Global LNG Bunkering Market - Growth, Trends and Forecasts (2015-2020)
The LNG Bunker Fuel market is growing at XX% CAGR and is expected to reach USD XXX by 2020 from USD XXX in 2015.
LNG is an attractive fuel choice for many shipping companies that are operating in the emission control areas (ECAS), the LNG provides an attractive bunkering alternative because it exceeds the air quality standards and the price of the LNG is significantly lower compared to the Bunker Fuel. Although the use of LNG as a marine fuel is not a new concept, there exists a significant regulatory gap for the bunkering and associated infrastructure operations. Also, proper training for the crew and the operators involved with the LNG bunkering operations is critical for the establishment and maintenance of safe procedures.
The infrastructure development as well as vessel transition to LNG propulsion will be driven by the tighter environmental regulations. LNG Bunkering Infrastructure has been developed only in couple of ports across the globe, especially in Europe. Owners, operators, designers and the shipyards around the world are considering the advantages of operating on natural gas. However, when considering any new or evolving technologies, it is important to have a clear understanding of not only the benefits but also the challenges that are associated with it.
With the continuous drop in the prices of natural gas, the sale of LNG bunker fuel is increasing in North America. Also, the use of LNG Bunker Fuel is on rise in the Asia pacific countries such as South Korea and China, which have substantially invested in the development of the LNG bunker fuel market. The LNG bunker fuel is expected to grow in the Asia pacific region.
The bunker fuel is mostly used by the marine vessels such as bulk and general cargo vessels, tankers, container ships, offshore port vessels, and ferries. The shipping companies that operate ferries and support vessels, run within ECAs. The regulatory environment led the companies to look for alternatives and therefore the companies are interested in shifting their propulsions to LNG. This gives the rise of the usage of LNG bunker fuel and constitutes a major share in this market as the traffic increases.
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