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.

Get the Press Release of LNG Bunkering Market

Comments

Post a Comment

Popular posts from this blog

Forging has significant application in creation of various metal for wide range of applications

Image
Forging refers to any process that produces metal from scratch by subjecting it to an external force. Metal forgers can be persons or machines. This techniques may involve grinding (for example, to produce alloyed steel) or may involve the application of pressure to apply heat to the metal piece until it is malleable. The actual process depends on various factors, including the material being forged, its shape, and the degree of stress that is placed on it. Forged grain is the product of Forging with grains of metals pushed against each other through a forge-like tool and into the cladding that forms the final shape of the metal after it has been done. It is the principal production process in most metals. It uses local or repetitive thrusts delivered by a hammer or die to apply mechanical blows to the metal piece until it becomes malleable. It is frequently classified according to the speed at which it's done: fast, cold, or hot. There are many types of forgers available today
Read more

The Vaccine Contract Manufacturing Industry to Flourish Due to Urgent Need to Develop Reliable and Cost-Effective Vaccines against Covid-19

Image
Germany Vaccine Contract Manufacturing industry is expected to witness significant growth in the near future, due to emergence of Covid-19. In Germany, from 3 January 2020 to 4:06pm CEST, 18 August 2021, there have been 3,835,375 confirmed cases of COVID-19 with 91,921 deaths, reported to WHO. As of 15 August 2021, a total of 97,884,043 vaccine doses have been administered. The increasing demand for safe and cost-effective vaccines due to unmatchable quality, consistent delivery, and unparalleled security, have contributed to the increasing growth and scope of this industry. The increasing demand for vaccines and resulting profit potential have led to significant growth in the number of contract manufacturing plants located across the world. A major focus of such plants is developing cost effective, high quality vaccines that could be made available to public health organizations and other medical organizations. Several new and innovative technologies are also being developed to man
Read more

Ginseng Market Outlook, Analysis and forecast up to 2028

Image
  Ginseng Market Ginseng is a slow-growing perennial plant with green oval-shaped leaves and meaty roots that can persist for more than a century. Ginseng is classified into two types: American ginseng and Asian ginseng. Panax quinquefolius is the scientific name for American ginseng, whereas Panax ginseng is the scientific name for Asian ginseng. Ginseng is widely used as a herb to increase the body's energy levels. Ginseng's antioxidant and anti-inflammatory qualities serve to enhance the immune system, lowering the risk of viral and microbial infections. Ginseng also helps to lower the risk of diseases such as lung cancer, skin cancer, and liver cancer. Other health advantages of ginseng include lower blood sugar levels and improved cognitive functions such as memory and conduct. Ginseng is mostly grown in the United States, Canada, and South Korea. Ginseng has been used as a herbal medicine in China for generations, and the country is one of its largest users. Asia Pacifi
Read more