LNG bunkering market to secure its position in the billion-dollar business space by 2024, U.S. likely to impel the regional industry
The rise in the number of peak shaving plants will lead to a surge in the demand for LNG, thus creating a favorable roadmap for LNG bunkering market. The high demand for LNG bunkers can be attributed to the abilities of LNG to considerably reduce carbon emissions, methane slip, and air pollution. LNG bunkers find massive applications in offshore support vessels, container vessels, ferries, cruise-ships, and bulk carriers, on the grounds of which it can be safely assumed that the growth of LNG bunkering market will create lucrative avenues for major corporations to explore the business. Global Market Insights, Inc., states that LNG bunkering industry revenue, which was estimated at more than USD 800 million in 2016, is projected to surpass USD 12 billion by 2024.
U.S. LNG Bunkering Market Size, By Product, 2016 & 2024 (USD Million)
Regional Trends – LNG Bunkering industry
As per the current EU guidelines, every member country is required to have at least one LNG bunkering port. Statistics claim that nearly 139 ports in Europe are expected to be LNG bunkered by 2025. Improved LNG bunkering infrastructure facilities across Rotterdam, Zeebrugge, and Stockholm ports in the Northwestern part of the Europe are expected to boost LNG bunkering market trends across the region.
Exceptional LNG bunkering infrastructural growth across the Fourchon and Jacksonville ports on the U.S. Gulf & East coast along with the development of various ports with LNG bunkering facility across the southeast, great lakes, Pacific Northwest, and Gulf of Mexico in the North American region, will have a major impact on LNG bunkering industry size in the North American region.
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Asia Pacific LNG bunkering market is expected to witness a lucrative surge over the next few years, subject to the presence of world’s busiest LNG bunker ports in China and Singapore along with enhancement of LNG bunkering infrastructure facility across various shipping routes across the region.
China LNG bunkering market growth map is expected to experience a massive upward surge with the expansion of LNG bunkering infrastructure. South Korea industry is also anticipated to witness a similar growth trend with LNG bunkering facilities made available in Incheon port. Countries such as Japan and Australia are also expected to build LNG bunkering ports across their coasts, thereby further fueling the industry revenue across the region.
Escalating LNG bunkering industry expansion in Qatar can be credited to ample supply of LNG across the region along with growing strict government legislations to minimize the greenhouse effects
Competitive Landscape – LNG bunkering market
SEA/LNG, a multi-sector industry coalition strongly promoting the use of LNG as a marine fuel, has declared the inclusion of firms such as Mitsui & Company Limited, Sumitomo Corporation, and NOVATEK Gas & Power in its fold.
Mitsui & Company has participated in various LNG bunkering pilot programs and promoted comprehensive & in-depth LNG bunkering research. The firm has also invested in many LNG projects and is involved in a wide range of value chain activities, thereby providing a boost to LNG bunkering activities. By joining SEA/LNG, the firm expects to contribute towards green energy as a part of its corporate social responsibility initiative along with improving its brand image across LNG bunkering industry.
Stringent guidelines regarding fuel emissions across marine transportation have encouraged NOVATEK to penetrate LNG bunkering market. Today, the growing demand for cleaner fuels with the lingering threat of global warming form a major part of the discussions on global environmental concerns. This has driven firms such as NOVATEK to opt for LNG as a fuel for its marine fleet, thereby encouraging the infrastructural growth and impacting LNG bunkering industry.
Sumitomo, which has invested in the major LNG liquefaction venture in the U.S., has joined SEA/LNG to promote the extensive use of LNG as a marine fuel, which will undeniably leave an impact on LNG bunkering industry size over the years to come.
Major industry participants have been attempting to expand their business through product innovations and strategic alliances. Other key participants in LNG bunkering industry include Royal Dutch Shell PLC, Engie, ENN Energy Holdings Limited, Skangas AS, Fjord Line, and Korea Gas Corporation.
Author Name :Dhananjay Punekar