Marine Liquefied Natural Gas (LNG) Engine Market: Overview
- Marine liquefied natural gas (LNG) engine is a dual fuel engine, which operates on bunker fuel and natural gas to convert chemical energy into mechanical energy.
- Global demand for energy has been rising year after year, while oil reserves have been depleting. Around 90% of global trade is seaborne; hence, maritime transport plays an essential role in the global economy.
- Liquefied natural gas possesses cleaner burning properties. Therefore, the usage of natural gas has been rising in the marine sector. Liquefied natural gas also complies with International Maritime Organization 2020 (IMO) and International Convention for the Prevention of Pollution from Ships (MARPOL) environmental regulation. According to the IMO 2020 and MARPOL regulations, the maximum sulfur content in marine fuel should be up to 0.50%.
- The number of ships using liquefied natural gas engines has been increasing. Investments in the required infrastructure projects along the ports or shipping lanes are also rising.
- Demand for liquefied natural gas engines is rising primarily in cargo, containership, and platform supply vessels. Compared to heavy fuel oil (HFO) engine, liquefied natural gas engine reduces sulfur emissions on a large scale.
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Key Drivers of Global Marine Liquefied Natural Gas (LNG) Engine Market
- Demand for marine liquefied natural gas engine has been increasing owing to strict emission regulation imposed by the International Maritime Organization in order to reduce sulfur and carbon emissions
- Demand for marine alternative fuels such as liquefied natural gas has been rising, as these fuels help overcome the issues of carbon emission and depleting oil reserves. This is anticipated to boost the global marine liquefied natural gas engines market.
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- In September 2018, Rolls-Royce plc launched a series of liquefied natural gas (LNG) fuelled marine engines at the SMM maritime exhibition in Hamburg. The new LNG-fuelled B36:45 engine is identical to that of the liquid-fuelled B33:45 at 600kW per cylinder at 750 rpm. The engine is available in six, eight, and nine cylinder in-line configurations. A V-12 version is in development, which would be followed by a 20-cylinder V-engine for very high-power applications.
North America to Hold Major Share of Global Marine Liquefied Natural Gas (LNG) Engine Market
- Based on region, the global marine liquefied natural gas (LNG) engine market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global marine liquefied natural gas (LNG) engine market in 2019, owing to rise in seaborne trade. The export of crude oil and other raw materials from North America to Asia has increased since the last few years.
- Europe is likely to hold vital share of the market during the forecast period. The region is focusing on elimination of carbon emissions by investing in various alternative energy sources.
- Asia Pacific is anticipated to be highly attractive region of the global marine liquefied natural gas (LNG) engine market during the forecast period. Seaborne trade from countries such as China, India, Japan, and South Korea is rising. In 2018, 4.5 billion tons of goods were loaded, while 6.7 billion tons were unloaded in Asian seaports.
- The market in Middle East & Africa and Latin America is likely to be expand at a sluggish pace during the forecast period
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Key Players Operating in Market
Leading players operating in the global marine liquefied natural gas (LNG) engine market include:
- MAN Energy Solutions
- DNV GL
- Rolls-Royce plc
Global Marine Liquefied Natural Gas (LNG) Engine Market: Research Scope
Global Marine Liquefied Natural Gas (LNG) Engine Market, by Type
- Direct Gas Injection
Global Marine Liquefied Natural Gas (LNG) Engine Market, by Propulsion
Global Marine Liquefied Natural Gas (LNG) Engine Market, by End-use
- Offshore Support Vehicles
- Defense Vessels
- Cruise Ships
Global Marine Liquefied Natural Gas (LNG) Engine Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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