Wiseguyreports.Com Publish New Market Research Report On -“LNG as a Bunker Fuel Market 2019 Global Analysis, Size, Share, Trends, Opportunities and Growth, Forecast 2024”
— LNG as a Bunker Fuel Market 2019
Natural gas is one of the most commonly used fossil fuels for power generation across the globe and is touted as the ‘21st century fuel’ owing to its cleaner nature as compared to other popular fossil fuels such as coal and oil. Natural gas is liquefied (which is called liquefied natural gas (LNG), predominantly methane, CH4) to make it more viable for transport and use with ease across several end-use applications. Bunker fuel is the fuel oil delivered to ships of all states that are engaged in international navigation (via sea, inland lakes & waterways, and coastal waters).
The global LNG as a bunker fuel market was valued at USD 137.2 billion in 2017 and is expected to reach USD 273 billion by 2025, registering a CAGR of 9.4% from 2018 to 2025.
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Some of the key factors propelling the growth of this market are:
increased offshore hydrocarbon, oil, and gas exploration activities in offshore destinations, especially in APAC
growth in marine trade due to rise in import-export activities
exploration of untapped reserves in oil producing regions to positively influence the demand for shipping vessels, which in turn, drives LNG bunker fuel market
with global economic recovery, people pay attention to rising environment standards – leading to the growth of LNG
with refinement in the technology of LNG ship motor development, the demand for LNG is set to increase
The global LNG as a bunker fuel market is broadly classified by Product, Type, Commercial Distributor,End Use, and Top Players / Brands. Byproduct, the market is broadly classified into MGO (Marine Gas Oil) and RFO (Residual Fuel Oil). By type, the market is split into Truck to Ship (TTS), Port to Ship (PTS), and Ship to Ship (STS).
By commercial distributor, the market is split up into Oil Majors, Large Independent, and Small Independent
By end use, the market is divided into:
Coastal tanker/bulk carrier
Platform Supply Vessel
Smaller passenger ship
Big fishing vessel
To determine the market segment, the report covers the 29 key players (along with key players’ price, sales, revenue, and market share). The prominent ones are:
General Dynamics NASSCO
VT Halter Marine
Gulf Coast Shipyard Group
Aker Philadelphia Shipyard
The report studies the product scope, market overview, opportunities, market driving force and risks, customers, distributors, in-depth regional analysis with competitive landscape of top players
In the report, by region, the global LNG market is divided into North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia, etc.), and the Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Asia-Pacific will dominate the market through 2025 (46% market share in 2017), whereas North America is expected to register the fastest CAGR (10.2%) from 2018 to 2025.
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