Key Insights of LNG Bunkering Market - 2024 by Dominated Players ENGIE, Skangas, Gasnor S.A., Korea Gas Corporation, Harvey Gulf International Marine, Polskie LNG

Sellbyville, DE -- (SBWire) -- 02/06/2019 --LNG Bunkering Market set to exceed USD 12 billion by 2024. Growing demand for cleaner fuel coupled with strict emission regulations to reduce the airborne emissions predominantly in North America and Europe will stimulate LNG bunkering market. In 2015, International Maritime Organization (IMO) introduced Tier III norms to curb NOx emissions from marine vessels among Emission Control Areas (ECAs) under maritime boundaries.

Rising environmental concerns along with government initiatives towards adoption of natural gas as ship fuel will augment the LNG bunkering market. The EU introduced Climate and Energy Package 2020, with an aim to achieve 20% reduction in GHG emissions. In 2014, Trans-European Transport Network (TEN-T) announced funding of USD 138 million towards the development of seven bunkering stations across Western Europe.

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Clean energy is treading toward becoming the sine qua non for survival in the modern world. On these grounds, LNG bunkering market is slated to experience a positive growth rate over the coming years. The governmental bodies across the globe have been implementing stringent norms to curb GHG emissions and contribute toward a clean environment, which will heavily impact global LNG bunkering industry. These bunkers are being heavily adopted across numerous end-use sectors, pertaining to their ability to reduce carbon emissions by at least 20% to 25%.

As per a recent news snippet, the Caribbean is one of the most lucrative regions for LNG bunkering market, as the shipping sector seeks compliance with the latest global emission limit for marine fuels that is slated to be effective in the year 2020. According to the CEO of Ventrin Petroleum Company Ltd., the renowned Trinidad and Tobago-based oil & gas firm, Trinidad will be a major producer of LNG in the next few years. In addition, the usage of LNG in the Caribbean is likely to reduce the cost of utility generation by 15% to 31%, which will lead to more investments in LNG infrastructure, thereby propelling the regional LNG bunkering market.

U.S. LNG bunkering market is predicted to exceed 3,000 kilotons by 2024 owing to the advent of shale gas. Increasing liquefaction plants has spurred the production of liquefied natural gas in the U.S. enabling its adoption as marine fuel. Strict government norms against emissions will further complement the business landscape. In 2015, the EPA implemented the MARPOL Annex VI norms with an aim to limit NOx in marine fuel oil to 0.5% from current levels.

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Increasing demand for gas fueled vessel owing to rising environmental concerns along with government initiatives towards adoption of clean fuel will drive the Singapore market share. In 2017, Ministry of Port Authority (MPA) of Singapore announced to provide USD 1.45 million funding for vessels under pilot program.

Shifting trends towards low-cost and eco-friendly marine fuel will drive the LNG bunkering market size. LNGe-380 is comparatively less expensive than IFO-380 fuel that help companies to recover the cost of retrofitting fleets. Positive outlook towards maritime trade along with rising investments toward the deployment of floating liquefied natural gas will further complement the industry outlook. In 2016, Petronas invested USD 1.16 billion for FLNG project in Malaysia with a capacity of 1.2 mtpa.

Key players in LNG bunkering are Royal Dutch Shell, ENGIE, Bomin Bunker Holding GmbH & Co. KG, Skangas, Gasnor S.A., Korea Gas Corporation, Harvey Gulf International Marine, Polskie LNG, Eagle LNG, Enn Energy Holdings Ltd, EVOL LNG, Crowley, Prima LNG.