Albany, NY, May 10, 2016 (GLOBE NEWSWIRE) -- A thorough overview and analysis of the global LNG bunkering market has been featured in a market intelligence report published recently by Transparency Market Research (TMR).
The report includes an analytical study of the market’s historical statistics to give insights into the growth trajectory showed by the global market for LNG bunkering in the past and predicts the market’s growth trajectory from 2014 through 2025. It states that the market, which had a valuation of 70 kilo tons in terms of capacity in 2013, will expand at a staggering 63.6% CAGR and rise to 22,540 kilo tons by 2025.
Natural gas is one of the most commonly used fossil fuels for power generation across the globe and is touted to be the fuel of the 21st century owing to its cleaner nature as compared to other popular fossil fuels such as coal and oil. Natural gas is liquefied to make it more viable for transport and use with ease across several end-use applications.
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When used as a fuel for ships, liquefied natural gas is known to bring down sulfur oxide emissions by as much as 90-95% as compared to traditional bunker fuels. This factor is expected to have a significant impact on the global bunkering fuel market, which is exploring new and better bunkering fuel options to comply with the increasingly strict regulations being imposed to cut down sulfur emissions in marine environments. As marine vessels spend most part of their voyage time in emission control zones (ECA), shipping companies are projected to adopt LNG as a safer and equally efficient fuel in the near future.
Currently, ferries and offshore support vessels account for a major share of the overall LNG bunker consumption. The existing LNG bunkering facilities at European ports have been specifically designed to cater to the fuel needs of ferries and offshore support vessels. Passenger ships and ferries of Europe majorly operate in inland waterways and coastal areas and thus shipping companies in this vessel category have started adopting LNG marine fuel to comply with the sulfur regulations.
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The ferries and offshore support vessels would continue to remain the dominant consumers of LNG bunker till 2020. In Asia Pacific, the deep-sea ships, especially tankers and container ships, are anticipated to adopt LNG primarily after the enforcement of strict sulfur regulations. In North America, tankers and container ships are also likely to be the major consumers of LNG bunker fuel at the end of the forecast period. In the Rest of the World (RoW) region, tanker vessels would be the dominant end-user category for LNG bunker fuel in the future years.
For the ease of comprehension, the global LNG bunkering market has been segmented in the report on the basis of two criteria: end-user and geography.
The key end users of LNG bunkering market examined in the report are container vessels, bulk and general cargo vessels, tanker vessels, and ferries and offshore support vessels (OSVs). Of these, the segment of ferries and offshore support vessels accounts for a dominant share in the global LNG bunkering market. Over the report’s forecast period, the segment of containers is projected to significantly aid the expansion of the global LNG bunkering market, primarily owing to the rising container traffic in Asia Pacific and Europe.
Based on geography, the market has been segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). Of these, Europe has emerged as the leading regional market for LNG bunkering industry due to the presence of a majority of LNG bunkering stations in the region. The LNG bunkering market in North America is projected to benefit from the continuously declining prices of natural gas in the region.
Some of the major vendors operating in the global LNG bunkering market profiled in the report are Harvey Gulf International Marine LLC., GDF SUEZ S.A, Skangass AS, Korea Gas Corporation, and Gasnor AS.
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
- Asia Pacific
- Rest of the World (RoW)
Other Related Research Reports:
- Bunker Fuel Market:http://www.transparencymarketresearch.com/bunker-fuel-market.html
- Small Scale LNG Terminals Market:http://www.transparencymarketresearch.com/small-scale-lng-terminals-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decisionmakers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research