New Analysis Predicts "Astounding" Growth in Global LNG Bunkering Market
Transparency Market Research says market will expand at 63.6 percent CAGR.
Transparency Market Research says the LNG bunkering market will expand at 63.6 percent CAGR.
The global liquefied natural gas (LNG) market is projected to expand at a 63.6 percent compound annual growth rate between 2014 and 2025, ultimately reaching 22,540 kilo tons, according to a new report from Transparency Market Research (TMR).
LNG Bunkering Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2025 states that this growth far outstrips a previous valuation of the market based on capacity, which was a mere 70 kilo tons in 2013.
TMR reached its findings with the help of detailed business profiles, SWOT analysis, and what it refers to as "recent developments of some of the key companies operating in the global LNG bunker fuel market."
The companies included in the report include Gasnor AS; Korea Gas Corporation; and Skangass AS.
This growth far outstrips a previous valuation of the market based on capacity
The report notes that lower cost of LNG compared to other bunkering fuels meeting Environmental Compliance Approval norms in Europe and North America is a key factor "driving an increased demand for LNG bunkering fuels in these regions."
TMR also states that "the low cost of LNG is also expected to propel the overall LNG bunkering fuel market over the report's forecast period"; this, combined with the continuous decline in North American natural gas prices plus tightening emissions regulations and an increase in development of LNG stations in Asia Pacific countries, contribute to the 63.6 percent rise.
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports.
The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
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Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
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