Transparency Market Research has published a new report "LNG Bunkering Market : Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2025" to its report store.
Albany, NY -- (SBWIRE) -- 08/07/2015 -- Strict implementation of emission norms is a key factor that drives the global market for LNG bunkering. Most vessel operators and shipping companies have begun exploring alternatives that would enable them to follow the emission norms that are being implemented these days. It is anticipated that 2015 onwards, the limit set on the sulfur content in fuels being used in emission control areas (ECAs) will be brought down.
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However, more stringent regulations on sulfur emissions will be implemented by 2020. Several vessel owners all over the world are switching to LNG as a bunker fuel mainly because of the rules on reducing sulfur emissions that are being implemented by the IMO (International Maritime Organization) Annexure VI.
At present, only 45 vessels all over the world are making use of LNG as a bunker fuel and most of these bunkers are mainly operational in the inland waterways of Northern Europe. In terms of consumption, the global LNG bunkering market in 2013 stood at 70 kilo tons and is anticipated to expand at a 63.6% CAGR between 2014 and 2025, thereby reaching a total volume of 22,540 kilo tons by the end of the forecast period.
Insufficient Infrastructure to Hamper Market Growth
The global LNG bunkering market is segmented on the basis of end use and geography. On the basis of end use, this market is segmented into ferries and OSV (offshore support vessels), bulk and general cargo fleet, container fleet, and tanker fleet. The segment of ferries and OSV holds the highest share by consumption in the global LNG bunkering market. The design of the LNG bunkering facilities in most European ports is based on the fuel needs of the offshore support vessels and ferries.
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It is expected that tankers and container vessels will soon be adopting LNG as a bunker fuel. With ferries and passenger ships in Europe mainly operating in coastal areas and inland waterways, most shipping companies in this area are gradually taking to LNG as a bunker fuel. Insufficient LNG fuelling infrastructure in prime bunkering destinations and steep investment costs continue to hamper the growth of the global LNG bunkering market.
North America: Regional Leader in the Global LNG Bunkering Market
Geographically, the global LNG bunkering market is segmented into Asia Pacific, Europe, North America, and Rest of the World. North European port authorities have invested huge sums in order to promote the use of LNG as a bunker fuel. Norway, too, is engaged in developing LNG bunkering terminals close to some of its commodity trading centers.
At present, Europe holds the highest share in the global LNG bunkering market. The offshore support vessels and inland ferries operating in this region were some of the very first adopters of LNG as bunkering fuel. As a measure of compliance to sulfur emission standards, North America has begun developing various LNG bunkering terminals.
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Most shipping companies in ECAs make use of LNG as a bunker fuel, since it is way more affordable than other ECA-compliant fuels that are available in Europe and North America.
The key companies in the global LNG bunkering market are Harvey Gulf International Marine LLC, Korea Gas Corporation, Gasnor AS, Skangass AS, GDF SUEZ SA, and Royal Dutch Shell plc.
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