Usage of liquefied natural gas (LNG) as a ship fuel reduces sulfur oxide (SOx) emissions by 90% to 95% compared to conventional petroleum fuels. Due to strict sulfur emission mandates in place executed via Annexure VI of the International Maritime Organization (IMO), an increasing number of shipping companies and vessel operators are switching to LNG as a bunker fuel.
Albany, NY -- (SBWIRE) -- 08/08/2017 -- LNG bunkering is the practice of offering liquefied natural gas fuel to a ship for its own consumption. Over the years, the market for LNG bunkering has gained pace due to the development of the marine sector. To study further, a new report has been included in the wide database of Market Research Reports Search Engine (MRRSE). The research analysis is titled "LNG Bunkering Market (By Vessel Segment - Tankers, Container Ships, Bulk & General Cargo Vessels, and Ferries & Offshore Support Vessels): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2025", which studies the global LNG bunkering market on the basis of geography, with key focus on the market dynamics. The report also encloses a forecast analysis which indicates growth for the market by capacity, at a CAGR of 63.6% during the period 2014-2025.
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For shipping companies and vessel operators, the deployment of LNG is an attractive bunkering substitute for waterways determined as emission control areas (ECAs). The report study initially starts with the research scope and research methodology. Later, the research highlights the LNG bunkering industry analysis which targets value chain analysis and market drivers. Some of the prominent drivers mentioned in the report are; compliance with IMO and increasing LNG Bunkering requirements from coastal & inland ferries, and offshore support vessels. Moreover, the readers can also access details about the market restraints, such as lack of LNG fueling infrastructure in major bunkering destinations. This section also included data related to the market opportunities, Porter's Five Force Analysis and LNG bunkering infrastructure, which covers the current development status.
The next section talks about the market segmentation on the basis of end user and region. Considering the prominent end-users or applications for LNG bunkering, the report focuses on container vessels, bulk & general cargo vessels, tankers vessels, ferries & OSV. Further, on the basis of geography, the LNG bunkering market is segregated into North America, Europe, Asia Pacific and Rest of the World (RoW). In North America, rising shale gas exploration activities have caused a plunge in natural gas prices, which is likely to boost sales of LNG bunker fuel in the concerned region. Further, in Asia Pacific, the different countries such as China and South Korea have worked to heavily invest in LNG bunkering terminals.
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The concluding section includes information about the different manufacturers active in the LNG bunkering market. The company profiles are carefully enclosed in the report along with additional details such as business strategy, recent developments, and financial overview. The top players from the LNG bunkering market include names such as Bomin Linde LNG GmbH & Co. KG, Skangass AS, GDF SUEZ S.A., Gasnor AS and Korea Gas Corporation.
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