Energias Market Research has released its latest report, providing a variety of insights into the current state and future of the LNG bunkering market.
The report segments the LNG bunkering market by mode (ship-to-ship, terminal-to-ship, truck-to-ship, others); by application (container vessels, tankers vessel, ferries & offshore service vessels, bulk & general cargo vessel); and by region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Rest of the World (RoW)).
The report studies the global LNG bunkering market over the forecast period (2017 – 2023). The market is expected to witness a CAGR of 62.5%, and is projected to reach US$24.68 billion by 2023.
The key factors driving the growth of the LNG bunkering market are strongly linked to the increase in LNG demand overall. As one of the cleanest burning fossil fuels LNG is increasingly being viewed as a solution to the growing need to reduce carbon footprint; an issue being given a lot of coverage lately, particularly in the shipping industry, as increasingly stringent international emission policies are introduced.
Key findings regarding the global LNG bunkering market:
- In 2017, Singapore the Maritime and Port Authority of Singapore (MPA) commenced its LNG bunkering pilot project. Under the project, the MPA has provided various companies with grants of up to S$2 million per LNG-powered vessel constructed.
- In 2016, the IMO announced the effective date for the reduction of marine fuel sulfur will be 2020. Under the new global cap, ships will have to use marine fuels with a sulfur content of no more than 0.5% sulfur against the current limit of 3.5% sulfur 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 56.0% by 2023 owing to its quick transfer operation.
- Europe with a market share of 85.0% 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 LNG bunkering market in North America is expected to be benefited owing to the decline in natural gas price 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, Gazprom Neft PJSC, Royal Dutch Shell Gasum, KLAW LNG, Korea Gas Corporation, ENN Energy Prima LNG, Fjord Line and EagleLNG.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/17092018/lng-bunkering-market-the-future-of-marine-transportation/