LNG Bunkering Market, By Product Type (Portable Tanks, Ship-to-Ship, Port-to-Ship, and Truck-to-Ship), By Application (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024

Code : CMI1085

Pages :104

Formats :

Excel and PDF

Industry : Energy

Market Concentration and Competitive Landscape

LNG Bunkering Market Concentration By Players

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Increasing LNG Use in Shipping Trade Routes

A large majority of global trade is transported via maritime shipping routes connecting factories to markets across the world. Traditionally dependent on heavy fuel oil, shipping companies are assessing fuel options to reduce operational costs and meet decarbonization targets over the long run. LNG provides attractive properties as a marine fuel with significant environmental benefits and energy efficiency gains compared to other alternatives. Rising natural gas production has improved the economics of LNG as a marine fuel. Many major ports located on key global trade lanes have either started or are in the process of setting up LNG bunkering facilities. This includes ports in Northern Europe, Asia Pacific, and North America. As infrastructure develops to supply LNG along busy shipping routes, more vessels will convert to run on LNG or new ships will be built LNG-ready or dual-fuel. Major classification societies also support the use of LNG propulsion systems. With an increasing number of ships integrating LNG as a bunker fuel in their energy mix, the worldwide demand for LNG bunkering services can be expected to surge in the coming years.

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