and terminal operations. The
high domestic energy demand is increasing the need to import LNG from other
countries, and ongoing technological advancements are expected to propel the
growth of Turkey floating storage regasification unit market till 2027” said
Mr. Karan Chechi, Research Director with TechSci Research, a global research-based
management consulting firm.
“Turkey Floating Storage
Regasification Unit Market By Construction (Newly Built, Converted), By Storage
(Small, Medium, Large), By Application (Industrial, Power Generation, Others),
By Capacity (Up to 140,000 m3, 140,000 to 180,000 m3 and Above 180,000 m3), By
Design (Barge-Based, Carrier Vessel-Based), By Region, Competition Forecast
& Opportunities, 2027” has evaluated the
future growth potential of Turkey floating storage regasification unit market
and provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of Turkey floating
storage regasification unit market.
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