The push for cleaner energy followed by strict government regulations to control emissions of hazardous gases like sulfur and nitrous oxide is set to boost the global LNG BUNKERING market size, particularly on account of the rising demand from the shipping industry.
Selbyville, DE -- (SBWIRE) -- 10/27/2018 -- 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.
Essentially, the major benefit that comes with LNG as a gas fuel is an immense reduction of pollution caused by conventional methods of fueling like marine diesel fuel, heavy fuel oil, and marine gas oils. The estimated stable price of LNG in comparison to other fuels also contributes as one of the key factors that will drive the demand for LNG BUNKERING in the coming years. The growing concerns around water and air pollution are also leading to heavy environmental regulatory pressure to reduce emissions caused by ship transportation. The imposition of stricter regulations against Sulphur contents to marine bunker fuels has now forced companies to seek LNG BUNKERING system designs and implement the construction of an LNG fueling infrastructures.
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.
Notable participants in LNG BUNKERING market include Skangas, Korea Gas, Crowley Maritime, Evol, Royal Dutch Shell, Engie, Harvey Gulf, Bomin Linde, ENN Energy, Prima LNG, Fjord Line and Polskie.
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Recently, a survey conducted by Deloitte revealed that numerous firms in the shipping industry are switching to LNG to conform to the newly imposed international emissions standards for marine bunker fuels by the International Maritime Organization. The survey further noted that respondents also identified that the lack of refueling and bunkering infrastructure as a primary obstacle to the large-scale acceptance of LNG fuels. In essence, it would be rather overt to state that there is a massive demand for LNG in the ever-expanding shipping industry, which will eventually drive the LNG BUNKERING market in the forthcoming years.
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.
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.
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Container vessel is set to expand by over 40% through to 2024. Germany holds the largest container base in Europe with over 170 new builds container vessels orderbook. High speed transfer rate, location flexibility and ability to transfer large volume of gas will drive the ship-to-ship LNG BUNKERING market. Standard operation accounts for a transfer rate of 1,100 cu. m/ hr.
Increasing investment towards development of infrastructure along with government initiatives to encourage the natural gas adoption will positively impact Singapore LNG BUNKERING market. In 2017, Ministry of Port Authority of Singapore announced the funding of USD 1.45 million for six vessels under pilot programme.
Complete report for 2017-2024 on LNG BUNKERING market is now available at https://www.marketstudyreport.com/reports/lng-bunkering-market
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