LNG is used as a fuel in large-scale marine industries because it helps maintain an emission-free atmosphere due to its characteristic property of reducing sulfur oxide emissions., The benefits to human health and environment through the use of LNG have created immense growth opportunities for the LNG bunkering market over the forecast period 2022-2031. In 2020, the implementation of a new limit on the sulfur content of fuel oil used in ships was set by the International Maritime Organization (IMO) in 2020. Thus, the demand for LNG increased and ultimately stimulated market growth.
Research and development activities are crucial for the growth of the LNG fueling market. LNG bunkering market players are investing heavily in research and development activities. These activities help address consumer concerns and enable players to find solutions that eliminate inefficiencies, potentially strengthening the growth trajectory. Strategic collaborations play a key role in the growth of the LNG fueling market. Players engage in partnerships, joint ventures, mergers and acquisitions to expand their influence into untapped regions. These activities add value to the growth trajectory of the LNG bunkering market.
The COVID-19 pandemic has impacted growth projections for many industries and sectors. The LNG refueling market is one of them. The emergence of the pandemic has forced many countries to put in place strict lockdown restrictions. These restrictions have resulted in the closure of manufacturing units and production facilities, further reducing production and demand in the LNG bunkering market. However, the gradual reopening of economies and mass vaccination campaigns are all glimmers of hope for stabilizing the growth of the LNG fueling market.
Get a PDF brochure for more information – https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3231
Use of LNG in New Build Vessels to Drive Growth Prospects in Global Market
Newly built ships are also increasingly using LNG as a fuel in newly built ships. LNG bunkering infrastructure has developed faster and fuel availability has been made possible at major shipping hubs. The potential benefits of LNG bunker fuel should reinforce the preference for LNG to replace oil as a marine fuel. Subsequently, LNG-powered ships have proven their efficiency compared to other ships running on other marine fuels.
The substantial demand for LNG fuel among end users such as yachts, defense vessels, cruise ships, OSVs, bulk ferries and cargo fleets. LNG has proven to be an ideal fuel due to the lack of sulfur content, resulting in minimal sulfur oxide production.
Adoption of stringent environmental regulations to drive the growth of LNG bunkering market
Growing environmental concerns around the world have led to the adoption of strict regulations by several countries around the world. Organizations such as the International Maritime Organization (IMO) have also introduced a plethora of regulations and standards to prevent pollution from ships. This aspect has resulted in considerable demand for LNG, ultimately contributing to the growth of the global market.
Some of the major players in the LNG bunkering market are Shell Plc., Carnival Corporation, & Plc., Harvey Gulf International Marine, Total Energies, Eagle LNG Partners, Korea Gas Corporation, Van Ameyde Marine, and Mitsui OSK Lines.
Inquire Before You Buy – https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=3231
Global LNG bunkering market: segmentation
? ship to ship
? Terminal to ship
? Truck to ship
?Ferries & OSV
? Bulk and general cargo fleets
?Middle East and Africa
About Transparency Market Research
Transparency Market Research, a global market research firm registered in Wilmington, Delaware, USA, provides personalized research and advisory services. The company examines the factors that shape demand dynamics in various markets. Market insights and insights assess opportunities in various segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine market growth over the next decade.
Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers, made possible by experienced teams of analysts, researchers and consultants. Proprietary data sources and the various tools and techniques we use always reflect the latest trends and information. With a broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques in all of its trade reports.
Name: Rohit Bhisey
Email: Send email
Organization: Transparency Market Research Inc.
Address: DOWNTOWN HEADQUARTERS, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA
Build ID: 89078094
If you detect any problems, problems or errors in the content of this press release, please contact [email protected] to let us know. We will respond and rectify the situation within the next 8 hours.