LNG Bunkering Market - Global Industry Analysis, Size, Share 2024 | Research Report

Global LNG Bunkering Market: Snapshot

The new legislation from the United Nations’ shipping agency has set new limits for sulfur emissions from vessels that would come into effect from 2020. LNG as a bunker fuel has the inherent properties to comply with environmental emission norms that are to come into effect in future. This is because it has negligible sulfur content and its combustion emits low NOx as compared to that produced by fuel oil and marine diesel oil.

This 93 page report gives readers a comprehensive overview of the LNG Bunkering Market. Browse through to unlock the hidden opportunities in this market @
http://www.transparencymarketresearch.com/lng-bunker-fuel-market.html

At present, only 45 vessels globally utilize LNG as a bunker fuel with the majority of these vessels operating in the inland waterways of Northern Europe. Nevertheless, port authorities in Northern Europe are investing substantially in promoting the use of LNG as a bunker fuel. For example, Norway is investing substantially for the development of LNG bunkering terminals at major trading ports. In Norway, the presence of several small-scale LNG production units enables easy distribution of LNG to bunker terminals.

Despite economic and environmental benefits, adoption of LNG is presently restricted to offshore support vessels and passenger ships. Underdeveloped infrastructure for handling LNG bunkering in world’s major ports is considerably challenging the growth of LNG bunkering market.

Nevertheless, projects underway for the development of LNG refueling infrastructure in world’s major ports is expected to boost the adoption of LNG bunker and may even be used by the mainstream marine sector. Furthermore, the emergence of policy based support network and strict emission compliance regulations in place will play a crucial role in the development of LNG bunkering industry.

Europe to Continue Lead over Forecast Period

At present, Europe tops among other regional markets for LNG bunkering. Inland ferries and offshore support vessels are the initial adopters of LNG as a bunker fuel in the region. Several pre-investment studies have been carried out at major ports in Europe to gauge the feasibility of expansion of LNG bunkering capacities.

North America is also emerging as a significant market for LNG bunkering to comply with sulfur emission norms for marine vessels that will come into effect in the near future. The economical prices of natural gas compared to fuel oil and diesel oil is attracting shipping companies to make investments for LNG fueled vessels. In addition, In North America, the shale gas boom is a crucial development encouraging gas distribution companies to make investments in LNG bunkering services.

China and South Korea are taking initiatives for the use of LNG as a marine bunkering fuel.

Ferries and Offshore Support Vessels to Continue as Leading End-user for LNG Bunker

At present, ferries and offshore support vessels (OSVs) account for the major consumption of LNG as a bunker fuel. They are expected to display the leading consumption of LNG bunker until 2020. The LNG bunkering facilities at existing European ports have been designed to serve the fuel needs of OSVs and ferries. Passenger ships and ferries in Europe ply in inland waterways and thus shipping companies are switching to LNG bunker fuel to comply with sulfur emission regulations.

Get accurate market forecast and analysis on the LNG Bunkering Market. Request a sample to stay abreast on the key trends impacting this market @
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3231

In Asia Pacific, deep-sea ships predominantly tankers and container ships are expected to use LNG bunker after strict regulations for sulfur emissions have been enforced. In North America, container ships and tankers are expected to be the primary consumers of LNG bunker over the forecast period. Tanker vessels are expected to be dominant end-user of LNG bunker fuel in the Rest of the World region in the future.

Some of the leading companies in the global LNG bunkering market are Harvey Gulf International Marine LLC, Skangass AS, Gasnor AS, GDF SUEZ S.A., and Korea Gas Corporation.

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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.

Contact

Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.