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LNG Bunkering Market Size | Analysis Report, 2024

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LNG Bunkering Market size is expected to expand over 20% CAGR. Stringent government rules and regulation of limiting sulfur emission is anticipated to drive the global LNG Bunkering market. Natural gas is inflammable, colorless and cleanest as compared to other burning fuel such as coal and crude oil.

It is a mixture of hydrocarbon gas predominantly methane and used for electricity generation, refueling vehicle as CNG, as fuel for boilers and air conditioners, for making ammonia, fertilizer and marine fuel as LNG etc. Lack of infrastructure, high initial investment in ships propulsion, dynamic price of LNG, high labor cost associated with the operation will act as a restraint for LNG bunkering Market size in the near terms.

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The ability of LNG to reduce emissions of harmful greenhouse gases would act as an opportunity for LNG bunkering Market. Liquefied Natural Gas is obtained by converting natural gas from its gaseous stage to liquefied stage at -161 degree Celsius (atmospheric pressure) so that natural gas is easy to ship and store when pipeline transport is not feasible. By converting natural gas into LNG its volume decreased by 1/600 factors. LNG is having higher heating value and lower density i.e. 458-463 Kg/m3 (depending on composition) so roughly on a volumetric basis 1.8 times more LNG needs to be bunkered compare to bunkering heavy fuel oil.

The process for loading LNG into fuel tanks is required special handling from loading Heavy fuel oil owing to some different fuel characteristics such as, LNG is a cryogenic liquid and is hazardous when it came into contact with any personnel and piping or conventional steel structure even a small spill of LNG can also cause a serious problem, LNG vapors can form explosive cloud in confined space. To reduce the risk of any property or personnel safety, it is necessary to set up security or safety zone around bunkering operation.

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