Press release
LNG Bunkering Market - Growth & Industry Revenue By Top Key Players Skangas AS, Gasnor As, Statoil ASA, Barents Naturgass As, Engie SA, Bomin Linde LNG GmbH & Co. KG, Eni Norge AS, Harvey Gulf International Marine Llc., Polskie LNG SA, and Korea Gas Corp.
LNG marine bunker clients demand supply certainty and resilient, redundant supply chains. Conversely, suppliers need to keep a check on their investment ventures and the capital required for supplying LNG bunkers in the market. This stalemate has led to a lack of action all round, with shipping majors and LNG suppliers both hesitating in making major investments until the other side shows signs of commitment.According to a new report published by Allied Market Research titled, LNG bunkering Market by End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the LNG bunkering market was valued at $214 million in 2016, and is projected to reach $10,185 million by 2023, growing at a CAGR of 58.5% from 2017 to 2023. Europe dominates the LNG bunkering market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
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LNG (Liquid Natural Gas) is an attractive alternative fuel for seagoing vessels and inland vessels, as liquefied natural gas emits fewer polluting substances. LNG is a potential substitute according to IMO emission prerequisites, owing to its negligible sulfur content and low production of NOx contrary to fuel oil and marine diesel oil. LNG is clean burning fuel coupled with financial points of interest on a calorific value basis among other fuels.
The global LNG bunkering market is driven by International Maritime Organizations regulations of sulfur emissions to 0.50% m/m (mass/mass) by 2020 in marine fuels, increase in sea-borne trade, particularly in terms of ton-km travelled, and low cost among ECAs. However, the demandsupply gap among LNG bunkers and vessels is expected to hamper the market growth.
The offshore vessels & ferries segment accounted for more than one-third share of the total market share in 2016, in terms of volume, and is expected to maintain its dominance during the forecast period, owing to its ease of transportation and loading. However, bulk & general cargo vessels are also expected to grow with high rate due to rise in demand for low sulfur fuels.
In 2016, Asia-Pacific and Europe collectively accounted for over two-thirds of the global LNG bunker market, by volume, though Asia-Pacific is expected to grow at a faster rate during the forecast period. High trade frequency from the emerging countries, such as South Korea, India, and China, is estimated to drive the market growth.
The major companies profiled in the report include, Skangas AS, Gasnor As, Statoil ASA, Barents Naturgass As, Engie SA, Bomin Linde LNG GmbH & Co. KG, Eni Norge AS, Harvey Gulf International Marine Llc., Polskie LNG SA, and Korea Gas Corp.
Key Findings of the LNG bunkering Market:
• In terms of value, the offshore vessels & ferries segment is expected to grow at a CAGR of 58.8% during the forecast period.
• In terms of volume, the global LNG bunkering market is expected to grow at a CAGR of 47.7% during the forecast period.
• In Europe, Belgium is estimated to grow at the highest CAGR of 59.6% during the forecast period, in terms of value.
• Tanker fleet as end users occupied around one-fourth of the global market share in 2016, in terms of volume.
• China accounted for over one-tenth of the global LNG bunkering market in 2016, and is expected to grow at a significant CAGR of 49.1%, in terms of volume.
Analyst Review:
The proposed amendments of achieving reduction in sulfur specification of 0.5% m/m (mass/mass) are achievable by 2020. However, refiners are expected to incur additional investments to achieve the target specifications by investing in desulfurization technologies.
Vessel owners utilize different strategies to meet the requirements with several advantages and disadvantages. For instance, they can install scrubber systems, or buy more expensive low sulfur fuel oils, such as Marine Gas Oil (MGO)/Marine Diesel Oil (MDO) or new ECA fuels; for example, Exxon’s HDM50, and can refit the vessel to LNG bunkers.
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A number of impacts on refineries and on the fuel oil markets are expected due to the changes in the specification. As a result, shift in usage of distillates–LNG from traditional fuel oil, especially where ECA regulations are implemented. The changes to the fuel oil pool would require significant investment by refiners to compete in the bunkers market. The price of bunkers is expected to be high, as the processes used are capital intensive in order to achieve decent return on investment.
Europe is expected to have a significant market share in the global market by 2020, owing to the coverage of LNG infrastructure and supply. Increase in inclination toward LNG bunkers is expected to expand European market share, as LNG supply and loading infrastructure are available readily at low cost.
List of Figures
FIGURE 1. GLOBAL LNG BUNKERING MARKET: SEGMENTATION
FIGURE 2. GLOBAL LNG BUNKERING MARKET SHARE, BY END USER, 2016 (%)
FIGURE 3. TOP INVESTMENT POCKETS, BY END USER
FIGURE 4. TOP WINNING STRATEGIES
FIGURE 5. BARGAINING POWER OF SUPPLIERS
FIGURE 6. BARGAINING POWER OF BUYERS
FIGURE 7. THREAT OF NEW ENTRANTS
FIGURE 8. THREAT OF SUBSTITUTES
FIGURE 9. COMPETITIVE RIVALRY
FIGURE 10. U.S. LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 11. CANADA LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 12. MEXICO LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 13. BELGIUM LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 14. SPAIN LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 15. FRANCE LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 16. UK LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 17. NETHERLANDS LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 18. REST OF EUROPE LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 19. CHINA LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 20. JAPAN LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 21. INDIA LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 22. SOUTH KOREA LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 23. REST OF ASIA-PACIFIC LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 24. UAE LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 25. BRAZIL LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 26. ARGENTINA LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 27. REST OF LAMEA LNG BUNKERING MARKET VALUE, 2015-2023 ($MILLION)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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