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Global LNG Bunkering Market to Grow at a CAGR of 43.96% During 2021-2026, Aided by the Increased Regulations around Sulphur Content in Marine Fuels

According to a new report by EMR titled, ‘Global LNG Bunkering Market Report and Forecast 2021-2026’, the market attained a value of around USD 0.41 billion in 2020. It is expected to witness a healthy growth in the forecast period, growing at a CAGR of 43.96% between 2021 and 2026 to reach USD 3.65 billion by 2026.

The global LNG bunkering industry is being driven by the strict ordinances controlling the presence of sulphur content in marine fuels, which is mandated to remain below 0.5%. This can be attributed to the increasing issues of air and water pollution being observed across the globe. Moreover, the rising demand for LNG bunkering owing to its beneficial properties, including low CO2 and nitrogen oxide emissions and low sulphur content, is anticipated to propel the market growth in the coming years. In addition, the rising investments in the maritime transportation sector are also estimated to augment the industry growth in the forecast period.

The rising demand for LNG bunkering, owing to the heightened pollution issues across the globe, is leading to promising mergers and collaborations between market players for the development of the LNG bunkering industry worldwide, which is estimated to significantly catalyse the industry growth in the forecast period. For instance, according to a press release issued by the Mitsubishi Corporation, dated February 2019, the company announced the signing of an LNG bunkering agreement between Equinor ASA (NYSE: EQNR), a Norwegian multinational energy group, and Gas4Sea partners, namely, ENGIE, Mitsubishi Corporation, and NYK. Under this agreement, Equinor is to supply four crude shuttle tankers with LNG  as marine fuel through its planned dual fuel vessels in the Rotterdam port. Furthermore, another leading LNG bunkering vendor, Avenir LNG Limited, in a press release dated November 2019, announced the collaboration with Golar Power Limited (NASDAQ: GLNG) to develop a small-scale LNG market in Brazil. These developments are expected to positively impact the growth of the LNG bunkering industry in the forecast period.

Market Breakup by End User and Region:

  • The market is segmented based on end user into tanker fleet, container fleet, bulk and cargo fleet, ferries and OSV, and others.
  • Region-wise, the global market for LNG bunkering can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for LNG bunkering is being driven by the stringent regulations placed on sulphur content of marine fuel. 
  • The rising issues of air and water pollution have also significantly contributed to the market expansion.
  • The growing investments in research and development activities of LNG bunkering mechanisms are also aiding the industry growth.
  • The rising capital expenditure in the maritime transportation sector is expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for LNG bunkering for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the end users and major regions of LNG bunkering.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global LNG bunkering market are Royal Dutch Shell Plc, Skangas A, Korea Gas Corporation, Harvey Gulf International Marine, LLC, Engie SA, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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