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LNG Bunkering Market to Develop at 63.6% CAGR, Europe Emerges as the Strongest Regional Market: Transparency Market Research

Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- For shipping companies operating in emission control areas (ECAs), LNG represents an attractive bunkering alternative. "The lower cost of LNG bunker fuel than other variants of ECA-compliant fuels in Europe and North America is the primary reason boosting the LNG bunker fuel market in the global scenario", says a lead TMR analyst. Despite rising opportunities for environment-friendly fuels, LNG bunkering infrastructure has developed only in a couple of ports around the North Sea, the English Channel, and the Baltic Sea, since shipping companies operating in these regions have to adhere to stringent sulfur regulations.

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Market veterans anticipate the sulfur emission norms to tighten further, resulting in a widening gap between natural gas and conventional fuel prices. Impelled by such factors, the development of LNG bunkering infrastructure has paced up in the aforementioned European regions. The majority of LNG bunkering stations are currently located in Northern Europe. These stations are designed specifically to cater to the fuel demands of inland vessels as well as large ships docking at ports in ECAs. Enhanced initiatives adopted by port authorities and financial assistance from the European Union are expected to propel the development of LNK bunkering stations across the most prominent trading centers in Europe.

Continuously dropping prices of natural gas in North America will boost the sales of LNG bunker fuel in North American ports, according to the report. Likewise, Asia Pacific countries such as South Korea and China have substantially invested in the development of LNG bunker fuel. Moreover, no stringent regulations are likely to be imposed on the use of bunker fuel in this region before 2020. Hence, the demand for bunker fuel in Asia Pacific is projected in the report to grow from 2020 onwards.

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Bunker fuel is primarily consumed by marine vessels such as bulk and general cargo vessels, tankers, container ships, offshore port vessels, and ferries. Since ferries and support vessels spend their maximum voyage time within ECAs, shipping companies operating these vessels are gradually shifting from traditional engines to LNG-fuelled vessels. Hence, ferries and offshore support vessels account for a major share of the global LNG bunker fuel market. Rising container traffic in both Europe and Asia Pacific will boost the adoption of LNG as a bunker fuel by containers in both the regions. To present a comprehensive market overview, the report also profiles the leading players operating in the market, such as Bomin Linde LNG GmbH & Co. KG, GDF SUEZ S.A, Korea Gas Corporation, Gasnor AS, Skangass AS, and Harvey Gulf International Marine LLC.

The global LNG bunkering market has been segmented as below:

LNG Bunkering Market: End User Analysis

Container Vessels

Tankers Vessels

Bulk & General Cargo Vessels

Ferries & OSV

LNG Bunkering Market: Regional Analysis

North America

Europe

Asia Pacific

Rest of the World (RoW)

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Source:Transparency Market Research