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Global LNG market value will surge

 Last Update: 2021-09-04
 Source: Internet
 Author: User

Tags

natural gas market price

fuel system cleaner

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Recently, according to Business Wire, the global market value of liquefied natural gas (LNG) fuel was 380 million U.
S.
dollars in 2019, and it is expected to reach 5.
14 billion U.
S.
dollars by 2027.
A compound annual growth rate of 45.
2%
.

In 2015, the global shipping industry faced the restrictions of the International Maritime Organization (IMO) legislation, that is, the problem of sulfur emissions from ship fuels
.

And LNG is a potential solution to meet these requirements

The increase in maritime trade and the lower cost of LNG marine fuels than ECA-compliant fuels are driving the growth of the global LNG bunkering market
.

However, the supply and demand gap of LNG fuel is expected to expand with the implementation of IMO regulations

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