LNG Bunkering Market Opportunities Analysis Forecast By 2022

(MENAFN- America News Hour) Bunkering is the process to fuel ships and marine vessels. In case of LNG bunkering liquefied natural gas is used as the fuel. Bunkering process is performed via pipelines connected to a terminal or by direct loading from trucks. The major products in the LNG bunkering market include truck to ship, ship to ship, and port to ship.
End User/ Technology
The end users of LNG bunkering are marine vessels which include cruise-ships, ferries, container vessels, dry bulk carriers, offshore support vessels, and other vessels. LNG is supplied to the ship using bunker barges, road tankers, pipelines etc. Higher heating value and lower density of LNG reduces the emission of greenhouse gases. Using LNG as bunker fuel also reduces the operational cost.
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Market Dynamics
Shifting trends towards cleaner and greener energy along with strict environmental regulations are driving the growth of the LNG bunkering market. Easy storage and transportation, operational efficiency, technological advancement, safety and reliability, and favorable Govt. policies are also helping in the development of the market.
Market Segments
The LNG bunkering market can be segmented based on product and end users. Based on the product the market can be broadly subdivided into four parts-truck to ship, port to ship, and ship to ship, and portable tanks. The ship to ship market is expected to grow at the highest rate in the forecasted period on account of its high capacity and location flexibility. Cruise- ships, ferries, container vessels, dry bulk carriers, tanker fleet, and offshore support vessels are some of the primary segments based on end users. Offshore support vessels account for the largest market share in this category.
Regional/Geographic Analysis
The LNG bunkering market can be regionally segmented into five parts Europe, North America, South America, the Asia Pacific and Middle East & Africa. Europe has the largest market share with Norway leading the LNG bunkering market. The Asia Pacific is expected to grow at the highest CAGR in the forecasted period. Singapore is one of the largest LNG bunkering hubs in the world. The North American market is also expected to observe a significant growth in the forecasted period.
Opportunities
Increasing demand for cleaner energy, stringent environmental regulation coupled with technological advancement, operational efficiency of LNG bunkering are creating numerous opportunities for the market to expand. Announcement from IMO on the reduction of sulfur content from marine fuel by 2020 will boost the market. Increase in the marine trade will also help the market to grow.
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Key Players
Some of the major players in the market include Royal Dutch Shell Plc., Korea Gas Corporation, Harvey Gulf International Marine LLC, Skangas, ENN Energy, Prima LNG, Bomin Linde LNG GmbH & Co KG, Crowley Maritime Corporation, Fjord Line, and Polskie LNG etc.
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