Global LNG Bunkering Fuel Market to Exhibit 63.6% CAGR over 2014-2025 as Sulfur Emission Norms Tighten
Complete LNG Bunkering Market Report with TOC : http://www.transparencymarketresearch.com/lng-bunker-fuel-market.html
Natural gas is one of the most commonly used fossil fuels for power generation across the globe and is touted to be the fuel of the 21st century owing to its cleaner nature as compared to other popular fossil fuels such as coal and oil. Natural gas is liquefied to make it more viable for transport and use with ease across several end-use applications.
When used as a fuel for ships, liquefied natural gas is known to bring down sulfur oxide emissions by as much as 90-95% as compared to traditional bunker fuels. This factor is expected to have a significant impact on the global bunkering fuel market, which is exploring new and better bunkering fuel options to comply with the increasingly strict regulations being imposed to cut down sulfur emissions in marine environments. As marine vessels spend most part of their voyage time in emission control zones (ECA), shipping companies are projected to adopt LNG as a safer and equally efficient fuel in the near future.
For the ease of comprehension, the global LNG bunkering market has been segmented in the report on the basis of two criteria: end-user and geography.The key end users of LNG bunkering market examined in the report are container vessels, bulk and general cargo vessels, tanker vessels, and ferries and offshore support vessels (OSVs). Of these, the segment of ferries and offshore support vessels accounts for a dominant share in the global LNG bunkering market. Over the report’s forecast period, the segment of containers is projected to significantly aid the expansion of the global LNG bunkering market, primarily owing to the rising container traffic in Asia Pacific and Europe.
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Based on geography, the market has been segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). Of these, Europe has emerged as the leading regional market for LNG bunkering industry due to the presence of a majority of LNG bunkering stations in the region. The LNG bunkering market in North America is projected to benefit from the continuously declining prices of natural gas in the region.
Some of the major vendors operating in the global LNG bunkering market profiled in the report are Harvey Gulf International Marine LLC., GDF SUEZ S.A, Skangass AS, Korea Gas Corporation, and Gasnor AS.
The global LNG bunkering market has been segmented as below:
LNG Bunkering Market: End User Analysis
Bulk & General Cargo Vessels
Ferries & OSV
LNG Bunkering Market: Regional Analysis
Rest of the World (RoW)
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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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