The global liquefied natural gas (LNG) market is projected to expand at a 63.6 percentcompound 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; andSkangass AS.
The report notes that lower cost of LNG compared to other bunkering fuels meeting Environmental Compliance Approval norms inEurope 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.
TMR's findings fly directly in the face of predictions made by the Organization of the Petroleum Exporting Countries (OPEC), which in its recently released World Oil Outlook 2015 insisted that conventional ship technology and oil-based fuels will dominate the market well into the future.