Jan 22, 2020 (Xherald via COMTEX) -- The report " LNG as a Bunker Fuel Market, By Navigation Area (Inland Waterways and Ocean & Sea), By Application (LNG Ships and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global Forecast to 2029″ . The LNG as a bunker fuel market size is projected to grow from US$ 0.66 billion in 2018 to US$ 1.57 billion by 2028. The global LNG as a Bunker Fuel market is expected to register lucrative growth over the forecast period. This is attributed to increasing environmental friendly policies regarding the level of emission for sulphur.
The liquefied natural gas (LNG) as a bunker fuel has recently gained more attention in Europe, Asia Pacific and U.S. As LNG far out performs conventional marine fuels on a local emissions basis, effectively insulating companies from the impact of future, more demanding, and regulation.
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Key Highlights :
-- In October 2016, the International Maritime Organization affirmed its decision to implement a much tighter global sulphur cap of 0.5% on the marine fuels from January 2020, which shift the bunker manufactures from traditional fuel to LNG fuel.
-- In September 2015, China announced a five-year scheme to reduce SOx and NOx by up to 65% in three ECAs, which includes some of China's major ports.
Key Market Insights from the report:
The global LNG as a Bunker Fuel market accounted for US$ 0.66 billion in 2018 and is projected to register a lucrative CAGR of 8.55% over the forecast period. The market report has been segmented on the basis of navigation area, application, and region.
-- By navigation area the global LNG as a Bunker Fuel market is segmented into inland waterways and ocean & sea, where the ocean & sea segment is expected to account for the highest share.
-- By application the global LNG as a Bunker Fuel market is segmented into LNG ships and others. Where the LNG ships are projected to dominate the market.
-- By region, Europe market accounted for major revenue share of the global LNG as a Bunker Fuels market and is further anticipated to maintain its dominance over the forecast period.
Browse 70 market data tables* and 37 figures* on through 140 slides and in-depth TOC "Global LNG as a Bunker Fuels Market" By Navigation Area (Inland Waterways and Ocean & Sea), By Application (LNG Ships and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)- Global forecast till 2029.
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The prominent player operating in the global LNG as a Bunker Fuel market includes Royal Dutch Shell Plc, Gasum Oy, Statoil ASA, Barents Natural Gas AS, The Linde Group, ENGIE SA, Korea Gas Corporation, Kunlun Energy Company Ltd., Eni s.p.A, CNOOC Limited, and Energize.
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