LNG Bunkering Market 2021 remarkable growth with Skangas, Gasnor, BominLinde, EniNorge, Polskie LNG & Korea Gas Corp.
LNG bunkering market is studied across regions including Asia-Pacific, North America, LAMEA, and Europe. The Europe regions accounted for the largest revenue share in 2019 with around two-fifths of the global market, and will maintain its lead position by 2027. On the other hand, the market across Asia-Pacific is expected to register the fastest CAGR of 45.9% during the forecast period.
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Based on application, the cargo fleet segment dominated the market with lion’s share, holding around one-fourths of the global market in 2019. At the same time, the container fleet segment is expected to portray the largest CAGR of 45.5% from 2020 to 2027.
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.
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.
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• The prolonged lockdown imposed by the government to curb the spread of coronavirus has impacted the import and export activities, thereby disrupting the supply chain.
• Several maritime and shipment activities have also been stopped owing to the restrictions imposed by governments. Nevertheless, the demand for LNG bunkering is expected to boost post the pandemic.
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