LNG Engine Market To Deliver Prominent Growth and Striking Opportunities during 2020-2030
LNG Engine Market: Introduction
Transparency Market Research delivers key insights on the global LNG engine market. In terms of revenue, the global LNG engine market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global LNG engine market.
The global LNG engine market is broadly affected by several factors such as rise in stringent government regulations to reduce carbon emissions. Furthermore, several benefits associated with LNG engine are anticipated to propel the global LNG engine market in the near future.
LNG Engine Market: Dynamics
Ships run on bunker fuel, which causes high level of pollution. Greenhouse gases are also a major concern across the globe. Every year, air pollutants such as carbon monoxide, nitrogen oxide, sulfur oxide, and particulate matter are released in large amounts into the environment. Governments of various countries across the world are implementing rules and regulations to reduce pollution. This is anticipated to propel the global LNG engine market.
In 2017, the U.S. Government and the Government of Canada passed bills to formulate fuel-sulfur limits and NOx emissions in emission control areas in North America. These areas include coastal waters of up to 200 nautical miles from coasts of Alaska and Hawaii.
Vessels entering these areas must meet the requirement that fuel-sulfur concentrations should not exceed 0.10 weight%. Engines above 130 kW installed on vessels built, since 2000 must be certified to meet appropriate emission standards corresponding to the building date of vessels. Engines installed on new and modified vessels are subject to the Annex VI Tier III NOx standards.
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From January 1, 2020, member countries of the European Union have been mandated to ensure that ships in all European Union waters, except SOx, use fuels with sulfur content of no more than 0.5%. Furthermore, all ships passing through these NOx emission control areas must use defined mandatory engine standards or equivalent NOx emission reduction technologies to comply with the stringent NOx emission levels.
LNG engines can play a major role in reducing pollution, as these vessels run on liquefied natural gas. LNG engines help lower greenhouse gas emissions and provide a cost competitive fuel choice versus conventional fuels. Thus, implementation of stringent government regulations to lower emissions is estimated to drive the global LNG engine market during the forecast period.
LNG Engine Market: Prominent Regions
The LNG engine market in Asia Pacific is projected to expand significantly during the forecast period. Asia Pacific is witnessing significant investment in LNG facilities. China, Japan, South Korea, and India are also investing substantially in LNG power generation. This is likely to propel the LNG engine market during the forecast period.
Europe held major share of the global LNG engine market in 2019. The marine industry is well-established in the region. Europe is focusing on lowering the use of fossil fuels to meet the emission targets set by governments of countries in the region. Companies and government bodies in Europe are investing significantly in renewable energy and green fuels to be emission free by 2050. This can be ascribed to propel the demand for LNG engines in the near future, thereby augmenting the LNG engine market in the region.
LNG Engine Market: Key Players
Major players operating in the global LNG engine market are Cummins Inc., Fairbanks Morse, Caterpillar, Wärtsilä Corporation, Rolls-Royce plc, MAN Energy Solutions, Anglo Belgian Corporation nv, MITSUBISHI HEAVY INDUSTRIES, LTD., HHI Engine & Machinery, DAIHATSU DIESEL MFG. CO., LTD., and Scania.