Energy & Environment Industry Today
Insights Into the LNG Bunkering Market - Projecting a CAGR of 63.6% Over the Forecast Period 2021 to 2031
LNG as a bunker fuel has inherent properties to comply with environmental emission norms that are likely to come into effect in the near future. LNG as a bunker fuel has negligible sulfur content and its combustion emits low NOx as compared to that produced by fuel oil and marine diesel oil.
Published 12 April 2022
LNG Bunkering Market: Introduction
The global LNG bunkering market is still in the initial phase of development. As a result, there are only a few notable players in this growing market. This market is capital intensive, as building LNG bunkering terminals at trading ports requires significant capital investment. Moreover, port locations may act as an entry barrier for some companies, states a new report by Transparency Market Research (TMR). This is compounded by the fact that nearly all LNG suppliers offer standard fuel grades, leaving little room for achieving product differentiation. LNG bunkering companies usually enter into long-term LNG supply agreements with plant operators, thereby making it difficult for them to switch to any other LNG supplier for a fixed period of time.
The consumption of LNG is restricted to a few ports. LNG producers are collaborating with ship operating companies to develop LNG bunkering facilities at major international ports. The bargaining power of suppliers is expected to be medium over the next few years, owing to increase in the supply of LNG as a bunker fuel in major shipping centres of the world.
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Emphasis on Lower Emissions Drives Demand for LNG Bunkering Fuel
LNG bunkering is the only a feasible option available that not only complies with MARPOL regulations, but also meets the NOx emission control area (NECA) and sulfur emission control area (SECA) requirements. LNG fuel offers lower ship emissions as compared to traditional bunker fuels. The International Maritime Organization (IMO) also assists international ports in building the infrastructure for LNG bunkering.
LNG is more economical than marine gas. Several new LNG plants are being constructed, which is creating a positive outlook for the market. The demand for LNG bunkering fuel is exceptionally high from offshore support vessels and ferries, states TMR. Since the exploration sector is growing, the consumption of LNG bunker fuel is also increasing.
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Lack of Bunkering Infrastructure Restricts Market Growth
LNG is supplied as a bunker fuel in a limited number of ports. LNG bunkering facilities are not available in major ports of the world. Thus, the inadequate bunkering infrastructure restricts the adoption of LNG bunker fuels. Additionally, the bunkering infrastructure required for using MDO/MGO as marine fuel is already present in all major ports of the world. The availability of these fuel grades in all bunkering ports of the world is expected to threaten the global LNG bunkering market. The IMO has enforced the energy efficiency design index, which sets minimum energy efficiency requirements for ships constructed after 2020. Since these ships are specifically designed to consume less marine fuel, the demand for bunker fuel is expected to slow down.
Large bunker storage requirements in LNG fuel vessels require double the on-board space as compared to conventional diesel engine fuels. Many safety requirements need to be met while LNG bunkering is being carried out. Moreover, companies have to spend significant amount of time and capital in training crew members. All these factors are anticipated to hamper the growth of the market significantly.
Get Trending Report- https://www.prnewswire.com/news-releases/hybrid-power-systems-market-is-expected-to-surpass-us-1-bn-by-2031-states-tmr-study-301509149.html
Expansion of ECAs Create New Growth Opportunities for LNG Bunkering Market
Rise in concerns regarding sulfur emissions is expected to result in a possible declaration of new ECAs. “The Gulf of Mexico, Turkish Straits, Sea of Japan, and Strait of Malacca are anticipated to be declared as ECAs in the near future,” states a TMR analyst. This is expected to propel the demand for LNG bunkering, creating new growth opportunities in the market.
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision
Contact
Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
The global LNG bunkering market is still in the initial phase of development. As a result, there are only a few notable players in this growing market. This market is capital intensive, as building LNG bunkering terminals at trading ports requires significant capital investment. Moreover, port locations may act as an entry barrier for some companies, states a new report by Transparency Market Research (TMR). This is compounded by the fact that nearly all LNG suppliers offer standard fuel grades, leaving little room for achieving product differentiation. LNG bunkering companies usually enter into long-term LNG supply agreements with plant operators, thereby making it difficult for them to switch to any other LNG supplier for a fixed period of time.
The consumption of LNG is restricted to a few ports. LNG producers are collaborating with ship operating companies to develop LNG bunkering facilities at major international ports. The bargaining power of suppliers is expected to be medium over the next few years, owing to increase in the supply of LNG as a bunker fuel in major shipping centres of the world.
Get Brochure of the Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3231
Emphasis on Lower Emissions Drives Demand for LNG Bunkering Fuel
LNG bunkering is the only a feasible option available that not only complies with MARPOL regulations, but also meets the NOx emission control area (NECA) and sulfur emission control area (SECA) requirements. LNG fuel offers lower ship emissions as compared to traditional bunker fuels. The International Maritime Organization (IMO) also assists international ports in building the infrastructure for LNG bunkering.
LNG is more economical than marine gas. Several new LNG plants are being constructed, which is creating a positive outlook for the market. The demand for LNG bunkering fuel is exceptionally high from offshore support vessels and ferries, states TMR. Since the exploration sector is growing, the consumption of LNG bunker fuel is also increasing.
Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=3231
Lack of Bunkering Infrastructure Restricts Market Growth
LNG is supplied as a bunker fuel in a limited number of ports. LNG bunkering facilities are not available in major ports of the world. Thus, the inadequate bunkering infrastructure restricts the adoption of LNG bunker fuels. Additionally, the bunkering infrastructure required for using MDO/MGO as marine fuel is already present in all major ports of the world. The availability of these fuel grades in all bunkering ports of the world is expected to threaten the global LNG bunkering market. The IMO has enforced the energy efficiency design index, which sets minimum energy efficiency requirements for ships constructed after 2020. Since these ships are specifically designed to consume less marine fuel, the demand for bunker fuel is expected to slow down.
Large bunker storage requirements in LNG fuel vessels require double the on-board space as compared to conventional diesel engine fuels. Many safety requirements need to be met while LNG bunkering is being carried out. Moreover, companies have to spend significant amount of time and capital in training crew members. All these factors are anticipated to hamper the growth of the market significantly.
Get Trending Report- https://www.prnewswire.com/news-releases/hybrid-power-systems-market-is-expected-to-surpass-us-1-bn-by-2031-states-tmr-study-301509149.html
Expansion of ECAs Create New Growth Opportunities for LNG Bunkering Market
Rise in concerns regarding sulfur emissions is expected to result in a possible declaration of new ECAs. “The Gulf of Mexico, Turkish Straits, Sea of Japan, and Strait of Malacca are anticipated to be declared as ECAs in the near future,” states a TMR analyst. This is expected to propel the demand for LNG bunkering, creating new growth opportunities in the market.
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision
Contact
Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
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Contact Information
Mr. Rohit Bhisey
Transparency Market Research
State Tower, 90 State Street,
Suite 700,
Albany
12207
+91- 8600924083
http://www.transparencymarketresearch.com/
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