The global liquefied natural gas (LNG) bunkering market is growing significantly, due to high environmental concerns across the globe and increased bunkering of LNG as marine fuel. The International Maritime Organization (IMO) is the United Nations specialized agency, which is involved in setting the standards for safety and security of international shipping and prevention of marine pollution. IMO has set stringent standards and regulations for the prevention of pollution from ships. It focuses on reducing the sulfur oxides (SOx) emission from the ships, which is fueling the growth of the global LNG bunkering market. The Emission Control Areas (ECAs) are the sea areas, where stringent regulations are framed to control the sulfur limits. Since May 2005 to June 2010, the sulfur emission limit was 15,000 ppm in ECAs, which was reduced to 10,000 ppm during July 2010 to December 2014. The limit was further reduced to 1,000 ppm in January 2015, which is again responsible for propelling the growth of the global LNG bunkering market. Moreover, the different governments in North America and Europe are promoting the use of LNG, as substitute of conventional bunkering fuel, thus supporting the growth of the global LNG bunkering market.
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Moreover, as of 2011, ECAs comprised the North Sea, Baltic Sea, North American ECA and US Caribbean ECA. The proposal for the expansion of ECA towards Japan, Southeast Asia, and the Mediterranean; and the massive unexplored Asia-Pacific market are creating ample opportunities for the growth of the global LNG bunkering market during the forecast period. In addition, the increasing adoption of LNG as bunkering fuel and increasing developments for ship to ship LNG bunkering are the key trends witnessed in the global LNG bunkering market. However, huge capital required for the development of LNG bunkers, and availability of LNG alternatives (such as usage of scrubbers) for reducing sulfur content are restraining the growth of the global LNG bunkering market to some extent. In addition, the high cost of LNG as compared to conventional bunker fuels and diesel may slow down the adoption of LNG as marine fuel; thus, hindering the growth of the global LNG bunkering market.
Geographically, Europe leads the global LNG bunkering market, owing to the initial adoption of LNG bunkering and initial expansion of ECAs in the region. In addition, the European countries are framing stringent environmental regulations for reducing airborne pollutions, which is propelling the growth of the LNG market in the region. North America is also a prominent market for LNG bunkering industry, which is driven by stringent environmental regulations imposed in the region and upsurge in shale gas exploration. The Asia-Pacific LNG bunkering market is expected to grow with the fastest rate in the forecast period, due to the expected expansion of ECAs in Southeast Asia and Japan. Moreover, the increased initiative for adoption of LNG bunkering in China and South Korea are driving the growth of the LNG bunkering market in Asia-Pacific.
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The key players operating in the global LNG bunkering market are ENGIE (formerly known as GDF SUEZ), JSC Gazprom Neft, Royal Dutch Shell PLC, Bomin Linde LNG GmbH & Co. KG, Skangas, Harvey Gulf International Marine LLC., Korea Gas Technology Corporation, and Gasnor AS.
Global LNG Bunkering Market Segmentation
By Vessel Type
- Tanker Vessels
- Container Vessels
- Bulk and Cargo Vessels
- Ferries and Offshore Support Vessels
- North America
- Rest of the World
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