Compared to traditional maritime fuels like heavy fuel oil, marine diesel, and marine gas, LNG is a cleaner fuel. Bunkering is the process of delivering fuel in the form of traditional marine fuels or LNG to a vessel or a facility. LNG has a density that is around half that of heavy fuel oil. The two main trends in the LNG bunkering industry are the expanding use of liquefied natural gas (LNG) as a bunker fuel and technological developments in ship-to-ship LNG bunkering. Compared to conventional marine fuels like heavy fuel oil, marine diesel, and marine gas, LNG has a lower sulphur content and emits fewer greenhouse gases.
The market is divided into categories for tanker fleets, bulk and general cargo, offshore support vessels and ferries, and others based on the end-user. Due to the rise in offshore production activities in recent years, the offshore support boats and ferries category has a sizable market share. The need for LNG Bunkering will increase as a result of the exploratory activities being conducted in increasingly challenging conditions and at greater depths. Additionally, with a focus on offshore production at deeper levels, the utilisation of FPSO (floating production storage and offloading) units has grown recently.
Government restrictions on decreasing sulphur and nitrous oxide emissions are the main market factor driving this industry. As a result, LNG fuel is in a stronger position to become the fuel of choice for marine applications in the upcoming years. Additionally, the expansion of the LNG bunkering business is indirectly supported by the increasing shale gas production operations.
The significant initial investment needed to build high-pressure storage and supply vessels for the transit of LNG is the main market limitation for the LNG bunkering sector. Transporting LNG is more expensive than moving liquid fuels. Additionally, the availability of LNG substitutes that use scrubbers to lower their sulphur content is partially limiting market expansion.
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Numerous geographical areas, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, are analysed when analysing the worldwide LNG bunkering market. With nations like the US and Canada focusing on offshore production at strategic areas across their continent, North America is predicted to enjoy the market’s rapid rise.
The market is expanding due to an increase in shale gas production operations as well. Norway, Russia, and the UK are among the leading nations in Europe focused on offshore production. Opportunities for expansion in the area are presented by the rising activity in the UK and Norway. It is anticipated that Asia-Pacific nations like Singapore, China, and India will dominate the marine commerce.
The nations are also concentrating on creating strict environmental laws to cut down on air pollution, which is expected to increase the usage of LNG as a maritime fuel. With an increase in offshore production activities in nations like Brazil and Venezuela, Latin America, the Middle East, and Africa are predicted to have robust growth. The region of Latin America has seen the greatest increase in FPSOs put into service after 2016.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa