LNG Bunkering Market: LNG Bunkering Market Outlook: Emerging Trends and Future Directions

Market Overview:

Liquefied natural gas (LNG) bunkering involves the refueling of LNG-fueled vessels. It provides an alternative fuel solution to power ocean-going vessels and reduces emission levels. The LNG bunkering industry supplies LNG as a marine fuel for ships to lower emissions and achieve compliance with stringent environmental regulations.

Get Sample Report with Global Industry Analysis @ https://www.coherentmarketinsights.com/insight/request-sample/1085

Major Players Are:

✤ Royal Dutch Shell Plc.
✤ Skangas
✤ ENN Energy
✤ Korea Gas Corporation
✤ Prima LNG
✤ Harvey Gulf International Marine LLC
✤ Bomin Linde LNG GmbH & Co KG
✤ Fjord Line
✤ Crowley Maritime Corporation
✤ Polskie LNG

Market Dynamics:

The growth of the LNG Bunkering Market is driven by stringent emission regulations implemented by marine regulatory bodies globally to curb emission levels from international shipping. The International Maritime Organization (IMO) has set a target to reduce greenhouse gas emissions from ships by 40% by 2030 and aims for complete decarbonization by 2050. This has increased focus on utilizing cleaner marine fuels such as LNG and promoted infrastructure development for LNG bunkering worldwide. Additionally, the switch to LNG as a marine fuel is gaining rapid acceptance with increasing LNG-powered vessels and expansion of global LNG bunkering facilities. This is expected to fuel the demand for LNG bunkering services in Europe, North America, and Asia Pacific during the forecast period.

Detailed Segmentation:

Global LNG Bunkering Market, By Product Type:
o Portable Tanks
o Ship-to-Ship
o Port-to-Ship
o Truck-to-Ship
Global LNG Bunkering Market, By Vessel Type:
o Ferries
o Cruise-Ships
o Bulk and General Cargo Fleet
o Offshore Support Vessels
o Tanker Fleet
o Container Fleet
o Others

Regional Analysis for LNG Bunkering Market:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Direct Buy Copy of This Business Research Report: https://www.coherentmarketinsights.com/insight/buy-now/1085

Major Market Driver: Stringent Emission Norms Pushing Adoption of Liquefied Natural Gas as Marine Fuel

Growing environmental concerns regarding emissions from marine vessels have led regulatory bodies around the world to impose stringent emission norms. The International Maritime Organization (IMO) has introduced regulations to curb SOx, NOx and particulate matter emissions from ships. The sulfur content in marine fuel was limited to 0.5% starting January 2020 under IMO 2020 norms, down from 3.5% earlier. This has compelled ship owners and operators to look for cleaner alternatives to comply with the new rules. Liquefied natural gas (LNG) is seen as one of the most viable options as it emits almost zero sulfur and helps reduce CO2 and particulate matter emissions significantly compared to conventional marine fuels like heavy fuel oil. Many ports and coastal economies are also enforcing emission control areas (ECA) that limit the sulfur content in marine fuel even further to 0.1%, driving greater demand for LNG as a marine fuel.

Major Market Driver: Increasing Adoption of Dual-Fuel Engines and LNG-Fueled Newbuild Vessels

The rise in LNG bunkering infrastructure development and availability of dual-fuel engines that can operate on both gas and conventional fuels are encouraging greater uptake of LNG as a marine fuel. Large ship owners and operators are increasingly opting for new LNG-powered vessels in order to comply with the 2020 IMO rules in a cost-effective manner. Dual-fuel engines provide an alternative to switch between LNG and conventional fuels during voyages based on fuel price and availability. Newbuildings with LNG propulsion systems are gaining momentum across various vessel types including container ships, tankers, bulk carriers and gas carriers. This is expected to drive significant demand for LNG bunkering services to fuel these vessels over their operational lives.

Major Market Restrain: High Capital Cost of Retrofitting Vessels and Developing Bunkering Infrastructure

One of the key challenges restraining greater adoption of LNG as a marine fuel is the high initial capital cost associated with retrofitting vessels to use LNG and developing specialized LNG bunkering infrastructure. Converting existing vessels to LNG propulsion requires extensive modifications including new fuel tanks and piping systems, engine modifications and additional safety equipment. This leads to substantial retrofitting costs running into millions of dollars for each vessel. Developing LNG bunkering facilities also requires large capital investments for specialized barges, bunkering vessels, terminals and truck-to-ship supply logistics. The uneven development of LNG bunkering infrastructure globally limits the viable LNG refueling points for ships. High costs continue to act as a restraint especially for smaller ship owners with tight budgets.

Major Market Opportunity: Growth in LNG Trade Driving Need for Associated Bunkering Infrastructure

The increasing global LNG trade presents a sizable opportunity for the development of LNG bunkering infrastructure. Rapid growth of LNG production facilities and expansion of regasification terminals worldwide has boosted seaborne LNG trade volumes substantially. LNG is increasingly being transported over long-haul routes between suppliers and major demand centers. This growth in LNG vessel traffic points to a need for establishing sufficient LNG bunkering facilities along key trade routes as cleaner-burning LNG becomes the preferred marine fuel. Port cities that serve as hubs for LNG import and export activities are well positioned to capitalize on this opportunity by developing bunkering facilities catering to passing LNG cargo vessels. Growing LNG trade represents a captive demand base that can facilitate capacity utilization and commercial viability of bunkering facilities over the long-run.

Major Market Trend: Emergence of Small-Scale and Mobile LNG Bunkering Solutions

A key trend gaining traction in the LNG bunkering market is the emergence of small-scale, portable and modular solutions that aim to address infrastructure and logistical challenges. Smaller LNG carriers and bunkering vessels with capacities below 10,000 cbm and mobile bunker trucks are being increasingly deployed to serve customers in locations with limited or no established bunkering infrastructure. Advanced cryogenic technologies are enabling the development of portable bunkering units and containerized or trailer-mounted LNG mini-terminals. These offer flexible, mobile refueling solutions that can be quickly set up even in ports

Why Choose This Report:

→» A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
→» Data on market value for each section and sub-segment
→» Indicates the region and market segment that is likely to expand the fastest and dominate the market.
→» The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
→» The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.

For More Customized Data, Request for Report Customization @ https://www.coherentmarketinsights.com/insight/request-customization/1085

FAQ's

What are the key factors hampering growth of the LNG Bunkering Market?
What are the major factors driving the Market growth?
Which is the leading component segment in the Market?
Which are the major players operating in the Market?
Which region will lead the Market?

Table of Content (TOC):

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Global LNG Bunkering Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: LNG Bunkering Industry Impact

Chapter 2 Global LNG Bunkering Competition by Types, Applications, and Top Regions and Countries
2.1 Global LNG Bunkering (Volume and Value) by Type
2.3 Global LNG Bunkering (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global LNG Bunkering Sales, Consumption, Export, Import by Regions (2018-2023)
Chapter 5 North America LNG Bunkering Market Analysis
Chapter 6 East Asia LNG Bunkering Market Analysis
Chapter 7 Europe LNG Bunkering Market Analysis
Chapter 8 South Asia LNG Bunkering Market Analysis
Chapter 9 Southeast Asia LNG Bunkering Market Analysis
Chapter 10 Middle East LNG Bunkering Market Analysis
Chapter 11 Africa LNG Bunkering Market Analysis
Chapter 12 Oceania LNG Bunkering Market Analysis
Chapter 13 South America LNG Bunkering Market Analysis
Chapter 14 Company Profiles and Key Figures in LNG Bunkering Business
Chapter 15 Global LNG Bunkering Market Forecast (2023-2030)
Chapter 16 Conclusions
Research Methodology
Continued....

Contact Us

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame
CA 94010, United States
Email: sales@coherentmarketinsights.com
Phone: U.S.: +1-206-701-6702
U.K.: +44-020-8133-4027
JAPAN: +81-50-5539-1737
INDIA: +91-848-285-0837

About Us

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.