North America LNG Bunkering Market Research Report published by market insight reports explores the current outlook in North America and key regions from the perspective of Major Players, Countries, Product types and end industries. This report analyzes top players in the North America market, and divides the Market into several parameters.
This LNG Bunkering Market research report identifies the competitive landscape of industries to understand the competition at International level. This report study describes the projected growth of the North America market for approaching years from 2019 to 2025. This research report has been aggregated on the basis of static and dynamic aspects of the businesses.
The North America LNG bunkering market is expected to grow at a CAGR of approximately 27.74% during the forecast period.
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The prominent players in the North America LNG Bunkering Market:
Royal Dutch Shell PLC, Gasum AS, Harvey Gulf International Marine LLC, Total SA, and Nauticor GmbH & Co. KG., and Others.
Key Market Trends: –
Ferries and OSV Segment to Dominate the Market
– Ferries are vessels used to carry cargoes across the water. A passenger ferry is used as a water bus or water taxi to travel from one place to another. On the other hand, offshore support vessels (OSV) are required during oil exploration and construction work in offshore locations. Moreover, they help in providing necessary supplies while undertaking exploration, drilling, and construction activities.
– These vessels majorly operate on heavy fuel oil and marine gas oil. However, government regulations regarding emission of sulfur, carbon dioxide, and other pollutants have been encouraging the use of LNG as a fuel in the vessels. In the United States, tighter emission control standards, access to LNG from liquefaction or liquefaction-related storage tanks, and port facilities have facilitated the LNG bunkering infrastructure in the country.
– Moreover, there is an increase in the number of ferries and OSVs on order based on LNG fuel. The increasing retrofitting of ferries with the dual-fuel engines has been driving the demand for LNG bunkering services.
– In March 2019, the Canadian firm, BC Ferries, announced to build up to five new LNG powered ferries, primarily to replace four existing vessels, in order to meet the changing travel demands in the near future. The new ferries are expected to enter service by end of 2020.
– Hence, the increasing number of LNG fueled ferries and OSV is expected to drive the demand for LNG fueled ferries and OSVs in North America during the forecast period.
United States to Dominate the Market
– The United States accounted for the majority of the LNG bunkering market, on account of increase in the LNG demand to reduce carbon footprint in the shipping industry. Bunker fuel is primarily used by vessels, such as bulk and general cargo vessels, tankers, container ships, offshore support vessels, and ferries in the country.
– In 2016, the International Maritime Organization (IMO) decreased the permissible sulfur content in marine fuels to 0.5% from a previous 3.5%, to curb greenhouse gas emissions. The date of implementation was announced as January 1, 2020. Owing to the above-mentioned factors, the US LNG bunkering market is expected to witness growth in the coming years, as LNG is likely to be an economic alternative for marine fuel after IMOs regulation.
– Currently, in the United States, LNG bunkering takes place in Jacksonville, Florida, and Port Fourchon, Los Angeles, with a third facility under development in Tacoma, WA. Bunkering of LNG-fueled cruise ships using barges is planned for Port Canaveral, Florida.
– If LNG producers in the United States can supply a significant share of this market, owing to low LNG production costs, compared to other countries, LNG bunkering could increase the demand for US natural gas production, transportation, and liquefaction. Furthermore, increasing demand can also provide an opportunity for the increase in domestically constructed LNG bunkering barges.
Significant Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of LNG Bunkering Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc.
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of LNG Bunkering Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
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Finally, the LNG Bunkering market report offers a complete and detailed study of North America LNG Bunkering market by using numerous analytical tools and models such as SWOT analysis, investment return analysis, and porter’s five forces analysis which are useful for beginners to access the upcoming opportunities. After exploring the market insights through primary and secondary research methodologies, if anything is required except than this, market insight reports will provide customization as per specific demands.
Note: – All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.