Visiongain has published a new report entitled the LNG Bunkering Market Forecast from 2021-2031. It includes profiles of LNG Bunkering and Forecasts Market Segment by System (LNG Transfer System, LNG Control System, LNG Coupling System, Emergency Release System, LNG Vessel System, Other System) Market Segment by Infrastructure (Ship-to-Ship (STS), Terminal-to-Ship (TPS), Truck-to-Ship (TTS), Ship-to-Shore (STS), Other Infrastructure) Market Segment by End-User (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels, Other End-User ) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global LNG bunkering market was valued at US$407.5 million in 2020 and is projected to grow at a CAGR of 5.8% during the forecast period 2021-2031. China, Europe, and a group of non-OECD nations with coastline access have all expanded their LNG imports or are on the verge of doing so. Another major driver of LNG import capacity expansion has been Japan, whose government set out to increase LNG imports while also bolstering electric power supplies following the Fukushima nuclear disaster in 2011. Japan accounts for 24% of global LNG import capacity as of May 2020. China is the fastest-growing market, with officials promising gas as a cleaner energy source to quell public outrage over local air pollution levels generated by coal. Gas shipments to China were also considered by US economic strategists to reduce the country's trade deficit. China only accounts for 9% of present LNG import capacity, but it accounts for 40% of capacity under construction and in the planning stages
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How has COVID-19 had a significant negative impact on the LNG Bunkering Market?
The Covid-19 epidemic impacted the global LNG bunkering market badly. After a mild Northern hemisphere winter that oversupplied the global market, the subsequent demand collapse is projected to remain low prices on spot LNG freight fares long into 2021. The dynamics of the liquefied natural gas (LNG) market have changed COVID-19 and other events. Industry watchers had anticipated a tension through mid-2021, but the prospect of over-supply was denied, producing lower prices
What Are These Questions You Should Ask Before Buying A Market Research Report?
- How is the LNG bunkering market evolving?
- What is driving and restraining the LNG bunkering market?
- How will each LNG bunkering submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2031?
- How will the market shares for each LNG bunkering submarket develop from 2021 to 2031?
- What will be the main driver for the overall market from 2021 to 2031?
- Will leading LNG bunkering markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2031 and which geographical region will lead the market in 2031?
- Who are the leading players and what are their prospects over the forecast period?
- What are the LNG bunkering projects for these leading companies?
- How will the industry evolve during the period between 2020 and 2031?What are the implication of LNG bunkering projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the LNG bunkering market?
- Where is the LNG bunkering market heading? And how can you ensure you are at the forefront of the market?
- What can be the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path? C-suite?
What are the current market drivers?
Expansion of the Fleet
The rise of the LNG fueling fleet shows fundamental changes in its nature. In mid-2020, the number of GNL-fueled boats stood at just over 160 but, by firm order, in 2027 it is set to grow to 410, with most ships completed by 2025 except LNG carriers. These figures do not, however, show the complete picture as the ships are built.
LNG as a Transportation Fuel
New laws in North America and Europe restricting sulfur emissions from ships will extend transportation markets even further. LNG can assist clients fulfil the new regulatory standards by containing nearly no sulfur and particles such as NOX. The business has been investing in the Lower Mainland and the Port of Vancouver in order to bunker oceangoing ships with LNG. While maritime shipping receives much of the attention when it comes to LNG as a transportation fuel, it only accounts for around 2% of Canada's overall GHG emissions, according to the federal government's department of natural resources. Similarly, the value proposal for using LNG to reduce wholesale emissions on a scale that is required to comply with Canada's GHG obligations under the Paris agreement is undermined by only 4%.
Where are the market opportunities?
Expanding LNG Bunkering Infrastructure in the world
In the last five years, LNG bunkering infrastructure has expanded considerably from its base in Norway to northwest Europe. Due to the greater deployment of LNG bunkering vessels, which can serve a maritime area rather than a single port and bunker much larger ships than in the past, it has also become much more flexible and less connected to specialized small LNG supply chains. By the middle of 2020, the capacity of LNG bunkering vessels based in the Netherlands had nearly equalled that of Norway.
Economical Shipyard Costs
Due to its compact size and economical shipyard costs compared to the wider plot and substantial civil engineering elements of an onshore ‘stick constructed' terminal, the capital cost of an FSRU terminal can often be 50-60% of the corresponding onshore terminal. This is a big difference, and the project's economy will benefit greatly from the decreased capital outlay and higher cash flow. Smaller independent energy companies would find it easier to obtain funding for a smaller debt.
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How the LNG Bunkering Market, 2021 to 2031 Market report helps you?
In summary, our 440+ page report provides you with the following knowledge:
- Revenue forecasts to 2031 for LNG Bunkering Market, 2021 to 2031 Market, with forecasts for system, infrastructure, end-user each forecasted at a global and regional level– discover the industry’s prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2031 for 4 regional and 20 key national markets – See forecasts for the LNG Bunkering Market, 2021 to 2031 market in North America, Europe, Asia-Pacific and LAMEA. Also forecasted is the market in the US, Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
- Prospects for established firms and those seeking to enter the market– including company profiles for 20 of the major companies involved in the LNG Bunkering Market, 2021 to 2031 Market.
Competitive Landscape
The major players operating in the LNG bunkering market are Gazprom Ltd., Equinor ASA, Kawasaki Heavy Industries, Petroleo Brasileiro S.A, Nippon Gas Co., Ltd., Royal Dutch Shell, Total SE, Wartsila Oyj Abp, Daewoo Shipbuilding & Marine Engineering Co., Ltd, Waller Marine, Inc., Korea Gas Corp, Abu Dhabi National Oil Company, Heerema Marine Contractors, Teekay Corporation, Mitsui O.S.K. Lines, Ltd, Harvey Gulf International Maritime, LLC, Inpex Corp., Gaz-System S.A, Hoegh LNG Partners LP, Golar LNG. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch. For instance, in March, 2021, Total and Shenergy Group have agreed to supply up to 1.4 million tons of LNG per year and to form a joint venture to develop LNG marketing in China.
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Find more Visiongain research reports on Oil & Gas Industry click on the following links:
- Floating Liquefied Natural Gas (FLNG) Market
- Floating LNG Power Vessel Market
- Small Scale Liquefied Natural Gas (LNG) Market
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