Europe LNG Bunkering Market Size is predicted to exceed USD 12 billion by 2024. Stringent environmental regulations to curb emissions coupled with abundant availability of natural gas will stimulate the industry growth. Accelerating investments toward the upgradation and expansion of LNG infrastructure on account of growing demand for clean fuel will encourage the LNG bunkering market share. For instance, in 2017, EU invested in seven projects to foster the deployment of alternative energy sources. Further, USD 0.7 Million has been approved to support the feasibility of LNG bunkering in Malta, that includes regasification unit, LNG floating storage & supporting pipeline connecting Italy & Malta.
Norway LNG bunkering market in 2017, was valued over USD 350 million. Imposition of emission control norms toward sulphur content in marine fuel along with ongoing awareness and promotional activities pertaining to the benefits and favorable environmental impact of the product will further stimulate the industry growth. According to DNV-GL report in 2017, around 100 vessels operating across the globe were LNG powered with more than half of them installed in the nation.
Ship-to-ship fueling is anticipated to grow on account of its high capacity & feasibility for all type of vessels. Limited infrastructure cost along with quick transfer operations are the key parameters which will boost the LNG bunkering market share. Moreover, reduced operational time along with the ability to allow fueling & movement of ship simultaneously will further augment the industry landscape.
Increased shale production coupled with increasing focus toward maintaining fossil fuel sustainability will escalate the Europe LNG bunkering market. Shifting trends toward the replacement of conventional fuels including heavy fuel oil (HFO) and Marine diesel oil (MDO) with clean and sustainable marine fuel will complement the product demand. For instance, as per the existing EU policy, each member state requires at least one LNG bunkering port including 10% of coastal & inland ports
Growing tourism sector on account of rise in disposable income and improvement in standard of living of people will augment the demand for cruise vessels. Significant upsurge in investments across the recreational sector coupled with growing adoption of eco-friendly marine fuels will foster the LNG bunkering market share. For instance, as per the LNG world shipping report, Carnival corporation has initialized the construction of seven fully LNG powered cruise ships that will be completed by 2022.
Key industry players catering across the LNG bunkering market comprises of Gasum, ENN Energy, Prima LNG, Skangas, Crowley Maritime, Engie, Polskie, Bomin Linde, Swedegas, Enagas, and Fjord Line.
Segments Covered in This Report:
The above information is provided for the following regions and countries: