Our latest research report entitled LNG Bunkering Market (by product type (portable tanks, ship-to-ship, truck-to-ship, and port-to-ship), end-user (ferries, bulk, and general cargo fleet, offshore support vessels, cruise-ships, tanker fleet, and container fleet) provides complete and deep insights into the market dynamics and growth of LNG bunkering.
The latest information on market risks, industry chain structure LNG bunkering cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential LNG bunkering growth factors. According to the report the global LNG bunkering market is projected to grow at a CAGR of 73.6% over the forecast period of 2018-2024.
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LNG bunkering is the practice of providing liquefied natural gas to a ship for its own consumption. LNG is a cleaner fuel than conventional marine fuels, such as heavy fuel oil, marine diesel fuel, and marine gas fuels. The main advantage of LNG as a fuel is the vast reduction in pollutants caused by the more traditional method of fuelling ships such as heavy fuel oil, marine diesel fuel (MDO) and marine gas oil (MGO). Standards and regulations for LNG bunkering exist and are being developed by organizations such as SIGTTO(Society of International Gas Tankers and Terminal Operators), OCIMF (Oil Companies International Marine Forum), and IMO (International Maritime Organization), etc.
Stringent government laws to reduce airborne marine emissions that include 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 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.
Among the geographies, North America and Europe are anticipated to experience the 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, 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.
The report on the global LNG bunkering market covers segments such as product type and end-user. On the basis of product type, the global LNG bunkering market is categorized into portable tanks, ship-to-ship, truck-to-ship, and port-to-ship. On the basis of end-user the global LNG bunkering market is categorized into ferries, bulk and general cargo fleet, offshore support vessels, cruise-ships, tanker fleet, and container fleet.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of 73.6% over the period of 2018-2024.
Major Key Players Mentioned in this Premium Report
The report provides profiles of the companies in the global LNG bunkering market such as Gazpromneft Marine Bunker LLC, ENN Group, Eagle LNG Partners, Polskie LNG SA, Harvey Gulf International Marine LLC, Korea Gas Corporation, Skangass AS, Royal Dutch Shell PLC, Polskie LNG SA, and ENGIE.
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The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global LNG bunkering market. Moreover, the IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of the LNG bunkering market.
Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the LNG bunkering market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
This report will help manufacturers, suppliers, and distributors of the LNG bunkering market to understand the present and future trends in this market and formulate their strategies accordingly.