Global LNG Bunkering Market Size, Share, Development, Growth and Demand Forecast to 2023

LNG Bunkering Market Analysis, Development, Growth and Demand
Forecast to 2023
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.
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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
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