With an imminent enforcement of strict sulfur emission regulations globally, shipping companies and vessel operators are already exploring new avenues to comply with environmental emission norms to be imposed in the future.
Albany, NY -- (SBWIRE) -- 12/08/2016 -- 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.
The report studies the global LNG bunkering market on the basis of end users and geography. The high-level analysis offers in-depth insights into the LNG bunker supply business globally. This report covers key market dynamics that affect the demand for LNG bunker fuel, which are illustrated through numerous graphs and tables.
The market study presents market size forecast in terms of revenue and volume for the period from 2014 to 2025. Employing analytical tools such as Porter's Five Forces, the report provides a comprehensive analysis of the global LNG bunkering market. The report comprehensively discusses the competitive front and features profiles of major companies operating in the LNG bunkering market.
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Overview of LNG Bunker Fuel Market
For shipping companies and vessel operators, the utilization of LNG is an attractive bunkering alternative for waterways determined as emission control areas (ECAs). In North America and Europe, the lower cost of LNG bunker fuel in comparison to other ECA-compliant fuels is the major reason propelling the LNG bunkering market.
The use of LNG as a bunker fuel curbs sulfur emission substantially, which addresses one of the major shortcomings of conventional bunker fuels. LNG bunker fuel largely complies with the new sulfur regulations to in effect in Northern Europe and North America. Additional regulations pertaining to sulfur emission limits are expected to be enforced by 2020. Thus, the maritime industry counts on LNG as a ship fuel for the present and the future, which holds promise for the global LNG bunkering market.
Despite increasing opportunities for eco-friendly fuels such as LNG, lack of specialty ports and terminals for fuel handling is slowing the utilization of this fuel. Currently, LNG is used as a bunker fuel for only 45 vessels that trade majorly in the inland waterways of Northern Europe.
However, due to the anticipated sulfur emission regulations further restricting the use of petroleum fuels, the development of LNG bunkering ports has gained momentum in other European regions and North America.
In North America, increasing shale gas exploration activities have led to plunging natural gas prices, which is expected to boost sales of LNG bunker fuel in the region. In Asia Pacific, countries such as China and South Korea have invested substantially in LNG bunkering terminals. In this region, regulations pertaining to LNG as a bunker fuel will not come into effect before 2020. Hence, Asia Pacific is expected to majorly contribute to the growth of the global LNG bunkering market from 2020 onwards.
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Due to these reasons, by capacity, the global LNG bunkering market will exhibit a robust 63.6% CAGR from 2014 to 2025.
Major Companies in Global LNG Bunkering Market
Bomin Linde LNG GmbH & Co. KG, Korea Gas Corporation, Skangass AS, GDF SUEZ S.A., Gasnor AS, and Harvey Gulf International Marine LLC are the major companies that operate in the global LNG bunkering market.
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