LNG bunkering is the practice of providing LNG fuel to ships for their
consumption. Many laws by international organizations and governments
are focusing on encouraging the adoption of LNG as a marine fuel, which,
in turn, is supporting the growth of the LNG bunkering market,
globally.
Growing adoption of liquefied natural gas (LNG) as a bunker fuel and technological advancements in ship-to-ship LNG bunkering are the key trends witnessed in the LNG bunkering market.
In the report, the LNG bunkering market is segmented on the basis of end user and region. Based on end user, the market is classified into tanker fleet; container fleet; bulk and general cargo fleet; and ferries and offshore support vehicles.
Based on region, the market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Historically, Europe accounted for a significant share in the global LNG bunkering market. This can be attributed to the early adoption of LNG as a marine fuel and the presence of emission control areas (ECAs) in the region.
In addition, European countries are framing stringent environmental regulations for reducing air pollution, which, in turn, is expected to encourage the adoption of LNG as a marine fuel in the region. North America is also a prominent market for LNG bunkering. The LNG bunkering market in the region is primarily driven by the upsurge in shale gas exploration and stringent environmental regulations implemented by the government.
Benefits of using LNG as a marine fuel, global concerns over increasing air pollution, and stringent regulations on gas emissions are expected to drive the growth of the LNG bunkering market in the coming years.
The growing public support toward ECAs and introduction of global regulations for these areas are expected to encourage the adoption of LNG as a marine fuel, thereby generating ample growth opportunities for the players operating in the LNG bunkering market.
ECAs are the sea areas where stringent regulations are established to control airborne emissions of sulfur from the marine modes of transportation. From May 2005 to June 2010, the sulfur emission limit was 15,000 ppm in ECAs, which was reduced to 10,000 ppm during July 2010–December 2014. The limit was further reduced to 1,000 ppm in January 2015, which can be viewed as a propellent for the growth of the LNG bunkering market.
Growing adoption of liquefied natural gas (LNG) as a bunker fuel and technological advancements in ship-to-ship LNG bunkering are the key trends witnessed in the LNG bunkering market.
In the report, the LNG bunkering market is segmented on the basis of end user and region. Based on end user, the market is classified into tanker fleet; container fleet; bulk and general cargo fleet; and ferries and offshore support vehicles.
Based on region, the market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Historically, Europe accounted for a significant share in the global LNG bunkering market. This can be attributed to the early adoption of LNG as a marine fuel and the presence of emission control areas (ECAs) in the region.
In addition, European countries are framing stringent environmental regulations for reducing air pollution, which, in turn, is expected to encourage the adoption of LNG as a marine fuel in the region. North America is also a prominent market for LNG bunkering. The LNG bunkering market in the region is primarily driven by the upsurge in shale gas exploration and stringent environmental regulations implemented by the government.
Benefits of using LNG as a marine fuel, global concerns over increasing air pollution, and stringent regulations on gas emissions are expected to drive the growth of the LNG bunkering market in the coming years.
The growing public support toward ECAs and introduction of global regulations for these areas are expected to encourage the adoption of LNG as a marine fuel, thereby generating ample growth opportunities for the players operating in the LNG bunkering market.
ECAs are the sea areas where stringent regulations are established to control airborne emissions of sulfur from the marine modes of transportation. From May 2005 to June 2010, the sulfur emission limit was 15,000 ppm in ECAs, which was reduced to 10,000 ppm during July 2010–December 2014. The limit was further reduced to 1,000 ppm in January 2015, which can be viewed as a propellent for the growth of the LNG bunkering market.
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