Global LNG Bunkering market was valued at US$ 265.3 million in 2016, according to Global LNG Bunkering Market by Product Type (Portable Tanks, Ship-to-Ship, Port-to-Ship, Truck-to-Ship), by Vessel Type (Ferries, Offshore Support Vessels, Container Fleet, Others), published by Coherent Market Insights. The LNG bunkering market is expected to exhibit a CAGR of 52.4% over the forecast period (2017-2025) to reach US$ 11,662.5 million by 2025.
Major factors propelling growth of the global LNG bunkering market are stringent government regulations to reduce emission of nitrous oxide and sulfur and increasing demand for clean energy. For instance, in 2015, U.S. Environment Protection Agency (EPA) implemented regulations under MARPOL governed by International Maritime Organization (IMO) for reducing sulfur for fuel oils that are used by ships in the Emission Control Areas. Some of the areas are the North Sea, Baltic Sea, and Caribbean Sea. However, high cost for building LNG ships is hampering growth of the global LNG bunkering market.
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Key Trends and Analysis of LNG Bunkering Market:
Among product types, ship-to-ship LNG bunkering segment is projected to witness highest growth in the global LNG bunkering market over the forecast period. This is attributed to location flexibility of these ship-to-ship bunkering and its ability to transfer large volume of LNG.
Among vessel types, the offshore support vessel was the dominant segment in the global LNG bunkering market in 2016. This can be attributed to the use of these vessels to travel short distances between loading and bunkering of small quantities of fuel. In 2015, Harvey Gulf International Marine, a marine transportation company, was the first operator of a duel fuel offshore support vessel (OSV) to bunker LNG as a marine fuel and also completed the truck-to-vessel LNG transfer for the first time.
Key Takeaways of the Market:
Europe was the dominant region in the global LNG bunkering market in 2016 and the market in the region was valued at US$ 111.9 million. In 2017, Shell's LNG bunkering vessel is expected to commence operations in the port of Rotterdam in Europe, with a capacity of fueling about 1000 cubes of LNG per hour. This would further strengthen the region's dominance in the global market.
Asia Pacific is projected to be the fastest growing market over the forecast period in the global LNG bunkering market. This is attributed to presence of Singapore, which is one of the world's largest bunkering hubs. Singapore has been collaborating with ports of Zeebrugge, Antwerp, and Rotterdam in Europe for developing common rules and standards for LNG bunkering. It was awarded two licenses for LNG bunkering in 2016 for companies to supply bunkers to vessels in Singapore port by 2017.
North America is expected to witness significant growth in the global LNG bunkering market over the forecast period. According to Energy Information Administration (EIA), in the U.S., shale gas production accounted for over half of U.S. natural gas production in 2015. It is projected to more than double from 37 Bcf/d in 2015 to 79 Bcf/d by 2040, accounting for 70% of the total U.S. natural gas production. This in turn, will enable the LNG bunkering market to grow at a burgeoning pace over the next decade.
Companies in the market and focusing on acquisitions and collaborations in order to enhance its presence in the global market. For instance, in 2014, Skangas acquired Risavika plant in Norway, to avail the LNG for bunkering operations. Furthermore, in November 2017, Shell and Anthony Veder—a Netherlands-based company—signed a contract to modify the LNG carrier Coral Methane into an LNG bunker vessel. This is expected to cater to increasing demand for natural gas.
Major players in the global LNG bunkering market include Royal Dutch Shell Plc., Skangas, ENN Energy, Korea Gas Corporation, Prima LNG, Harvey Gulf International Marine LLC, Bomin Linde LNG GmbH & Co KG, Fjord Line, Crowley Maritime Corporation, and Polskie LNG.
The global LNG Bunkering Vessel market is expected to reach US$ XX Million by 2028, with a CAGR of XX% from 2023 to 2028, based on HNY Research newly published report.
The prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this...
Overview of the Global LNG Bunkering Market:
The report discusses everything a marketer requires before investing in the global LNG Bunkering Market during the forecast period 2023-2030. It provides detailed insight...
The global LNG Bunkering market is expected to reach US$ XX Million by 2028, with a CAGR of XX% from 2023 to 2028, based on HNY Research newly published report.
The prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this field ...
Overview of the Global Liquefied Natural Gas Bunkering Market:
The report discusses everything a marketer requires before investing in the global Liquefied Natural Gas Bunkering Market during the forecast period 202...
The global Bunkering Service market is expected to reach US$ XX Million by 2028, with a CAGR of XX% from 2023 to 2028, based on HNY Research newly published report.
The prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this fi...
Overview of the Global Liquefied Natural Gas Bunkering Market:The report discusses everything a marketer requires before investing in the global Liquefied Natural Gas Bunkering Market during the forecast period 2022-2029. It provides detailed insight into current trends, m...
The global LNG Bunkering Vessel market is expected to reach US$ XX Million by 2027, with a CAGR of XX% from 2022 to 2027, based on HNY Research newly published report.
The prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this...
Summary
Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4) that has been converted to liquid form for ease of storage or transport. LNG is an attractive fuel choice for many vessels because it exceeds the air quality standards set forth.It takes up about 1/600th the volume...
Summary
Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4) that has been converted to liquid form for ease of storage or transport. LNG is an attractive fuel choice for many vessels because it exceeds the air quality standards set forth.It takes up about 1/600th the...
The research team projects that the LNG Bunkering market size will grow from XXX in 2020 to XXX by 2027, at an estimated CAGR of XX. The base year considered for the study is 2020, and the market size is projected from 2020 to 2027.
The prime objective of this report is to help the user und...