Global LNG Bunkering – Insights
Many markets globally are potentially facing higher burdens for the year 2020 due to the Coronavirus pandemic. With the present status, the global LNG bunkering market 2020 expects to get relief from the deadly pandemic via investments and constant activities done among enterprises. On this Market Research Future reveals that the global LNG Bunkering Market is showing signs to gain profit worth USD ~11,212 by 2024 if the market would grow at a pace of ~45.13%.
LNG Bunkering Growth & Drivers
Varying trends towards clean energy coupled with stern government regulations to curtail airborne emissions, comprising sulfur and nitrous oxide, will urge the global LNG bunkering market dimension in the future timeframe. The aptitude to reduce carbon emission by 20% to 25% will make its adoption preferable over other available counterparts. In the year 2015, IMO and MARPOL came up with stern norms to reduce the sulfur and nitrous content to condense marine pollution.
Technological advancements in vessel designs to reduce maintenance, reliability and safety and enhance fuel efficiency and progressive performance are some of the prime parameters which will arouse the product demand. In fact, an influential order book for LNG-propelled vessels subject to the implementation of IMO Tier III norms will also complement the industry growth.
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Among the prime factors driving the LNG bunkering market is the surge in LNG demand to diminish the carbon footprint in the shipping industry. To add in this, LNG is considered to be a better alternative fuel, and due to this government of various countries across the globe are actively taking initiatives for LNG adaptation.
Moving forward, there has been another shifting trend towards sustainable fuel coupled with escalating shale production is also recorded to foster the LNG bunkering market. For instance, in the U.S. shale gas production reached from 13,447 bcf in 2015 to 15,213 bcf in 2016. Thus, growing demand for eco-friendly, reliable, and low-cost marine fuel will outstandingly complement the business landscape.
The top market players of the global LNG bunkering market are listed as Bomin Linde LNG GmbH & Co. KG, Barents Naturgass AS, Gasnor AS, ENI Norge AS, Korea Gas Corp, Harvey Gulf International Marine LLC, Statoil ASA, Polskie LNG SA, SEALNG Ltd, and Skangas AS.
Global LNG bunkering market is studied among the segments of vessel type and product type.
Depending on the product type segment, the market has included port to ship, portable tanks, truck to ship and ship to ship. The segment of the truck to ship leads the market; it is the most broadly used method of supplying LNG to ships. As it is considered a cost-intensive method, it is probable to observe lower market share during the assessment period.
Depending on the vessel type segment, the market included container ships, tankers, bulk & general cargo vessel and ferries & offshore support vessel.
Detailed Regional Analysis
The U.S. LNG bunkering market size was valued over USD 100 million back in 2016. Enduring shale production with strict emission norms will boost business growth. In 2015, the U.S. Environment Protection Agency implemented the TIER III norms under MARPOL annexure VI governed by IMO aiming to reduce sulfur and NOx emissions from marine vessels across Emission Control Areas (ECAs). The U.S. Coast Guard regulations on shipbuilding with gas-fueled engines will promote the business.
Norway LNG bunkering market is recorded to lead the European region with over 18000 bunkering operations. Escalating focus to maintain fossil fuel sustainability along with mounting concern to minimize environmental impact will compel the business growth. Increasing investments towards the up gradation and rebuilding of LNG infrastructure will also complement the industry outlook. Back in 2014, the EU announced to endow USD 85.44 million to build GATE terminal in Rotterdam to help in rapid access to gas for foreign ships.
The rising demand for gas-fueled vessel owing to rising environmental concerns along with government initiatives towards adoption of clean fuel will oblige the Singapore market share in LNG bunkering market. Again in 2017, Ministry of Port Authority (MPA) of Singapore announced to propose USD 1.45 million funding for vessels below the pilot program.
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