LNG Bunkering Market size is expected to expand over 20% CAGR. Stringent government rules and regulation of limiting sulfur emission is anticipated to drive the global LNG Bunkering market.
Natural gas is inflammable, colorless and cleanest as compared to other burning fuel such as coal and crude oil. It is a mixture of hydrocarbon gas predominantly methane and used for electricity generation, refueling vehicle as CNG, as fuel for boilers and air conditioners, for making ammonia, fertilizer and marine fuel as LNG etc. Lack of infrastructure, high initial investment in ships propulsion, dynamic price of LNG, high labor cost associated with the operation will act as a restraint for LNG bunkering Market size in the near terms.
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The ability of LNG to reduce emissions of harmful greenhouse gases would act as an opportunity for LNG bunkering Market. Liquefied Natural Gas is obtained by converting natural gas from its gaseous stage to liquefied stage at -161 degree Celsius (atmospheric pressure) so that natural gas is easy to ship and store when pipeline transport is not feasible. By converting natural gas into LNG its volume decreased by 1/600 factors. LNG is having higher heating value and lower density i.e. 458-463 Kg/m3 (depending on composition) so roughly on a volumetric basis 1.8 times more LNG needs to be bunkered compare to bunkering heavy fuel oil.
The process for loading LNG into fuel tanks is required special handling from loading Heavy fuel oil owing to some different fuel characteristics such as, LNG is a cryogenic liquid and is hazardous when it came into contact with any personnel and piping or conventional steel structure even a small spill of LNG can also cause a serious problem, LNG vapors can form explosive cloud in confined space. To reduce the risk of any property or personnel safety, it is necessary to set up security or safety zone around bunkering operation.
The hull or deck structure, made up of material suitable for cold temperature is constructed in areas where LNG spills or drips may occur. Generally drip trays are used to enclose LNG leakage and prevent damage to the ship’s structure. Cryogenic equipments and pipes thermally insulated from structure of ship are required to construct at bunker station where LNG leaks are most probably to occur. The filling limit of LNG tank is expressed as a percentage of the total tank volume. The maximum filling limit of LNG tank is 98 percent at reference temperature.
Stringent government rules and regulation of limiting sulfur emission, in some countries price of natural gas and LNG has lower heating value basis over heavy marine oil, vessel transition from traditional bunkers to LNG propulsion will boost the demand of LNG Bunker during the forecast period. Global LNG bunkering market size has been segmented into end user and region. The end user includes bulk and general cargo vessels, container vessels, ferries and tankers vessels.
Europe, led by Norway, U.K, Denmark emerged as the leader in 2015 and is expected to dominate the LNG bunkering market during the forecast period. Increasing recognition of Marine LNG along with development of dynamic LNG infrastructure will drive the industry in near future. In Europe the export and import of LNG at Rotterdam port takes place on broad scale which makes it ideal LNG hub. The market of LNG bunker would grow in future owing to government regulation related to sulfur emission.
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North America, led by the U.S is expected to witness a significant growth owing to stringent rules and regulation of government concerning to sulfur emission to 0.5% by the 2020. The above policies by the regulatory authorities will boost the demand for LNG bunkering during the forecast period. For instance, the international regulations come into effect in the North Sea, English Channel and Baltic Sea as well as the west and east coasts of North America for limiting the sulfur emission up to 0.1 percent.
It has been analyzed and forecast that LNG bunkering market of Asia Pacific will grow in future due to the increasing development of infrastructure for LNG bunkering. For example Maritime and Port Authority of Singapore (MPA) has been continued to planning program of launching LNG Bunkering Pilot Programme targeted for 2017.
Some of the major vendors in the global LNG bunkering market are Harvey Gulf International Marine LLC., Gasnor AS, Bomin Linde LNG GmBH & Co. KG, GDF SUEZ S.A, Skangass AS, Korea Gas Corporation, Gazpromneft Marine Bunker LLC and Royal Dutch Shell plc etc.
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