rss icon Subscribe
desktop mobile

LNG Bunkering Market to Reach $12bn by 2024

Coralius reaches 100 bunkerings milestone - LNG demand on the rise. Photo:  Gasum Oy

Shailaja A. Lakshmi

The global LNG bunkering market was valued at approximately USD 397.70 million in 2017 and is expected to generate revenue of around USD 11899.60 million by the end of 2024, growing at a CAGR of around 59.4% between 2018 and 2024.

LNG bunkering is experiencing the highest growth rate in developed as well as developing countries, said a report by Zion Market Research.

Escalating number of vessels using LNG owing to the need for cleaner fuels in compliance with the stringent government regulations in order to reduce air pollution and maintain sustainability is the main driver that is boosting the growth of the market. This particular factor is driving the development of the LNG bunkering market.

The regulatory organization the International Maritime Organization (IMO) in 2012, expressed that boats must reduce their sulfur content in fuel from 4.5% to 3.5 Different end-users are substituting and replacing the conventional and traditional fuels because of the cost effectiveness, for example, natural gas with LNG, given its noteworthy cost advantage over the previous.

LNG generally has lower volume than traditional flammable gases, and because of this attribute, it makes LNG safe and easier to transport. This has prompted widespread usage of LNG across different enterprises thus making it extremely favorable for the market to grow.

Moreover, formulating rules and standards are driving structural growth in the development of LNG as a shipping fuel. These regulations are implemented through the IMO's for the prevention of pollution from ships, yachts, and boats.

Although these motors have their own prerequisites and fuel requirements, certain regions have likewise been assigned with stricter emission limits. Other than air quality measure, the IMO is additionally introducing devices to monitor, screen, and substantially reduce GHG (Greenhouse Gas) emissions from ships.

Based on vessel, the LNG bunkering market is segmented into container ships, tankers, ferries & offshore support vessels, and bulk & general cargo vessels. On the basis of product type, the market is segmented into port-to-ship, portable tanks, ship-to-ship, and truck-to-ship.

Europe held substantial revenue share of the global LNG bunkering market in 2017 and the region is anticipated to continue with its regional supremacy over the forecast time period. The growth of this regional market is attributed because Norway region in Europe is considered to be the biggest bunking center, as it offers more than 18,000 LNG bunk stations

Asia Pacific region is predicted to provide significant opportunities for LNG bunkering. The region is a manufacturing hub. Because of this, the manufacturing and production activities in this region have a demand for energy.

Some of the industry players operating in the LNG bunkering market include Skangas, Korea Gas Corporation, Harvey Gulf International Marine LLC, Fjord Line, Polskie LNG, Royal Dutch Shell Plc., ENN Energy, Prima LNG, Bomin Linde LNG GmbH & Co KG, and Crowley Maritime Corporation, among others.

Jul 11, 2019

 

Ports

Most Ships Calling UK Ports Since Start of COVID Lockdown

© Peterjohn Chisholm / Adobe Stock

The number of ships arriving in British ports in late May rose to the highest since the start of

World's Largest Containership Makes Its First Call in Europe

HMM Algeciras made its first European stop in the Port of Rotterdam this week. (Photo: Port of Rotterdam)

The world's largest containership HMM Algeciras made its first European port call this week

Svitzer Awarded Contracts in Mozambique and Egypt

(Photo: Svitzer)

A pair of new contract wins is helping Maersk's towage services arm Svitzer strengthen operations

LNG

ABB Provides Remote Support During Record NSR Voyage

Icebreaking LNG carrier Christophe de Margerie (Photo: ABB)

ABB has signed a contract to support icebreaking LNG carrier Christophe de Margerie with remote

Singapore’s First LNG Bunkering Vessel Hits the Water

IMG_2732-scaled (1).jpg

Singapore’s first LNG bunkering vessel has hit the water in Keppel Nantong Shipyard in China.

Petronas Completes First LNG Cargo Delivery to Myanmar

The CNTIC VPower Global vessel during its first loading at PETRONAS LNG Complex, Bintulu - Credit: Petronas

Malaysia's Petronas has delivered the first liquefied natural gas (LNG) import cargoes to Myanmar

Maritime Apps