LNG Bunkering Industry 2020 Global Market Research Report Studies The Latest LNG Bunkering Industry aspects Market Share, Business Growth, Size, Trends, Demands, Business Overview and LNG Bunkering Industry Scenario During the Forecast 2024
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.
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.
Vendors List
The prime vendors in the global LNG bunkering market are listed as ENI Norge AS, Bomin Linde LNG GmbH & Co. KG, Harvey Gulf International Marine LLC, Gasnor AS, Polskie LNG SA, Korea Gas Corp, Skangas AS, Statoil ASA, and SEALNG Ltd.
Segmentation of Market: LNG Bunkering
As per MRFR’s analysis, the global LNG bunkering has been studied among the segments of vessel type and product type.
Among the product type segment, the market has included a port in shipping, portable tanks, truck to ship, and ship to ship. The truck to ship segment leads the market as truck to ship is the most widely used for supplying LNG to ships. Thus, it is considered a cost-intensive method, and it is likely to observe a lower market share during the assessment period.
Among the vessel type segment, the market has included container ships, tankers, bulk & general cargo vessel, ferries & offshore support V vessel.
Regional Outlook
LNG bunkering market size in the U.S region was valued over USD 100 million in the year 2016. The ongoing shale production with strict emission norms will enlarge the business growth. Back in the year 2015, the U.S. Environment Protection Agency implemented the TIER III norms under MARPOL annexure VI governed by IMO to reduce sulfur and NOx emissions from marine vessels across Emission Control Areas (ECAs). The U.S. Coast Guard regulations, as regards shipbuilding with gas-fuelled engines, will further boost the business.
Norway LNG bunkering market leads the European region with over 18000 bunkering operations. The increasing focus to maintain fossil fuel sustainability along with mounting concern to diminish environmental impact will oblige the business growth. In fact, mounting investments towards the up gradation and rebuilding of LNG infrastructure will further complement the industry outlook. In 2014, the EU announced to devote USD 85.44 million to build the GATE terminal in Rotterdam to facilitate quick access to gas for foreign ships.
Also, the rising demand for gas-fuelled vessels due to increasing environmental concerns along with government initiatives towards the adoption of clean fuel will motivate the Singapore market share. In 2017, the Ministry of Port Authority (MPA) of Singapore announced an offense with USD 1.45 million funding for vessels under the pilot program.
Table of Content:
- LNG Bunkering Market Industry Overview
- Major Segmentation, classification, Application ect
- Production LNG Bunkering Market Analysis
- Sales Market Analysis
- Consumption Market Analysis
- Production, Sales and Consumption Market Comparison Analysis
- Competition Analysis by Players
- Marketing Channel Analysis
- New Project Investment Feasibility Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis Distributors/Treads
- Global and Regional LNG Bunkering Market Market Forecast
- LNG Bunkering Market Market dynamics
- Markt Effect Factors Analysis
- Conclusion
- Research Methodology
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