New York City, NY: Jun 19, 2019 – Published via (Wired Release) – Liquefied Natural Gas (LNG) is a clear, colourless, non-toxic and non-corrosive liquid, which is converted to liquid by cooling of natural gas at a cryogenic temperature of -162°C. It largely made from methane, with a low concentration of other hydrocarbons and on liquefaction, occupies only 1/600 space as compared to methane in gaseous form. LNG is not only cleaner-burning, but may have economic advantages since LNG prices are lower than global bunker fuel prices. As a result, there have been recent developments to promote adoption of LNG as a bunker fuel.
The first five-year cumulative revenue (2017–2021) is projected to be US$ 3,402.2 Mn, which is expected to increase significantly over the latter part of the five-year forecast period. According to report, the LNG as a bunker fuel market is projected to reach a value of over US$ 1,263.2 Mn in 2026 at a CAGR of 8.9% over the forecast period.
According to the latest mandate by International Maritime Organization, the proposed sulphur content limit will be reduced to 0.5% from the current 3.5%, on a global basis effective from 2020. It is proven that use of 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, which makes it a potential substitute for marine fuels.
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Global LNG as a Bunker Fuel Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global LNG as a bunker fuel market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global LNG as a bunker fuel market is expected to expand at a healthy CAGR of 8.9% during the forecast period.
Global LNG as a Bunker Fuel Market: Segmental Snapshot
The market report has been segmented on the basis of navigation area, application, and country/region. The navigation area segment includes inland waterways and ocean and sea. The application segment includes LNG ships and others. The regions/ countries covered in the analysis are the US, Europe, China, India, Japan, and Southeast Asia.
By navigation area: The ocean and sea segment accounted for highest revenue share contribution as compared to other type segment, and is expected to register a CAGR of over 9.1% between 2017 and 2026.
By application: The LNG ships segment is projected to account for highest revenue share as compared to that of other application segment, and register a CAGR of 9.1% over the forecast period, owing to increasing trade activities across countries which will give rise to trade carried out through ships
By region: The market in Europe accounted for highest revenue share in the global LNG as a bunker fuel market in 2016, and is expected to register a CAGR of over 9.4 % between 2017 and 2026, increasing capital investments for LNG bunkering, coupled with increasing seaborne trade from this region
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Global LNG as a Bunker Fuel Market: Competitive Analysis
The research report on the global LNG as a bunker fuel market includes profiles of some of major companies such as 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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from Wired Release http://bit.ly/31GL4fk
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