LNG Bunkering Market : Trends and industry forecasts ,2014-2027.
According to a new report published by Allied Market Research titled, “LNG Bunkering Market by Product Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global LNG bunkering market size was valued at $0.38 billion in 2019, and is projected to reach $5.14 billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027. LNG is an attractive alternative fuel for seagoing vessels and inland vessels, as liquefied natural gas emits fewer polluting substances. LNG is a potential substitute according to IMO emission prerequisites, owing to its negligible sulphur content and low production of NOx contrary to fuel oil and marine diesel oil. LNG is clean burning fuel coupled with financial points of interest on a calorific value basis among other fuels.
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Rise in marine borne trade has increased the demand for LNG as bunker fuel and LNG bunkering services. Furthermore, increase in gas exploration and production activities in emerging gas regions drives the growth of the LNG bunkering market as many bunker fuel suppliers changed their focus of operation to these offshore resource sites. In addition, the IMO regulation on sulphur content in the marine fuel has forced shipping industry to focus toward new alternative such as LNG, which is less harmful to the marine environment, which in turn is anticipated to fuel the market growth in the upcoming years.
Moreover, growth in opportunities for market players to expand business of LNG bunkering in emerging economies such as India, Japan, South Korea, and China is expected to provide lucrative opportunities for the growth of the global LNG bunkering market, due to exploration of untapped hydrocarbon reserves in these oil & gas emerging countries.
Depending on the product type, the ship-to-ship segment held the highest market share of around 60.5% in 2019, and is expected to maintain its dominance during the forecast period. This is due to rise in number of ships using LNG due to the need for cleaner fuel in compliance with stringent government regulations to minimize air pollution and preserve sustainability. In addition, due to advantages such as fast transfer operations and high capacity of 700-7,500 tons, the ship-to-ship LNG bunkering segment is expected to witness substantial revenue growth during the forecast period.
On the basis of application, the cargo fleet segment holds the largest market share, in terms of revenue, and is expected to grow at a CAGR of 45.4%. This is owing to increase in demand for cargo transportation through ships and rise in trade-related agreements. In addition, rise in number of manufacturing units and factories in the region such as Asia-Pacific and LAMEA is anticipated to drive the growth of the LNG bunkering market for cargo shipping.
On the basis of the region, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant share in 2019, and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and increase in maritime trade activities in the region. Moreover, rise in LNG bunkering infrastructure development activities in the European region is anticipated to contribute toward the growth of the LNG bunkering market in Europe.
The global LNG bunkering market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Broadview Energy Solutions B.V., Crowley Maritime Corporation, Gasum Oy, Harvey Gulf International Marine, Klaw LNG, Korea Gas Corporation, Polskie LNG S.A., Royal Dutch Shell Plc, SHV Energy, Total SE, PETRONAS, and Exxon Mobil Corporation.
Other players operating in the value chain of the global LNG bunkering industry are ENN Energy Holdings, Ltd., Statoil ASA, Gas Natural Fenosa, Eagle LNG, EVOL LNG, Fjord Line, and others.
COVID-19 impact on the market
- The demand for marine fuel has decreased, owing to the COVID-19 pandemic across the world. According to the International Energy Agency (IEA), fuel oil demand for end uses including marine bunker, power generation, and industrial uses is expected to decline by 6.3% in 2020. Furthermore, as LNG and crude oil prices declined in the 2nd quarter of 2020, thus, the overall revenue of bunkering industry is likely to diminish in the second quarter of 2020. Owing to the implementation of IMO-2020 from January, there is increase in demand for very low sulphur fuel oil and its alternatives such as LNG, Methane, and others but with the supply chain disruptions there will be ups and downs in the low sulphur bunker fuel sales throughout 2020.
- It is expected that the demand for LNG bunker fuel in Singapore is expected to remain steady throughout 2020, owing to the shipowner’s optimistic attitude or faith toward largest bunkering hub. Thus, all these factors collectively are antedated to result in sluggish growth of the global LNG bunkering market in 2020, and is likely to increase by the end of the first quarter of 2021.
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Key Findings of The Study
- In 2019, the ship-to-ship segment accounted for around 60.5% of the share in the global LNG bunkering market, and is expected to maintain its dominance throughout the forecast period.
- In 2019, the cargo fleet segment accounted for 24.8% market share in the year 2019, and is anticipated to grow at a rate of 25.1% in terms of revenue, increasing its share in the global LNG bunkering market.
- Container fleet is the fastest-growing application in the Asia-Pacific LNG bunkering market, expected to grow at a CAGR of 46.2% during 2020–2027.
- Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 45.9%, throughout the forecast period.
- In 2019, Europe dominated the global LNG bunkering market with more than 39.4% of the share, in terms of revenue.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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