Global LNG Bunkering Industry Report 2022-2028
DUBLIN–(BUSINESS WIRE)–The “Global LNG Bunkering Market Size, Share, Growth Analysis, By Product Type, By Application – Industry Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
Global LNG Bunkering Market was valued at USD 408 Million in 2021, and it is anticipated to attain a value of USD 690.61 Million by 2028 with a CAGR of 6.8% over the forecast period (2022-2028).
LNG bunkering is the process of supplying LNG fuel to ships for consumption. The adoption of regulations supporting the use of LNG as a marine fuel by numerous international organisations and countries has contributed to the expansion of the LNG bunkering industry globally.
Due to its low sulphur content and lower greenhouse gas emissions compared to conventional fuels like marine gas fuel, marine diesel fuel, etc., LNG (Liquid Natural Gas) is gaining popularity quickly. Another hot topic in business is technological developments in ship-to-ship LNG bunkering.
The market for LNG bunkering is anticipated to grow significantly during the period of forecasting. LNG is being used by more and more ships and boats. Strict regulations on dangerous gas emissions are being enforced by governmental and non-governmental organisations.
For instance, the American Bureau of Shipping (ABS) has created a risk assessment technique for LNG leakage during bunkering that addresses leaks from LNG pipelines, pumps, tanks, or hoses as well as inadvertent hose disconnections, overfilling vessel fuel tanks, and external impact. This fosters an environment that is favourable for the growth of the LNG bunkering industry.
Yet, a lack of infrastructure for distributing LNG across bunkering locations is one of the main problems preventing the expansion of the global LNG bunkering market.
Driver
The maximum allowed level of sulphur in marine fuels was lowered by the International Maritime Organization (IMO), a UN agency, from 3.5 percent to 0.5 percent.
The new law is expected to go into force. To offer marine fuels that meet the sulphur content criteria, refineries may be required to undertake additional investments and process adjustments. However, LNG requires less processing and has a lower sulphur content to meet regulations.
It needs less modifications to the manufacturing process than conventional marine fuels. As a result, further adoption of LNG is probably going to happen in the upcoming years due to its economic viability. This development is anticipated to drive the LNG bunkering market throughout the forecast period.
Restraint
The need for offshore service vessels is being impacted by the offshore oil and gas sector’s slow expansion, which is slowing the growth of the LNG bunkering business. Moreover, the availability of LNG alternatives for reducing sulphur content, such as the use of scrubbers, and significant capital investments in LNG bunker development are somewhat restricting the growth of the LNG Bunkering Industry.
Market Trends
The primary advantage of using LNG as bunker fuel has accelerated its acceptance throughout the world. The LNG provides a competitive advantage over energy fuels, which are being vigorously protested by environmentalists because to their contribution to greenhouse gas emissions.
Moreover, eco-conscious customers are very interested in this market segment for LNG bunkering, therefore market growth is expected to be exponential in the years to come.
A selection of companies mentioned in this report includes
- Barents Naturgass AS (Norway)
- Royal Dutch Shell PLC (England)
- Korea Gas Corporation (South Korea)
- Bomin Linde LNG GmbH & Co. KG (Germany)
- Statoil ASA (Norway)
- Skangas AS (Tananger)
- SEA\LNG Ltd (UK)
- Eagle LNG Partners (US)
- ENN Group (China)
For more information about this report visit https://www.researchandmarkets.com/r/khytam
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