LNG Bunkering the future of marine transportation to grow at CAGR of 62.50% CAGR during 2017-2023 and is expected to reach USD 24684.68 Million in 2023
LNG Bunkering is the practice of providing liquefied natural gas fuel to a ship for its own consumption. The advantage that LNG as a fuel provides is the vast reduction in pollutant caused by the traditional method of fuelling ships. LNG is a potential solution for meeting the clean fuel requirements due to its negligible sulfur content, and its combustion produces low NOx compared to fuel oil and marine diesel oil. The bunker fuel is mostly used by the marine vessels such as bulk and general cargo vessels, tankers, container ships, offshore port vessels, and ferries. The challenges that LNG bunkering market today face is slow infrastructure development, the regulatory landscape and competition from alternative fuels.
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Key finding of the global LNG bunkering market are:
In 2017, Singapore the Maritime and Port Authority of Singapore (MPA) commenced its LNG bunkering pilot programme. Under the programme, the MPA has provided various companies with grants of up to S$2 million per LNG-powered vessel constructed.
In 2016, the IMO announced that the effective date for the reduction of marine fuel sulphur will be 2020. Under the new global cap, ships will have to use marine fuels with a sulphur content of no more than 0.5% sulphur against the current limit of 3.5% sulphur in an effort to reduce greenhouse gas emissions.
The ferries and offshore service vessel will dominate the LNG bunkering market during the forecast period.
Ship-to-ship LNG bunkering market is expected to witness a CAGR of 56% by 2023 owing to its quick transfer operation.
Europe with a market share of 85% of market share is currently dominating the LNG bunkering market due to the presence of a majority of LNG bunkering stations in the region. Norway, with the largest number of bunkering operations dominates the LNG bunkering market in the European region.
Asia-Pacific region backed by high marine trade is expected to grow at the fastest rate during the forecast period.
The business growth LNG bunkering market in North America is projected to benefit from the continuously declining prices of natural gas in the region.
Qatar, in Middle East and Africa region is expected to make a good business in the LNG bunkering market owing to the abundance of LNG in the region.
As of March 2017, there are approximately 104 LNG-fuelled ships in operation and approximately 109 LNG-fuelled ships to come.
In 2015, Gasum acquired a 51% share in Skangas pushing Gasum into the lead spot in Nordic LNG.
The key companies dealing in LNG bunkering market are Skangas, Gasum, Gazprom Neft PJSC, KLAW LNG, Korea Gas Corporation, Royal Dutch Shell, Prima LNG, Fjord Line, ENN Energy and Eagle LNG.
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The global LNG bunkering market is expected to increase from USD 825 million in 2016, to USD 24684.68 million in 2023, at a CAGR of 62.50 %from 2017 to 2023. The overall LNG bunkering market across the world is mainly driven by the factors such as LNG as a fuel helps to reduce the carbon footprint of the shipping industry and cost effectiveness of LNG fuel. The years used for the assessment are as follows;
Historical year : 2013, 2014 and 2015
Base year : 2016
Forecast period : 2017 – 2023
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