The main objective of this report is to define, describe, and forecast the global “LNG Bunkering” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.
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Low sulfur content to promote growth in the LNG Bunkering market
Stringent government laws to reduce airborne marine emissions that includes pollutants such as sulfur and nitrous oxide along with shifting trends towards clean energy are the major factors driving the growth of the LNG bunkering market. In addition, LNG fuel has low sulfur content and needs comparatively less processing to meet the sulfur content limits and hence it will require smaller and less expensive modifications compared to conventional marine fuels. For instance, a is regulation passed by the International Maritime Organization (IMO) in 2012, that stated, ships must reduce their sulfur content in fuel from 4.5% to 3.5%. However, higher capital investments and poor bunkering infrastructure are the factors, anticipated to restrain the growth of the LNG bunkering market during the forecast period.
Furthermore, Security and safety zones around the bunkering operation need to be set up, to reduce the risk of damage to property and personnel from the LNG hazards. Moreover, LNG has higher combustion efficiency and it has lower volume as that of a natural gas with relatively cost effective transportation and storage facilities. This in turn has led to widespread adoption of LNG across various industries creating several growth opportunities for the key players in the LNG bunkering market.
North America region to contribute to growth in the global LNG Bunkering market
North America and Europe are anticipated to experience fastest growth in the LNG bunkering market. Increasing focus to maintain the fossil fuels sustainability along with rising concern to minimize environmental impact are anticipated to drive the business growth in the European regions. Moreover, the countries such as India and china are projected to drive the marine trade in the Asia Pacific regions. The growth of this regional market is predictable since Norway is considered as the biggest bunking center as it offers more than 18,000 LNG bunk stations. According to the International Energy Agency, the energy demand from Southeast Asia from 2000 to 2013 had expanded by more than 50 such initiatives and are anticipated to drive LNG bunkering market growth in the Asia Pacific region over the forecast period.
Singapore port authority awards grant to build LNG bunker ships
In June 2018-Singapore’s port authority provided S$6 million ($4.5 million) to help, build two liquefied natural gas (LNG) bunker vessels, in a bid to promote ship-to-ship LNG bunkering in the city-state. A joint venture between Keppel, Shell Eastern Petroleum, and Pavilion Gas was made as they will each receive a S$3 million co-funding grant for the vessels for delivering, the Maritime and Port Authority of Singapore (MPA).
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Japanese companies collaborate to expand LNG bunker fuel market
In August 2018-, Japan is working on offering LNG bunkering in the port of Yokohama and hopes to expand the use of LNG as a marine fuel before the International Maritime Organization restrictions on sulphur emissions from ships.
Japan’s Kyushu Electric Power has signed a memorandum of understanding with Saibu Gas, Chugoku Electric Power, and Nippon Yusen Kabushiki Kaisha to collaborate on commercializing and expanding the LNG bunker fuel market in Japan.