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Marine Liquefied Natural Gas (LNG) Engine Market: Overview

  • Marine liquefied natural gas (LNG) engine is a dual fuel engine, which operates on bunker fuel and natural gas to convert chemical energy into mechanical energy.
  • Global demand for energy has been rising year after year, while oil reserves have been depleting. Around 90% of global trade is seaborne; hence, maritime transport plays an essential role in the global economy.
  • Liquefied natural gas possesses cleaner burning properties. Therefore, the usage of natural gas has been rising in the marine sector. Liquefied natural gas also complies with International Maritime Organization 2020 (IMO) and International Convention for the Prevention of Pollution from Ships (MARPOL) environmental regulation. According to the IMO 2020 and MARPOL regulations, the maximum sulfur content in marine fuel should be up to 0.50%.
  • The number of ships using liquefied natural gas engines has been increasing. Investments in the required infrastructure projects along the ports or shipping lanes are also rising.
  • Demand for liquefied natural gas engines is rising primarily in cargo, containership, and platform supply vessels. Compared to heavy fuel oil (HFO) engine, liquefied natural gas engine reduces sulfur emissions on a large scale.

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Key Drivers of Global Marine Liquefied Natural Gas (LNG) Engine Market

  • Demand for marine liquefied natural gas engine has been increasing owing to strict emission regulation imposed by the International Maritime Organization in order to reduce sulfur and carbon emissions
  • Demand for marine alternative fuels such as liquefied natural gas has been rising, as these fuels help overcome the issues of carbon emission and depleting oil reserves. This is anticipated to boost the global marine liquefied natural gas engines market.

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Key Development

  • In September 2018, Rolls-Royce plc launched a series of liquefied natural gas (LNG) fuelled marine engines at the SMM maritime exhibition in Hamburg. The new LNG-fuelled B36:45 engine is identical to that of the liquid-fuelled B33:45 at 600kW per cylinder at 750 rpm. The engine is available in six, eight, and nine cylinder in-line configurations. A V-12 version is in development, which would be followed by a 20-cylinder V-engine for very high-power applications.

North America to Hold Major Share of Global Marine Liquefied Natural Gas (LNG) Engine Market

  • Based on region, the global marine liquefied natural gas (LNG) engine market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America dominated the global marine liquefied natural gas (LNG) engine market in 2019, owing to rise in seaborne trade.  The export of crude oil and other raw materials from North America to Asia has increased since the last few years.
  • Europe is likely to hold vital share of the market during the forecast period. The region is focusing on elimination of carbon emissions by investing in various alternative energy sources.
  • Asia Pacific is anticipated to be highly attractive region of the global marine liquefied natural gas (LNG) engine market during the forecast period. Seaborne trade from countries such as China, India, Japan, and South Korea is rising. In 2018, 4.5 billion tons of goods were loaded, while 6.7 billion tons were unloaded in Asian seaports.
  • The market in Middle East & Africa and Latin America is likely to be expand at a sluggish pace during the forecast period

Key Players Operating in Market

Leading players operating in the global marine liquefied natural gas (LNG) engine market include:

  • MAN Energy Solutions
  • DNV GL
  • Rolls-Royce plc
  • Wärtsilä

Global Marine Liquefied Natural Gas (LNG) Engine Market: Research Scope

Global Marine Liquefied Natural Gas (LNG) Engine Market, by Type

  • Spark-ignited
  • Diesel-ignited
  • Direct Gas Injection

Global Marine Liquefied Natural Gas (LNG) Engine Market, by Propulsion

  • Conventional
  • Hybrid

Global Marine Liquefied Natural Gas (LNG) Engine Market, by End-use

  • Tugboats
  • Offshore Support Vehicles
  • Ferries
  • Defense Vessels
  • Yachts
  • Cruise Ships
  • Others

Global Marine Liquefied Natural Gas (LNG) Engine Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Australia
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Venezuela
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Nigeria
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Marine Liquefied Natural Gas Lng Engine Market

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