LNG Bunkering Market Observes an Outstanding Growth in Revenue US$ 11.66 Billion by 2025| Royal Dutch Shell Plc., Skangas, ENN Energy, Korea Gas Corporation

 

LNG Bunkering Market

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. This means that compared to bunkering heavy fuel oil, LNG requires about 1.8 times the amount of fuel to achieve the same range. Due to the demand for cleaner fuels and strict government restrictions to decrease chemical emissions, more and more ships and vessels are adopting LNG. This is then anticipated to fuel for LNG Bunkering Market. For instance, a 2012 International Maritime Organization (IMO) regulation mandated that ships cut the sulphur content of their fuel from 5% to 3.5%.

Given LNG's huge economic advantage over conventional fuels like natural gas, a variety of end customers are increasingly eager to do so. Since LNG burns more efficiently than natural gas and has a smaller volume, it is easier to transport and store while also being more reasonably priced. Due to the widespread acceptance of LNG across numerous industries and the opening of numerous new LNG plants worldwide, a highly favourable LNG Bunkering Market has been created.

Over the forecast period, ship-to-ship LNG bunkering is anticipated to grow at the fastest rate. This can be explained by its benefits, including swift transfer processes and a high capacity of 700–7500 tonnes. Moreover, various kinds of ships can engage in ship-to-ship operations. Liquefied natural gas was used for the first time for ship bunkering in 2017 in the Port of Gothenburg in Europe. Due to its relative affordability in terms of offshore exploration and production activities, the offshore support vessel segment dominated the global LNG Bunkering Market in 2016. Harvey Gulf Marine Company invested $400 million in 2013 to operate and construct two LNG fueling docks with a combined capacity of 500 gallons per minute and 0.27 million gallons of LNG storage, along with LNG offshore support vessels.

Over the forecast period, ship-to-ship LNG Bunkering Market is anticipated to grow at the fastest rate. This can be explained by its benefits, including swift transfer processes and a high capacity of 700–7500 tonnes. Moreover, various kinds of ships can engage in ship-to-ship operations. Liquefied natural gas was used for the first time for ship bunkering in 2017 in the Port of Gothenburg in Europe. Due to its relative affordability in terms of offshore exploration and production activities, the offshore support vessel segment led the global LNG bunkering market in 2016. Harvey Gulf Marine Company committed $400 million in 2013 to run and construct two LNG fuelling docks with a combined capacity of 500 gallons per minute and 0.27 million gallons of LNG storage, along with LNG offshore support boats.

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