The Growth of LNG Technology Leads to Significant Growth for The Liquefied Natural Gas Bunkering Market
Based on the vessel segment, the global LNG bunkering market is segmented into tankers, container ships, ferries & offshore support vessels, and bulk & general cargo vessels. Geographic breakdown and deep analysis of each of the aforesaid segments have resulted in the following regions: North America, Europe, Asia-Pacific, and LAMEA.
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The global LNG bunkering market is expected to grow at a CAGR of 18.5% from 2017 to 2025.
Liquefied natural gas (LNG) is a colorless, odorless, and noncorrosive gas obtained by converting natural gas to the liquid form. Transportation of natural gas is cumbersome; hence, it is converted to LNG. LNG occupies 1/1600th of the volume of natural gas, when in natural form. Being a clean and emission-free fuel, the consumption of LNG as a bunker fuel has increased. LNG bunkering is a preferable choice for shipping companies that operate in the Emission Control Areas (ECAs).
Key point from Table of content
4. Market by Technology
4.1. Liquefaction
4.1.1. Historical Market Size by Region, 2014-2016
4.1.2. Market Forecast by Region, 2017-2025
4.1.3. On-Shore
4.1.3.1. Historical Market Size by Region, 2014-2016
4.1.3.2. Market Forecast by Region, 2017-2025
4.1.4. Off-Shore
4.1.4.1. Historical Market Size by Region, 2014-2016
4.1.4.2. Market Forecast by Region, 2017-2025
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Market Dynamics:
Drivers:
- Increasing number of ports offering LNG bunkering facility is expected to benefit the global LNG bunkering market.
- Falling prices of natural gas is also giving a boost to the LNG bunkering market, especially in North America and Europe.
Restraints:
- High production cost of cryogenic vessels used for transporting LNG may hinder market growth during the forecast period.
Market Players:
The top players in the global LNG bunkering market include
Royal Dutch Shell Plc,
Bomin Linde LNG GmbH & Co. KG,
Korea Gas Corporation,
GDF SUEZ SA,
Gazpromneft Marine Bunker LLC,
Harvey Gulf International Marine LLC,
Gasnor AS,
Skangass AS,
LNG Gorskaya LLC, and
Hanjin Heavy Industries & Construction.
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