14AUG2019 - NEWS - LNG Bunkering Market Expected to Witness a Sustainable Growth over 2023

LNG marine bunker clients demand supply certainty and resilient, redundant supply chains. Conversely, suppliers need to keep a check on their investment ventures and the capital required for supplying LNG bunkers in the market. This stalemate has led to a lack of action all round, with shipping majors and LNG suppliers both hesitating in making major investments until the other side shows signs of commitment.

LNG bunkering Market by End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the LNG bunkering market was valued at $214 million in 2016, and is projected to reach $10,185 million by 2023, growing at a CAGR of 58.5% from 2017 to 2023. Europe dominates the LNG bunkering market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.

LNG (Liquid Natural Gas) is an attractive alternative fuel for seagoing vessels and inland vessels, as liquefied natural gas emits fewer polluting substances. LNG is a potential substitute according to IMO emission prerequisites, owing to its negligible sulfur content and low production of NOx contrary to fuel oil and marine diesel oil. LNG is clean burning fuel coupled with financial points of interest on a calorific value basis among other fuels.