LNG Bunkering Market 2021: COVID-19 Impact by Current & Upcoming Trends
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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