01-Aug-2018 | Zion Market Research
Zion Market Research has published a new report titled “LNG Bunkering Market – by Vessel (Tankers, Container Ships, Bulk & General Cargo Vessels, and Ferries & Offshore Support Vessels), by Product Type (Portable Tanks, Ship-to-Ship, Port-to-Ship, and Truck-to-Ship): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global LNG bunkering market was valued at approximately USD 397.70 million in 2017 and is expected to generate revenue of around USD 11899.60 million by the end of 2024, growing at a CAGR of around 59.4% between 2018 and 2024.
Growing number of vessels using LNG (Liquefied Natural Gas) owing to the need for cleaner fuels in compliance with the stringent government regulations in order to reduce chemical emissions and maintain sustainability is the main driver that is boosting the growth of the LNG bunkering market. International Maritime Organization (IMO) in 2012, expressed that boats must reduce their sulfur content in fuel from 4.5% to 3.5% in order to reduce air pollution. Different end-users have started replacing the conventional and traditional fuels because of two reasons. First, to reduce the emission of greenhouse gases into the atmosphere and second factor is the cost-effectiveness. Nowadays, people are substituting natural gas with LNG because it is economical and cheaper. Also, LNG has high combustion effectiveness, it is easy to redeploy and because of its lower volume density, LNG is relatively easier to transport. This has prompted widespread response of LNG across over different enterprises, prompting dispatching of different new LNG plants around the world, thus making an exceedingly favorable market for LNG bunkering.
Browse the full "LNG Bunkering Market: by Vessel (Tankers, Container Ships, Bulk & General Cargo Vessels, and Ferries & Offshore Support Vessels), by Product Type (Portable Tanks, Ship-to-Ship, Port-to-Ship, and Truck-to-Ship): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024"- Report at https://www.zionmarketresearch.com/report/lng-bunkering-market
Moreover, formulating rules and standards are driving structural growth in the uptake of LNG as a shipping fuel. These regulations are implemented through the IMO's International Convention for the Prevention of Pollution from ships. Certain regions have likewise assigned stricter emission rules. Other than air quality measure, the IMO is additionally introducing devices to monitor, screen, and substantially reduce GHG (Greenhouse Gas) emissions from ships. Such factors are expected to drive the LNG bunkering market growth over the forecast period.
The LNG bunkering market is segmented on the basis of vessel which includes tankers, container ships, bulk & general cargo vessels, and ferries & offshore support vessels. Ferries and off-shore support vessels segment held major revenue share in 2017. The growth is attributed due to offshore exploration, sea trade, and production activities happening across the globe. This crucial factor will drive the growth of the market.
Based on product type, LNG bunkering market has been categorized into portable tanks, ship-to-ship, port-to-ship, and truck-to-ship. Ship-to-Ship is expected to contribute a significant revenue share in the coming years. The growth is because ship-to-ship operations are feasible for all types of vessels and because of feasibility; it has advantages such as transfer operations in ship-to-ship can be done quickly and it has high capacity of storage which is approx. about 800-7500 tons.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are regional segments of the global LNG bunkering market. North America held significant revenue share in 2017 and is expected to continue its dominance over the forecast period. The growth is attributed due to ongoing shale production and its development with strict emission rules. This will enhance the market growth in the region. Rising uncertainties for limiting the natural effect and expanding ventures towards reconstructing and updating LNG foundation is foreseen to additionally support the development of LNG bunkering market in Europe.
Some of the industry players operating in the LNG bunkering market include Skangas, Korea Gas Corporation, Harvey Gulf International Marine LLC, Fjord Line, Polskie LNG, Royal Dutch Shell Plc., ENN Energy, Prima LNG, Bomin Linde LNG GmbH & Co KG, and Crowley Maritime Corporation, among others.
This report segments the global LNG bunkering market as follows:
Global LNG Bunkering Market: Vessel Segment Analysis
Global LNG Bunkering Market: Product Type Segment Analysis
Global LNG Bunkering Market: Regional Segment Analysis
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