Global LNG Bunkering Market –by product type ((portable tanks, ship-to-ship, port-to-ship, and truck-to-ship) –by vessel (tankers, container ships, bulk & general cargo vessels, and ferries & offshore support vessels)-By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America)) – is expected to reach US $ 15800.30 Mn by 2026, at a CAGR of 58.85 %.
Increasing number of vessels using LNG (Liquefied Natural Gas) owing to the necessity for cleaner fuels in agreement with the strict government regulations in order to reduce chemical emissions and conserve sustainability is the main driver that is enhancing the growth of the LNG bunkering market. Framing rules and standards are driving operational growth in the endorsement of LNG as a shipping fuel owing to regulations are applied by the International Convention for the Prevention of Pollution from ships. Many of the countries consigned stricter emission rules. These are the key factors which are driving the growth in the Global LNG Bunkering market. Furthermore, high capital investments, poor bunkering infrastructure are the factors hindering the Global LNG bunkering market growth.
Ship-to-ship LNG bunkering market is expected to witness growth in the Global LNG bunkering market.
Ship-to-ship LNG bunkering market is expected to witness at high rate of CAGR owing to its quick transfer operation. Ship-to-Ship is estimated to contribute a substantial growth in the Global LNG bunkering market. It is feasible for all types of vessels owing to its feasibility feature. It offers advantages such as transfer operations in ship-to-ship can be done quickly with high capacity of storage which is nearly about 800-7500 tons.
LNG is a potential solution for demand for clean fuel requirements.
LNG Bunkering is the offering liquefied natural gas fuel to a ship for its own consumption. LNG as a fuel delivers the reduction in pollutant over the traditional method of fuelling ships. LNG is a likely solution for consultation the demand for clean fuel requirements owing to the insignificant amount of sulphur content, and its ignition produces low NOx compared to fuel oil and marine diesel oil. The bunker fuel is predominantly used by the marine vessels such as tankers, bulk and general cargo vessels, container ships, offshore port vessels, and ferries.
Asia Pacific region is projected to provide significant opportunities for LNG bunkering.
Asia pacific is a manufacturing hub. Manufacturing and production activities in this region have a demand for energy. According to the International Energy Agency, the energy demand from Southeast Asia had expanded by more than 48 %. The Oceanic and Port Authority of Singapore planned of investing wealth of USD 1.46 million for construction of vessels under a program in 2017, from which they had examined the strategies for activities and security conventions for LNG bunkering. Such ingenuities are anticipated to drive LNG bunkering market growth in the Asia Pacific region over the forecast year.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of some of the leading manufacturers such as Some of the major key players in the Global LNG Bunkering market includes ENN Energy, Prima LNG, Bomin Linde LNG GmbH & Co KG,Harvey Gulf International Marine LLC, Fjord Line, Skangas, Korea Gas Corporation ,Polskie LNG, Royal Dutch Shell Plc.,and Crowley Maritime Corporation, Gasnor AS, Gazpromneft Marine Bunker LLC, GDF SUEZ SA and EVOL LNG.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the Global LNG bunkering market.Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global LNG bunkering market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global LNG bunkering market positioning of competitors.
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