Harrisburg, NC -- (SBWIRE) -- 10/27/2020 -- The Global LNG Bunkering Market Research Report 2020-2025 research report offers an in-depth evaluation of each crucial aspect of the Global LNG Bunkering industry that relates to market size, share, revenue, demand, sales volume, and development in the market. The report analyzes the LNG Bunkering market over the values, historical pricing structure, and volume trends that make it easy to predict growth momentum and precisely estimate forthcoming opportunities in the LNG Bunkering Market. The report explores the current outlook in global and key regions (North America, Europe, Asia-Pacific, and Latin America) from the perspective of players, countries (U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc.), product types, and end industries.
The market for LNG Bunkering is expected to grow at a CAGR of approximately 15% during 2020-2025.
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Global Major Players in LNG Bunkering Market are:
Royal Dutch Shell PL, Nauticor GmbH & Co. KG, ENN Energy, Korea Gas Corporation, and Harvey Gulf International Marine LLC, and others.
Market Overview:
The strict norms to restrict the sulfur content produced by conventional fuels are driving the demand for LNG bunkering infrastructure, as the ships across various regions are slowly starting to adopt LNG as a fuel for propulsion. Moreover, reducing the sulfur content from conventional fuel requires high cost, which is likely to hamper the economic viability of the same.
- As of 2018, tanker fleet has registered the largest market. The total market for 2018 was around USD ~700 million.
- The order and delivery of LNG-powered vessels are increasing, and the reduced natural gas prices in 2014 had marked the beginning of expanding opportunities for such vessels in the coming years.
- North America to dominate the market across the globe in the future, with majority of the demand coming from the United States and Canada.
North America to Dominate the Market:
- Among the key factors driving the LNG bunkering market is the increase in LNG demand to reduce the carbon footprint in the shipping industry. Furthermore, LNG is a better alternative fuel, and the government has been taking initiatives for LNG adaptation.
- In 2016, International Maritime Organization (IMO) decreased the permissible sulfur content in marine fuels to a 0.5% from a previous 3.5% to curb greenhouse gas emission; the date of implementation was announced to be 2020. Owing to the above factor, the United States LNG bunkering market is expected to witness growth in the years to come, as LNG is likely to be an economic alternative for a marine fuel after IMO's regulation.
- The Canadian government has made commitments for a significant reduction in greenhouse gases emissions, and the country has an abundant supply of natural gas. Moreover, natural gas on combustion produces fewer amounts of greenhouse gases, making LNG a better alternative marine fuel for Canadian shipping industry.
- Although as the initial installation cost of LNG-based vessels is high, the operation cost is lower when compared to running old ships with installed scrubbers. After 2020, the region is expected to witness an increase in demand for LNG bunkering services.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global LNG Bunkering Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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The research includes historic data from 2015 to 2020, and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs
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