Futures and Commodity Market News
Wide Use Of LNG As Bunker Fuel In Shipping Industries Generates New Revenue StreamJul 15, 2022 (MENAFN via COMTEX) — (MENAFN – MarketersMEDIA) LNG Bunkering Market is expected to surpass the value US$ 417.8 Mn By 2031, expanding at a CAGR of 6.5% during the forecast period 2022-2031 Wilmington, Delaware, United States – July 8, 2022 /MarketersMEDIA/ — LNG is being used as a fuel in shipping industries on a large scale as it supports maintaining an emission-free atmosphere due to its characteristic property of reducing sulfur oxide emission., The advantages provided to human health and the environment by the use of LNG have created immense growth opportunities for the LNG bunkering market during the forecast period of 2022-2031. In 2020, the implementation of a new limit on sulfur content in fuel oil used in ships has been set by the International Maritime Organization (IMO) in the year 2020. Thus, the demand for LNG increased and ultimately boosted the market growth. Research and development activities are crucial for the growth of the LNG bunkering market. the players in the LNG bunkering market invest extensively in research and development activities. These activities help in addressing the concerns of the consumers and enable the players to find solutions that eliminate the inefficiencies, eventually strengthening the growth trajectory. Strategic collaborations have a key role in the growth of the LNG bunkering market. The players indulge in partnerships, joint ventures, mergers, and acquisitions for expanding their influence across untapped regions. These activities add value to the growth trajectory of the LNG bunkering market. The COVID-19 pandemic has impacted the growth projections of many industries and sectors. The LNG bunkering market is one of them. The emergence of the pandemic forced many countries to implement strict lockdown restrictions. These restrictions led to the closure of manufacturing units and production facilities, which further declined the production and demand across the LNG bunkering market. However, the gradual reopening of the economies and the mass vaccination drives are serving as rays of hope for stabilizing the growth of the LNG bunkering market. Get PDF Brochure for More Insights – Use of LNG in New-Build Ships to Boost Growth Prospects across Global Market New-build ships are also increasingly using LNG is being used as fuel in new-build ships prominently. LNG bunkering infrastructure has developed at a greater speed and the availability of fuel has been made possible in the major maritime hubs. The potential benefits of LNG bunker fuel are projected to boost the preference for LNG to replace oil as a maritime fuel. Subsequently, LNG-fueled ships have proved their efficiency over other ships running on other maritime fuels. The substantive demand for LNG fuel among end-users such as yachts, defense vessels cruise ships, OSV, ferries bulk and cargo fleets. LNG has proved to be an ideal fuel due to no sulfur content which leads to minimal production of sulfur oxide. Adoption of Strict Environmental Regulations to Push Growth of LNG Bunkering Market The rising environmental concerns around the globe have led to the adoption of stringent regulations by several countries around the globe. Organizations like the International Maritime Organization (IMO) have also introduced a plethora of regulations and standards for preventing pollution caused by ships. This aspect has resulted in considerable demand for LNG, ultimately contributing to the growth of the global market. Some leading players across the LNG bunkering market are Shell Plc., Carnival Corporation, & Plc., Harvey Gulf International Marine, Total Energies, Eagle LNG Partners, Korea Gas Corporation, Van Ameyde Marine, and Mitsui O.S.K Lines. Make an Enquiry Before Buying – Global LNG Bunkering Market: Segmentation Type ?Ship to Ship ?Terminal to Ship ?Truck to Ship End-user ?Defense Vessels ?Yachts ?Cruise Ships ?Ferries & OSVs ?Bulk and General Cargo Fleets ?Others Regions Covered ?North America ?Latin America ?Europe ?Asia Pacific ?Middle East & Africa About Transparency Market Research Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports Contact Info: Release ID: 89078094 MENAFN08072022004641010593ID1104502311 COMTEX_410216675/2604/2022-07-15T00:37:23 Please read the End User Agreement. News provided by COMTEX. |
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