The LNG bunker market is projected to experience an 8.5% compounded annual growth rate by 2026. In 2017 the market was valued about $550m, with cumulative revenue between 2017- 2021 predicted to reach $3.4bn, rising notably toward the end of that five-year period, according to a report by Marketresearch. LNG ships are set to feature predominantly in the worldwide bunker fuel market as their reduced carbon dioxide emissions of 25%, and almost zero sulphur oxide emissions, make them increasingly attractive with the IMO 2020 regulations. “Australia has been at the forefront of developing new technologies for liquefaction and storage of liquefied natural gas (LNG), which will be key to meeting our future energy needs,” said Minister Hunt.
The LNG bunker market is projected to experience an 8.5% compounded annual growth rate by 2026. In 2017 the market was valued about $550m, with cumulative revenue between 2017- 2021 predicted to reach $3.4bn, rising notably toward the end of that five-year period, according to a report by Marketresearch. LNG ships are set to feature predominantly in the worldwide bunker fuel market as their reduced carbon dioxide emissions of 25%, and almost zero sulphur oxide emissions, make them increasingly attractive with the IMO 2020 regulations. Demand in Europe is especially strong, with shipping companies favouring LNG over high-sulphur fuels.