New York, NY, July 11, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “LNG Bunkering Market – by Vessel (Tankers, Container Ships, Bulk & General Cargo Vessels, and Ferries & Offshore Support Vessels), by Product Type (Portable Tanks, Ship-to-Ship, Port-to-Ship, and Truck-to-Ship): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”.
According to the report, global LNG bunkering market was valued at approximately USD 397.70 million in 2017 and is expected to generate revenue of around USD 11899.60 million by the end of 2024, growing at a CAGR of around 59.4% between 2018 and 2024.
Growing number of vessels using LNG (Liquefied Natural Gas) owing to the need for cleaner fuels in compliance with the stringent government regulations in order to reduce chemical emissions and maintain sustainability is the main driver that is boosting the growth of the LNG bunkering market. International Maritime Organization (IMO) in 2012, expressed that boats must reduce their sulfur content in fuel from 4.5% to 3.5% in order to reduce air pollution. Different end-users have started replacing the conventional and traditional fuels because of two reasons.
Browse through 49 Tables & 18 Figures spread over 110 Pages and in-depth TOC on “Global LNG Bunkering Market: By Types, Industry Size, Share, Trends and Forecast, 2017 - 2024”.
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First, to reduce the emission of greenhouse gases into the atmosphere and second factor is the cost-effectiveness. Nowadays, people are substituting natural gas with LNG because it is economical and cheaper. Also, LNG has high combustion effectiveness, it is easy to redeploy and because of its lower volume density, LNG is relatively easier to transport. This has prompted widespread response of LNG across over different enterprises, prompting dispatching of different new LNG plants around the world, thus making an exceedingly favorable market for LNG bunkering.
Natural gas is a combination of few gases and has no color; however, it is generally made from methane with an average composition of 70 to 99% by mass, depends upon the composure. Different constituents generally found in flammable gas are ethane, propane, and butane. Natural gas is one of the cleanest consuming fuel accessible today with insignificant amount of sulfur or fiery debris content. When utilized in a motor, it emits low levels of nitrogen dioxide and carbon dioxide. Bunkering is a procedure to refuel the marine vessels. Bunkering is done through pipelines associated with a terminal or direct exchange from trucks or ships. Easy transportation and capacity of fluid natural gas make its adoption feasible. Conversion of natural gas into the fluid state at –161°C is advantageous for simple transport and delivering. High combustion of natural gas in lower density results in the reduction of emissions of carbon dioxide, which is a harmful greenhouse gas. In comparison to marine gas, natural gas is cost-effective and economical in nature.
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LNG bunkering is experiencing the highest growth rate in developed as well as developing countries. Escalating number of vessels using LNG owing to the need for cleaner fuels in compliance with the stringent government regulations in order to reduce air pollution and maintain sustainability is the main driver that is boosting the growth of the market. This particular factor is driving the development of the LNG bunkering market. The regulatory organization the International Maritime Organization (IMO) in 2012, expressed that boats must reduce their sulfur content in fuel from 4.5% to 3.5 Different end-users are substituting and replacing the conventional and traditional fuels because of the cost effectiveness, for example, natural gas with LNG, given its noteworthy cost advantage over the previous. LNG generally has lower volume than traditional flammable gases, and because of this attribute, it makes LNG safe and easier to transport. This has prompted widespread usage of LNG across different enterprises thus making it extremely favorable for the market to grow. Moreover, formulating rules and standards are driving structural growth in the development of LNG as a shipping fuel. These regulations are implemented through the IMO's for the prevention of pollution from ships, yachts, and boats. Although these motors have their own prerequisites and fuel requirements, certain regions have likewise been assigned with stricter emission limits. Other than air quality measure, the IMO is additionally introducing devices to monitor, screen, and substantially reduce GHG (Greenhouse Gas) emissions from ships.
Based on vessel, the LNG bunkering market is segmented into container ships, tankers, ferries & offshore support vessels, and bulk & general cargo vessels. On the basis of product type, the market is segmented into port-to-ship, portable tanks, ship-to-ship, and truck-to-ship.
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Europe held substantial revenue share of the global LNG bunkering market in 2017 and the region is anticipated to continue with its regional supremacy over the forecast time period. The growth of this regional market is attributed because Norway region in Europe is considered to be the biggest bunking center, as it offers more than 18,000 LNG bunk stations. Additionally, rising uncertainties for limiting the natural effect and expanding ventures towards reconstructing and updating LNG foundation is foreseen to additionally support the development of LNG bunkering market in Europe. In 2017, the European Union (EU) states affirmed the European Commission's proposition of contributing USD 24.18 million for creating productive and supportable transportation for LNG bunkering.
Asia Pacific region is predicted to provide significant opportunities for LNG bunkering. The region is a manufacturing hub. Because of this, the manufacturing and production activities in this region have a demand for energy. As indicated by International Energy Agency, the energy demand from Southeast Asia from 2000 to 2013 had expanded by more than 50%. The Oceanic and Port Authority of Singapore reported of investing capital of USD 1.45 million for construction of six vessels under a program in 2017, in order to examine the strategies for activities and security conventions which are required for LNG bunkering. Such initiatives are anticipated to drive LNG bunkering market growth in the Asia Pacific region over the forecast timeframe.
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Some of the industry players operating in the LNG bunkering market include Skangas, Korea Gas Corporation, Harvey Gulf International Marine LLC, Fjord Line, Polskie LNG, Royal Dutch Shell Plc., ENN Energy, Prima LNG, Bomin Linde LNG GmbH & Co KG, and Crowley Maritime Corporation, among others.
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This report segments the global LNG bunkering market as follows:
Global LNG Bunkering Market: Vessel Segment Analysis
- Tankers
- Container Ships
- Bulk & General Cargo Vessels
- Ferries & Offshore Support Vessels Ceramics
Global LNG Bunkering Market: Product Type Segment Analysis
- Portable Tanks
- Ship-to-Ship
- Port-to-Ship
- Truck-to-Ship
Global LNG Bunkering Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
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