LNG Bunkering Market – Industry Analysis and Forecast (2019-2025)
Growing number of vessels using LNG (Liquefied Natural Gas) owing to the need for cleaner fuels in compliance with the stringent government regulations in order to reduce chemical emissions and maintain sustainability is the main driver that is boosting the growth of the LNG bunkering market. International Maritime Organization (IMO) in 2012, expressed that boats must reduce their sulfur content in fuel from 4.5% to 3.5% in order to reduce air pollution. Nowadays, people are substituting natural gas with LNG because it is economical and cheaper. Also, LNG has high combustion effectiveness, it is easy to redeploy and because of its lower volume density, LNG is relatively easier to transport. This has prompted widespread response of LNG across over different enterprises, prompting dispatching of different new LNG plants around the world, thus making an exceedingly favorable market for LNG bunkering.
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The global LNG Bunkering Market is bifurcated into multiple segments mentioned in the report, which is based on the type and form of product, services provided by the market, applications of the product or services, and end-user applications. The report also delivers explanation and comparison of the growth trends followed the global LNG Bunkering Market in different geographical areas.
Major Market Players Included in This Report:
- Korea Gas Corporation
- Harvey Gulf International Marine LLC
- Fjord Line
- Polskie LNG
- Royal Dutch Shell Plc.
- ENN Energy
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Moreover, formulating rules and standards are driving structural growth in the uptake of LNG as a shipping fuel. These regulations are implemented through the IMO’s International Convention for the Prevention of Pollution from ships. Certain regions have likewise assigned stricter emission rules. Other than air quality measure, the IMO is additionally introducing devices to monitor, screen, and substantially reduce GHG (Greenhouse Gas) emissions from ships. Such factors are expected to drive the LNG bunkering market growth over the forecast period.
The LNG bunkering market is segmented on the basis of vessel which includes tankers, container ships, bulk & general cargo vessels, and ferries & offshore support vessels. Ferries and off-shore support vessels segment held major revenue share in 2017. The growth is attributed due to offshore exploration, sea trade, and production activities happening across the globe. This crucial factor will drive the growth of the market.
Promising Regions & Countries Mentioned In The LNG Bunkering Market Report:
- North America ( United States)
- Europe ( Germany, France, UK)
- Asia-Pacific ( China, Japan, India)
- Latin America ( Brazil)
- The Middle East & Africa
Based on product type, LNG bunkering market has been categorized into portable tanks, ship-to-ship, port-to-ship, and truck-to-ship. Ship-to-Ship is expected to contribute a significant revenue share in the coming years. The growth is because ship-to-ship operations are feasible for all types of vessels and because of feasibility; it has advantages such as transfer operations in ship-to-ship can be done quickly and it has high capacity of storage which is approx. about 800-7500 tons.