Liquefied Natural Gas (LNG) is a natural gas stored in liquid form. It is considered as fuel that is safe to store, transport, and use compared to liquefied petroleum gas (LPG) or gasoline. It is less expensive, more environment-friendly, and has less carbon content than many conventional fuels.
Substitute for Bunker Fuel
LNG finds application in transportation fuel, power generation, and mining and industrial among other sectors. It can be used as a feed stock in power generation sector. In 2016, power generation accounted for nearly 46% volume share among all the application segments. In the same year, transportation evolved as the largest segment in terms of growth owing to increasing utilization of renewable resources instead of conventional fuels.
Liquefied natural gas causes less atmospheric emissions and is considered relatively less harmful for the environment than gasoline. It has a high potential to reduce fuel costs in transportation sector. For instance, Exxon Mobil Corporation and Renewable Energy Group (REG) announced that their collective research program has tested the competence to convert sugars from many non-edible biomasses into biodiesel. The research also confirmed that this technology can reduce green gas emission from transportation sector.
Strict regulations for shipping industry to reduce green gas emissions may create a positive outlook for LNG. The use of LNG as a marine fuel for ships can comply and exceed present environmental emission standards. Several manufacturing companies preferring LNG over conventional bunker fuels for reducing sulfur oxide from ships.
As a result, LNG has a huge demand from shipping companies, especially operate vessels and ferries in emission control areas (ECAs).For instance, Carnival Cruise Line, subsidiary of Carnival Corp., recently signed an agreement with Shell. Under this contract, the company will receive supply of LNG as a fuel for its new cruise ships manufactured using LNG powered engine. These ships are to be introduced in 2020. The ship is expected to be homeported to North America in 2022.
Market Overview
According to Grand View Research, Inc.; the worldwide liquefied natural gas (LNG) market is anticipated to reach USD 20.6 billion by 2025. Factors like decreasing prices and high demand for natural gas from refineries and other components of downstream sectors and supportive government guidelines are projected to drive the market during the forecast period (2014 to 2025). Asia Pacific is likely to display impressive growth in the forthcoming years due to various infrastructural and industrial developments across the countries in the region.
Some of the top companies working in the market are Chevron Corporation, Royal Dutch Shell, Petro China, Exxon Mobil Corporation, and British Petroleum.
In-Depth research report on liquefied natural gas (LNG) market click the below link:
https://www.grandviewresearch.com/industry-analysis/liquefied-petroleum-gas-industry
In-Depth research report on liquefied natural gas (LNG) market click the below link:
https://www.grandviewresearch.com/industry-analysis/liquefied-petroleum-gas-industry
3 comments:
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