New York, Feb. 21, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LNG Bunkering Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865832/?utm_source=GNW
Moreover, reducing the sulfur content from conventional fuel requires high cost, which may hamper the economic viability of the same.

- As of 2018, tanker fleet has registered the largest market. The total market for 2018 was around USD ~700 million.
- The order and delivery of LNG-powered vessels are increasing, and the reduced natural gas prices in 2014 had marked the beginning of expanding opportunities for such vessels in the coming years.
- North America to dominate the market across the globe in the future, with the majority of the demand coming from the US and Canada.

Key Market Trends
Tanker Fleet Dominated the Market

- Tanker fleets are used to store or transport gases or liquids in bulk amount. These are used to store and carry oil, gas, chemicals, and other products, like vegetable oil, fresh water, wine, molasses, etc.
- The tanker fleets include small tanker, intermediate tanker, medium range 1 (MR1), medium range 2 (MR2), Large Range 1 (LR1), Large Range 2 (LR2), Very Large Crude Carrier (VLCC) and Ultra Large Crude Carrier (ULCC), which differs on the basis of tanker capacity.
- As of 1 July 2017, 633 million deadweight tons (dwt) of tanker fleets were in operation. These tankers majorly use low sulfur oil and marine gas oil for which it holds a wing or double bottom tank outside the engine room.
- However, with the regulations related to sulfur content in the fuel, LNG is projected to become a reliant fuel in the coming years for tankers. As compared to other vessels, the number of LNG fuelled tanker fleets is more.

North America to Dominate the Market

- Among the key factors driving the LNG bunkering market is the increase in LNG demand to reduce the carbon footprint in the shipping industry. Furthermore, LNG is a better alternative fuel, and the government has been taking initiatives for LNG adaptation.
- In 2016, International Maritime Organization (IMO) decreased the permissible sulfur content in marine fuels to a 0.5% from a previous 3.5% to curb greenhouse gas emission; the date of implementation was announced to be 2020. Owing to the above factor, the US LNG bunkering market is expected to witness growth in the years to come, as LNG is likely to be an economic alternative for a marine fuel after IMO’s regulation.
- The Canadian government has made commitments for a significant reduction in greenhouse gases emissions, and the country has an abundant supply of natural gas. Moreover, natural gas on combustion produces less amount of greenhouse gases, making LNG a better alternative marine fuel for Canadian shipping industry.
- Although as the initial installation cost of LNG-based vessels is high, the operation cost is lower when compared to running old ships with installed scrubbers. After 2020, the region is expected to witness an increase in demand for LNG bunkering services.

Competitive Landscape
The global LNG bunkering market is consolidated. The major companies include Royal Dutch Shell PL, Bomin Linde LNG GmbH & Co. KG, ENN Energy, Korea Gas Corporation, and Harvey Gulf International Marine LLC.

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