Sales of Lng Bunker Fuel Market Industry Improvement Status and Outlook by 2031

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.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3231

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.

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.

𝐆𝐞𝐭 𝐀 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 -https://www.transparencymarketresearch.com/lng-bunker-fuel-market.html

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.

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.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=3231

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.

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.

𝐋𝐍𝐆 𝐁𝐮𝐧𝐤𝐞𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

Some of the companies operating in the market are Harvey Gulf International Marine LLC, Gasnor AS, Korea Gas Corporation, Royal Dutch Shell plc, and Gazpromneft Marine Bunker LLC.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐋𝐍𝐆 𝐁𝐮𝐧𝐤𝐞𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

𝐋𝐍𝐆 𝐁𝐮𝐧𝐤𝐞𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐛𝐲 𝐄𝐧𝐝-𝐮𝐬𝐞

Container Vessels
Tanker Vessels
Bulk & General Cargo Vessels
Ferries & OSVs

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬

Nikhil Sawlani
Transparency Market Research Inc.
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This release was published on openPR.