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LNG Bunkering Market Research 2018 Report | Growth Forecast 2024

Author : Rahul Sankrityayan | Published Date : 2019-09-19 

LNG Bunkering Market report provides a detailed analysis on the industry size, revenue forecasts and geographical landscape pertaining to this business space. Additionally, the report highlights primary obstacles and latest growth trends accepted by key players that form a part of the competitive spectrum of this business.

LNG Bunkering Market is expected to exceed 12 billion by 2024. Escalating demand for cleaner fuel driven by stringent government regulations across the maritime industry will stimulate the LNG bunkering market . In 2015, IMO introduced Tier III norms requiring reduced NOx emissions and use of low sulfur content fuel. The requirements are applicable to vessels operating in the North American Emission Control Area (ECA) and the U.S. waters.

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Growing inclination towards lower cost and environmental marine fuel will propel the LNG bunkering market. The LNGe-380 is a competitively priced fuel solution when compared to IFO-380 fuel which allows companies to recover retrofitting costs of fleet. Significant developments of FLNG infrastructure primarily across the Asia Pacific region will further complement the industry outlook. Shifting trends toward floating vessels to eliminate the use of extensive gas pipelines will strengthen the product demand. In 2016, Petronas introduced the world's first floating LNG vessel offshore Malaysia with an investment of over USD 1.16 billion.

Ability to transfer large LNG shipments, rapid transfer rates, and location are some of the key factors proliferating the ship-to-ship LNG bunkering market. The standard operation is associated with a transfer rate of 1,100 cu. m/ hour. Availability of small-scale liquefaction facilities on port terminals will drive the port-to-ship bunkering industry. In 2014, Skangas unveiled the shore to ship bunkering station in Risavika. The port of Risavika is considered as one of the best-equipped LNG bunkering ports in Europe with the addition of new bunkering station. The station is strategically located, to facilitate easy trade along Norway's west.

Abundant availability of natural gas reserves will positively influence Qatar LNG bunkering market. In 2017, Qatar Petroleum announced to accelerate its LNG output by over 30 percent within the next seven years to reinforce its position as a major global LNG supplier. Ongoing projects to produce over 100 million tons of LNG will necessitate the product adoption in the country. In 2016, Shell, Maersk group and Qatar Gas, signed an agreement to develop LNG bunkering industry in the Middle East.

Container vessel LNG bunkering market is set to grow at over 40% by 2024. Germany accounts for the largest container base in Europe with an orderbook of nearly 170 newbuild container vessels. High investment to develop the new build cruise-ships will further complement the industry growth. In 2016, the Cruise-lines International Association (CLIA) announced a growth of 62% in last ten years.

Favorable government initiatives along with increasing investments to develop LNG infrastructure will positively influence Singapore LNG bunkering market. In 2017, the Maritime and Port Authority of Singapore (MPA) announced to provide financial assistance of upto USD 2 million for LNG-fueled vessels. The MPA introduced the country's first LNG bunkering standard which renders technical outline to conduct LNG bunkering operations.

U.S. LNG bunkering market is expected to surpass 3,000 kilotons by 2024 with the progression of shale gas production. Increasing commercial production of LNG from shale plays in the U.S. has significantly enabled its use as a marine fuel. Strict regulatory compliances to limit fuel emissions will further reinforce the industry growth. In 2015, the U.S. Environment Protection Agency (EPA) enacted the MARPOL Annex VI criteria to limit SOx and NOx emissions from ship exhausts.

Key industry participants include Engie, ENN Energy, Royal Dutch Shell, Skangas, Crowley Maritime, Polskie, Bomin Linde, Prima LNG, Korea Gas, Fjord Line, Evol, and Harvey Gulf.

Related Report: https://www.benzinga.com/press-releases/19/09/wr14441752/power-transmission-lines-towers-market-research-2018-report-growth-forecast-2024

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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