LNG Bunkering Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2025
Albany, NY -- (SBWIRE) -- 04/14/2015 -- Liquefied natural gas (LNG) has proved to be a rather cost-effective and environment-friendly fuel alternative for marine vessels across the globe. Keeping in mind regulations set by the International Maritime Organization (IMO), the demand for LNG bunker fuel has grown exponentially, particularly in ports falling under emission control areas (ECAs). The growing number of existing as well as potential ECAs is projected to drive the demand for LNG bunkering in due course of time.
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Fuel requirements from inland and coastal ferries have risen greatly and the LNG bunkering market has received a massive boost owing to that. However, shipping companies have begun to seek alternative methods to meet the standards and regulations of the IMO, which is likely to have an adverse impact on the LNG bunkering market. Moreover, the dearth of infrastructure at key bunkering locations and the high expense of building new vessels to suit the requirements of LNG-fuelled engines are expected to hamper the growth of the global LNG bunkering market.
LNG bunker: Attractive fuel option for multiple end users
On the basis of end users, the global market for LNG bunker fuel is categorized into ferries and offshore support vessels (OSV), tanker vessels, bulk and general cargo vessels, and container vessels. By region the LNG bunkering market can be segmented into North America, Europe, Asia-Pacific, and Rest of the World.
North Europe world leader in LNG bunkering
Presently Europe holds the largest share of the global LNG bunkering market owing to strong support and financial assistance from the European Union (EU). Moreover, port authorities have recently introduced many initiatives to encourage the use of LNG bunker fuel, which has aided the development of LNG bunkering facilities at key trading centres across Europe. Among the regional markets in Europe, Northern Europe houses the most number of LNG bunkering stations particularly designed to fulfil the fuel demand of large ships and inland vessels docking at various Emission Control Areas. These ECA ports are governed by strict regulations that control ship-sourced sulphur emissions.
North America and Asia-Pacific to demand steady supply
Asia-Pacific nations such as South Korea and China have been steadily investing in the development of LNG bunker fuel. However, in the absence of stringent sulphur emission norms till 2020, the contribution of this region is expected to grow only after 2020. Nevertheless, rise in container traffic is expected to boost the demand for LNG bunker fuel in Asia-Pacific. With prices of natural gas dropping in North America, the sales of LNG bunker fuel are projected to rise by 2025.
Maximum demand for LNG bunker fuel comes from OSVs and ferries
Offshore support vehicles and ferries consume the maximum amount of LNG bunker fuel, making them the leading end-user segment of the global LNG bunkering market. As mentioned above, ECAs are under strict surveillance with regard to emissions and with ferries spending long voyage durations within ECAs, their demand for LNG bunker fuel is comparatively higher. Over the next few years, tankers and container vessels are expected to switch from conventional-fuelled vessels to LNG-fuelled engines, thereby driving the global market.
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LNG bunker fuel market: Exceptional growth over the forecast period
The size and volume of the global LNG bunkering market is determined by various environmental regulatory trends and the successful implementation of emission norms.
According to a recently published report, the global consumption of LNG bunker fuel is set to increase from 70 kilo tons in 2013 to a whopping 22,540 kilo tons in 2025. This means that the LNG bunkering market is expected to register a rather impressive 63.6% compound annual growth rate during the period of 2014 to 2025.
Numerous players operating in the global market
Some of the leading participants in the global LNG bunkering market are Skangass AS, Gazpromneft Marine Bunker LLC, Royal Dutch Shell plc., GDF SUEZ S.A., Harvey Gulf International Marine LLC, Gasnor AS, Bomin Linde LNG GmbH & Co. KG, and Korea Gas Corporation.
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