Nowadays, the energy industry is represented by various alternatives since the existent options do not have enough potential to cater to the needs of the companies and target audience. Floating liquefied natural gas is one of the recent modifications, and the process implies that the natural gas is compressed underwater (Hrastar, 2014). This aspect decreases its volumes and makes transportation easier for different countries around the world (Hrastar, 2014). I tend to believe that this trend will be a game-changer for the industry, and the current market players will need to employ this technology to stay competitive in the market. Consequently, the primary goal of the paper is to identify the main advantages of FLNG to support my claim. In the end, the conclusions are drawn to summarize the main findings of the case study.
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Environmentally friendly technologies
Apart from the challenges related to FLNG processes such as the issues with containment technology and its dependence on weather, environmental conditions, and intensity of waves, there are several reasons for the popularity of this trend in the recent future (Lee, Ha, Kim, & Shin, 2014). One of the major advantages is the fact that FLNG technologies are ecologically-friendly. The companies involved in this process are highly focused on the effectiveness, and their actions are believed to have a lower impact on the environment than nuclear power plants and traditional LNG systems (Won, Lee, Choi, & Kwon, 2014). At the same time, this transportation method is appealing to the environmental activists and will be highly recognized worldwide, as eco-problems can be discovered as the most crucial social concerns.
Another significant advantage of FLNG development is the fact that this technology is believed to be cost-efficient. In the first place, the process does not require using the pipelines that are actively utilized to transport natural gas to different countries (Hrastar, 2014). This matter reduces the costs dramatically, as developing pipeline networks is expensive. At the same time, additional financial resources are required for their maintenance to ensure the safety and effectiveness of this transportation method. In this case, using cargos and ships is cheap, as the companies have an opportunity to select a suitable size that will comply with the needs of a particular country.
Apart from the aspects mentioned above, it could be said that another substantial advantage of FLNG development is fast delivery to different countries (Won et al., 2014). Nowadays, many companies pay vehement attention to the rapid delivery of their products to their target customers, as it is one of the aspects that define their satisfaction and desire to make a purchase again. It could be said that FLNG technologies comply with the main principles of lean manufacturing since they attempt to optimize delivery time and schedules. This aspect differentiates this method from other technologies and increases its competitive advantage. Focusing on this matter can be discovered as one of the factors that will help FLNG gain a stable position in the recent future.
Overall, based on the factors provided above, it could be said that FLNG technologies can be discovered as the future of the industry, and its unique features will modify the competition in the global arena and require companies to adapt to these changes. For example, its cost-efficiency, reduced delivery time, and eco-friendliness are the main aspects that differentiate the concepts of FLNG from alternative solutions while increasing its attractiveness to investors. Lastly, it could be concluded that FLNG technology will have a rapid response in the market, and it will shift demands for its development.
Hrastar, J. (2014). Liquid natural gas in the United States: A history. Jefferson, NC: McFarland & Company, Inc.
Lee, D., Ha, M., Kim, S., & Shin, S. (2014).Research of design challenges and new technologies for floating LNG. International Journal of Naval Architecture and Ocean Engineering, 6(2), 307-322.
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Won, W., Lee, S., Choi, K., & Kwon, Y. (2014). Current trends for the floating liquefied natural gas (FLNG) technologies. Korean Journal of Chemical Engineering, 31(5), 732-743.