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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