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The global LNG industry is expected to reach 5.14 billion U.S. dollars in 2027

 Last Update: 2021-08-27
 Source: Internet
 Author: User

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According to a report from Business Wire on August 9, the global LNG fuel market was valued at US$380 million in 2019, and is expected to reach US$5.
14 billion by 2027, with a compound annual growth rate of 45.
2% from 2020 to 2027.
Rate growth
.

In 2015, the global shipping industry faced major restrictions imposed by the International Maritime Organization (IMO) legislation, that is, the issue of ship fuel sulfur emissions, first in North America and then in Northern Europe
.

Liquefied natural gas is a potential solution to meet these requirements because its sulfur content is negligible, and its combustion produces lower NOx than fuel oil and marine diesel

The upper limit of sulphur content in marine fuels set by the International Maritime Organization is 0.
50% m/m.
The increase in maritime trade and the lower cost of LNG marine fuels than ECA-compliant fuels have promoted 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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