Press release
What's Driving the LNG Bunkering Market Trends? Key Companies are Skangass AS., Gasnor AS, Korea Gas Corporation, Polskie LNG, Eagle LNG, ENN Energy, EVOL LNG, Fjord Line, Crowley Maritime, Prima LNG
LNG Bunkering Market
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The size of LNG Bunkering Market was registered at USD 800 Million in the year 2016 and and the capacity is set to exceed 18,500 kilotons by 2024.Growing inclination towards lower cost and environmental marine fuel will propel the LNG bunkering market. The LNGe-380 is a competitively priced fuel solution when compared to IFO-380 fuel which allows companies to recover retrofitting costs of fleet. Significant developments of FLNG infrastructure primarily across the Asia Pacific region will further complement the industry outlook. Shifting trends toward floating vessels to eliminate the use of extensive gas pipelines will strengthen the product demand. In 2016, Petronas introduced the world's first floating LNG vessel offshore Malaysia with an investment of over USD 1.16 billion.
Ability to transfer large LNG shipments, rapid transfer rates, and location are some of the key factors proliferating the ship-to-ship LNG bunkering market. The standard operation is associated with a transfer rate of 1,100 cu. m/ hour. Availability of small-scale liquefaction facilities on port terminals will drive the port-to-ship bunkering industry. In 2014, Skangas unveiled the shore to ship bunkering station in Risavika. The port of Risavika is considered as one of the best-equipped LNG bunkering ports in Europe with the addition of new bunkering station. The station is strategically located, to facilitate easy trade along Norway's west.
Abundant availability of natural gas reserves will positively influence Qatar LNG bunkering market. In 2017, Qatar Petroleum announced to accelerate its LNG output by over 30 percent within the next seven years to reinforce its position as a major global LNG supplier. Ongoing projects to produce over 100 million tons of LNG will necessitate the product adoption in the country. In 2016, Shell, Maersk group and Qatar Gas, signed an agreement to develop LNG bunkering industry in the Middle East.
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Container vessel LNG bunkering market is set to grow at over 40% by 2024. Germany accounts for the largest container base in Europe with an orderbook of nearly 170 newbuild container vessels. High investment to develop the new build cruise-ships will further complement the industry growth. In 2016, the Cruise-lines International Association (CLIA) announced a growth of 62% in last ten years.
Favorable government initiatives along with increasing investments to develop LNG infrastructure will positively influence Singapore LNG bunkering market. In 2017, the Maritime and Port Authority of Singapore (MPA) announced to provide financial assistance of upto USD 2 million for LNG-fueled vessels. The MPA introduced the country's first LNG bunkering standard which renders technical outline to conduct LNG bunkering operations.
Table of content:
Chapter 4. LNG Bunkering Market, By Product
4.1. LNG bunkering market share by product, 2016 & 2024
4.2. Truck-to-Ship
4.2.1. Market estimates and forecast, 2014 - 2024
4.3. Ship-to-Ship
4.3.1. Market estimates and forecast, 2014 - 2024
4.4. Port-to-Ship
4.4.1. Market estimates and forecast, 2014 - 2024
4.5. Portable Tanks
4.5.1. Market estimates and forecast, 2014 - 2024
Chapter 5. LNG Bunkering Market, By End-Use
5.1. LNG bunkering market share by end-use, 2016 & 2024
5.2. Container Vessels
5.2.1. Market estimates and forecast, 2014 - 2024
5.3. Cruise-ships
5.3.1. Market estimates and forecast, 2014 - 2024
5.4. Bulk Carriers
5.4.1. Market estimates and forecast, 2014 - 2024
5.5. Ferries
5.5.1. Market estimates and forecast, 2014 - 2024
5.6. Offshore Support Vessels (OSVs)
5.6.1. Market estimates and forecast, 2014 - 2024
Read More About LNG Bunkering Market: https://www.globenewswire.com/news-release/2017/06/20/1026147/0/en/LNG-Bunkering-Market-worth-over-12bn-by-2024-Global-Market-Insights-Inc.html
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