Global LNG Bunkering market was valued at US$ 265.3 million in 2016, according to Global LNG Bunkering Market by Product Type (Portable Tanks, Ship-to-Ship, Port-to-Ship, Truck-to-Ship), by Vessel Type (Ferries, Offshore Support Vessels, Container Fleet, Others), published by Coherent Market Insights. The LNG bunkering market is expected to exhibit a CAGR of 52.4% over the forecast period (2017–2025) to reach US$ 11,662.5 million by 2025.
Major factors propelling growth of the global LNG bunkering market are stringent government regulations to reduce emission of nitrous oxide and sulfur and increasing demand for clean energy. For instance, in 2015, U.S. Environment Protection Agency (EPA) implemented regulations under MARPOL governed by International Maritime Organization (IMO) for reducing sulfur for fuel oils that are used by ships in the Emission Control Areas. Some of the areas are the North Sea, Baltic Sea, and Caribbean Sea. However, high cost for building LNG ships is hampering growth of the global LNG bunkering market.
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Key Trends and Analysis of LNG Bunkering Market:
Key Takeaways of the Market:
Companies in the market and focusing on acquisitions and collaborations in order to enhance its presence in the global market. For instance, in 2014, Skangas acquired Risavika plant in Norway, to avail the LNG for bunkering operations. Furthermore, in November 2017, Shell and Anthony Veder—a Netherlands-based company—signed a contract to modify the LNG carrier Coral Methane into an LNG bunker vessel. This is expected to cater to increasing demand for natural gas.
Major players in the global LNG bunkering market include Royal Dutch Shell Plc., Skangas, ENN Energy, Korea Gas Corporation, Prima LNG, Harvey Gulf International Marine LLC, Bomin Linde LNG GmbH & Co KG, Fjord Line, Crowley Maritime Corporation, and Polskie LNG.
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