Latest News- LNG Bunkering Market in Europe: Tanker is expected to lead the End-user segment during 2024-2028
The LNG Bunkering Market in Europe is being driven by High capital requirements for using LNG as marine fuel
The LNG Bunkering Market in Europe is expected to grow at a CAGR of 19.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 530.3 million. The transportation sector, comprising roadways, maritime, and airways, is essential for the global movement of goods and people. Maritime transport plays a pivotal role in international and regional trade, driving economic growth and job creation. However, this sector's activities result in significant greenhouse gas (GHG) emissions, primarily CO2 from the combustion of petroleum-based fuels. The expansion of maritime and other transportation modes necessitates increased fuel consumption and subsequent GHG emissions. As a professional assistant, it is crucial to acknowledge the economic benefits of transportation while addressing the environmental challenges it poses.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Tanker, Ferry and ro-ro, Container, Others) Geography (Europe).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in LNG Bunkering Market in Europe Research Report
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The European LNG Bunkering Market is experiencing significant growth due to the shift towards cleaner, renewable energy sources and the increasing focus on reducing greenhouse gas emissions in maritime commerce. LNG, or Liquefied Natural Gas, is becoming an increasingly popular marine fuel, with LNG-powered engines reducing both carbon footprint and sulfur content in fuel. Seaborne trade routes are being adapted to accommodate the Seaborne LNG Tanker Fleet, including small, intermediate, and large range tankers. The market is transitioning from conventional bunker fuel, such as heavy fuel oil and marine diesel fuel, to cleaner LNG as regulations like the sulfur cap tighten. Bulk storage and transport of oil, gas, and chemicals are also being impacted by this shift towards LNG as a marine fuel.
The European LNG bunkering market is a significant segment of the global oil and gas storage and transportation industry, focusing on the liquefied natural gas (LNG) supply to maritime commerce for reducing greenhouse gas emissions. As renewable energy sources gain traction, the LNG bunkering market is poised to grow, offering a carbon footprint reduction solution for sea trade routes. The market's expansion is driven by increasing energy demand, dwindling fossil fuel reserves, volatile fuel prices, and environmental concerns. Technavio projects the European LNG bunkering market's growth based on the combined revenues of LNG equipment, supply, and service providers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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