The latest report on LNG Bunkering Market by Infinium Global Research gives complete coverage of the LNG Bunkering Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of LNG Bunkering such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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LNG Bunkering is the Practice of Providing Liquefied Natural Gas to a Ship for its Own Consumption
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 fuel is the vast reduction in pollutant caused by the more traditional method of fueling 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, the 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.
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Increasing Focus to Maintain the Fossil Fuels Sustainability along with Rising Concern to Minimize Environmental Impact is Anticipated to Drive the Business
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 a 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 is 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.
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- Comprehensive analysis of global as well as regional markets of the LNG Bunkering.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.