According to a market research report published by Transparency Market Research, the global LNG bunkering market is estimated to take a leap at a CAGR of 63.6% during the period from 2014 to 2025. The report, titled “LNG Bunkering Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2025”, projects the global LNG bunkering market to reach 22,540 kilo tons by 2025. The overall market stood at 70 kilo tons in 2013.
Browse the full LNG Bunkering Market (By Vessel Segment - Tankers, Container Ships, Bulk & General Cargo Vessels, and Ferries & Offshore Support Vessels): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2025 report at http://www.transparencymarketresearch.com/lng-bunker-fuel-market.html
Compliance with IMO (International Maritime Organization) regulations to use clean fuels in emission control areas (ECAs) boosts the growth of the global LNG bunkering market. In Europe and North America, LNG is an economical fuel option compared to distillate fuels. Increasing LNG bunkering requirements from offshore support vessels and coastal and inland ferries will further augment the growth of the market. However, lack of LNG fuelling infrastructure in major bunkering destinations and high investment cost for new built LNG fuelled ships have led to low adoption rates. This would hamper the growth of the global LNG bunkering market. Alternative approaches adopted by shipping to meet IMO regulations might restrain the LNG bunker fuel market. The overall market has a huge opportunity to grow with the expansion of emission control areas.
On the basis of end-users, the report segments the global LNG bunkering market into tankers vessels, container vessels, ferries and OSV, and bulk and general cargo vessels. The demand from tankers vessels, container vessels, and bulk and general cargo vessels is expected to increase significantly during the forecast horizon as the utilization of LNG across emission control areas (ECAs) in waterways has emerged as an attractive bunkering alternative for vessel operators.
The report studies the global LNG bunkering market across four key regions: Asia Pacific, Europe, North America, and Rest of the World. The development of LNG bunkering infrastructure has paced up in the European region owing to the stringent sulfur emission norms that have led to a widening gap between conventional fuel and natural gas prices. Most of the LNG bunkering stations are situated in Northern Europe. In North America, drop in natural gas prices has boosted the sales of LNG bunker fuel in North American ports. Countries such as China and South Korea in the Asia Pacific region have invested significantly in the development of LNG bunker fuel. Further, environmental regulations are likely to be imposed on the usage of bunker fuel in this region by 2020. The report projects that the demand for bunker fuel in Asia Pacific will surge significantly after 2020.
Describing the competitive landscape, the report profiles some of the key players operating in the global LNG bunkering market such as Harvey Gulf International Marine LLC, Gasnor AS, Korea Gas Corporation, Bomin Linde LNG GmBH & Co. KG, Skangass AS, Royal Dutch Shell plc, GDF SUEZ S.A., and Gazpromneft Marine Bunker LLC. The report offers insightful information about the key players including financial overview, business strategy, and recent developments.
Global LNG Bunkering Market has been segmented as:
Global LNG Bunkering Market, by End-Users
- Container Vessels
- Tankers Vessels
- Bulk & General Cargo Vessels
- Ferries and OSV
Global LNG Bunkering Market, by Geography:
- North America
- Asia Pacific
- Rest of the World
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