LNG Bunkering Market 2021: COVID-19 Impact Global Projection, Developments Status, Analysis, Trend and Forecasts
Industry Insight
The fast uptake and development
of LNG bunkering are progressively becoming a crucial component in the energy
& power industry. Market Research Future predicts the potentiality of the
global LNG bunkering market 2020. It can achieve a valuation of USD 11,212 by
the year 2023. Such a high valuation will garner at a growth rate of 45.13%in
the forecast years (2017 to 2024).
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Top Impacting Factors
The UN regulations on the sulphur content of marine
fuels and the mounting marine industry are some of the essential factors
driving the LNG bunkering market for the future. Innovative LNG projects
worldwide have also propelled the LNG market. In the case of point, in Europe,
the commission planned to fund USD 1.34 billion to equip 139 seaports and
inland ports, 10% of which is estimated to be equipped with bunker stations by
2025.
There has been a rise in shifting trends towards
clean energy coupled with stringent government regulations to minimize airborne
emissions are also to drive the global LNG bunkering market size. The ability
to reduce carbon emission by 20% to 25% will make its adoption preferable over
other available counterparts. In the case of point, back in the year 2015, IMO
and MARPOL introduced strict norms to diminish the sulfur and nitrous content
to reduce marine pollution.
Technological advancement in vessel designs to
enhance fuel-efficiency, reduce maintenance, and improve performance along with
maintains reliability and safety are some of the other main parameters that
will stimulate the product demand as well as the market to a great extent. An
influential order book for LNG-propelled vessels subject to the implementation
of IMO Tier III norms will further complement the industry growth for the
forecast period.
Segmentation of Market: LNG Bunkering
As per MRFR’s analysis, the global LNG bunkering
has been studied among the segments of vessel type and product type.
Among the product type segment,
the market has included a port in shipping, portable tanks, truck to ship, and
ship to ship. The truck to ship segment leads the market as truck to ship is
the most widely used for supplying LNG to ships. Thus, it is considered a
cost-intensive method, and it is likely to observe a lower market share during
the assessment period.
Among the vessel type segment,
the market has included container ships, tankers, bulk & general cargo
vessel, ferries & offshore support V vessel.
Regional Outlook
LNG bunkering market size in the U.S region was
valued over USD 100 million in the year 2016. The ongoing shale production with
strict emission norms will enlarge the business growth. Back in the year 2015,
the U.S. Environment Protection Agency implemented the TIER III norms under
MARPOL annexure VI governed by IMO to reduce sulfur and NOx emissions from
marine vessels across Emission Control Areas (ECAs). The U.S. Coast Guard
regulations, as regards shipbuilding with gas-fuelled engines, will further
boost the business.
Norway LNG bunkering market leads the European
region with over 18000 bunkering operations. The increasing focus to maintain
fossil fuel sustainability along with mounting concern to diminish
environmental impact will oblige the business growth. In fact, mounting
investments towards the up gradation and rebuilding of LNG infrastructure will
further complement the industry outlook. In 2014, the EU announced to devote
USD 85.44 million to build the GATE terminal in Rotterdam to facilitate quick
access to gas for foreign ships.
Also, the rising demand for gas-fuelled vessels due
to increasing environmental concerns along with government initiatives towards
the adoption of clean fuel will motivate the Singapore market share. In 2017,
the Ministry of Port Authority (MPA) of Singapore announced an offense with USD
1.45 million funding for vessels under the pilot program.
Top Market Contenders
The top market players of the global LNG bunkering
market are listed as Bomin Linde LNG GmbH & Co. KG, Barents Naturgass AS,
Gasnor AS, ENI Norge AS, Korea Gas Corp, Harvey Gulf International Marine LLC,
Statoil ASA, Polskie LNG SA, SEA\LNG Ltd, and Skangas AS.
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About Market
Research Future:
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According to Value Market Research, the latest technology trends and global market opportunity analysis in the LNG Bunkering Market industry growing with a high CAGR in the upcoming year. Our report has categorized the market based on technology, service, development, vertical and region. https://www.valuemarketresearch.com/report/lng-bunkering-market
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