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LNG As A Bunker Fuel Market is Witnessed to Increase by Double Digit CAGR of 8.5% By 2026
Mar 20, 2019 (WiredRelease via COMTEX) —
The global LNG as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%. LNG is used as a marine fuel and it offers various advantages for the ships. LNG as ship fuel will reduce sulphur oxide (SOx) emissions by 90% – 95%. Lower carbon content of LNG compared to conventional ship fuels enables a 20-25% reduction of carbon dioxide (CO2) emissions. Environmental benefits related to the consumption of LNG as marine fuel is expected to drive the market growth over the forecast period.
Low prices of LNG fuel then other conventional fuel are expected to drive the market growth over the forecast period. LNG is expected to be less costly than marine gas oil (MGO), which will be required to be used within the ECAs if no other technical measures are implemented to reduce the SOx emissions.
Furthermore, major economies of the world are trying to lower the oil dependency which is expected to have positive impact on the LNG market. The US shale gas revolution has contributed significantly to advent of LNG as an alternative to oil as a global marine fuel. Australia, East Africa, Middle East, and Russia have relatively large reserves of LNG. LNG has become an attractive and viable marine fuel as a result of several factors such as supply security and availability, coupled with low gas prices. Moreover, LNG has become an attractive alternative to marine fuel oils regardless of regulatory changes, particularly in North America which is expected to drive the market growth over the forecast period.
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The global LNG as a bunker fuel market is segmented on the basis of type, application, and region.
On the basis of navigation area, the LNG as a bunker fuel market includes inland waterways and ocean & sea. Ocean & sea segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Maritime transport is essential to the global economy and over 90% of the world's trade is carried by sea.
Among all the application segments, LNG ships segment is expected to register highest CAGR over 9.0%. Shipping is considered a vital mode of transport and it is estimated that LNG ships account for a mere 3% of global carbon emissions. The latest IMO mandates sulphur emissions to be lowered to 0.5%, which has given rise to several alternatives for ship owners, one being switching to LNG fuel.
Europe market is expected to dominate the global LNG as a bunker fuel market, and it accounts for largest market revenue over US$ 260 mn in 2017 as compared to that of markets in other regions. Dominance by Europe market is expected to continue over the forecast period with comparatively higher CAGR than that of other regions, owing to higher demand among consumers in countries in the region.
Revenue growth of the US LNG bunkering market is driven by high volume shale gas and natural gas production in the US. Increasing set-ups of regasification and liquefaction plants and rising exports is driving demand for LNG as a marine fuel in the US. LNG is currently available in the US as a bunker fuel for maritime shipping at various sea ports, including Freeport LNG Terminal, Kenai LNG, Nikiski, Alaska, and Cheniere’s Sabine Pass terminal.
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Key players operating in the global LNG as a bunker fuel market include Royal Dutch Shell Plc, Gasum Oy, Statoil ASA, Barents Natural Gas AS, The Linde Group, ENGIE SA, Korea Gas Corporation, Kunlun Energy Company Ltd., Eni s.p.A, CNOOC Limited, and Energize
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