It is estimated that the Europe LNG bunkering market will generate approximately US$12 billion in terms of annual revenue by the year 2024.
The need for cleaner fuels and strict government regulations to lower emission levels are fueling the Europe LNG bunkering market trends. The past several years have witnessed active government investments towards the development of new and expansion of existing LNG infrastructure.
In 2017, for instance, the European Union (EU) had invested in seven new projects to boost the deployment of clean energy sources. Furthermore, an investment worth US$0.7 million had been approved for supporting the feasibility of LNG bunkering in Malta. This includes LNG floating storage, regasification unit, and supporting pipeline connecting Malta and Italy.
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The volume of seaborne trade activities has been rising consistently over the years. The UNCTAD reports that seaborne trade increase by nearly 2.6% during 2016, compared to around just 1.8% in the previous year. The EU has introduced numerous directives such as the 2014/94/EU which mandates European countries to provide the necessary funds and infrastructure for LNG bunkering.
Let’s dive into some of the most prominent trends fueling the regional market expansion.
Need for cleaner marine fuels
The need for sustainable marine fuel alternatives due to a stringent regulatory scenario has led to the gradual replacement of the conventionally used marine diesel oil (MDO) and heavy fuel oil (HFO) with cleaner fuels. Additionally, the European region has experienced a notable increase in shale oil production in recent years which is positively impacting the regional LNG bunkering market trends.
Regional industry players are working towards enhancing fossil fuel sustainability. Moreover, strict EU policies require the member states to include at least one LNG bunkering port in 10% of inland and costal ports.
Strict fuel emission norms in Netherlands
The LNG bunkering market in the Netherlands is projected to record a robust CAGR of 26% through 2024. The growth can be largely associated with ongoing promotional activities by the regional government authorities towards environmental sustainability and the adoption of cleaner fuels.
The regional government has introduced strict regulatory standards regarding to fuel composition as well as marine emissions. In 2015, for example, the International Maritime Organization (IMO) had launched a new set of industry standards aimed at reducing sulphur emissions and other particulate matter to 0.1% across designated ECAs.
Increasing adoption of LNG in Norway
Similar trends have been observed in Norway as well, where the government had imposed stricter emission control regulations to limit the amount of sulphur content in marine fuels. In addition to this, the government had also undertaken numerous promotional activities to create awareness regarding the benefits and favorable environmental impact of LNG bunkering.
The 2017 DNV-GL report shows that around 100 vessels operating across the globe were powered by LNG, of which more than half had been installed in the country. Norway LNG bunkering market size was valued at US$350 million in 2017 and it expected to grow substantially by 2024.
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In addition to tightening government norms related to marine emissions, the abundant availability of natural gas and ongoing LNG infrastructure development investments will bolster the Europe LNG bunkering market outlook. ENN Energy, Prima LNG, Fjord Line, Crowley Maritime, Enagas, Bomin Linde, Swedegas, Polskie, Skangas, Gasum, and Engie are some of the top players in the market at present.
Table of Contents (ToC) of the report:
Chapter 3. LNG Bunkering Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 – 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Regulatory landscape
3.5. Innovation and technology landscape
3.6. Industry trends and outlook
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfalls & challenges
3.8. Porter’s analysis
3.9. Competitive landscape, 2017
3.9.1. Strategy dashboard
3.9.2. Mergers and acquisitions
3.10. PESTEL analysis
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