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. Download Sample Copy of Report https://www.transparencymarketresearch.com/sample/sample.php?flag=S&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. Request for Custom Research – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&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