The latest market report published by Credence Research, Inc. “Global LNG Bunkering Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global LNG bunkering market generated revenue of around USD 251.6 million in 2022 and is anticipated to grow a CAGR of over 38.90% during the forecast period from 2023 to 2030 to reach around USD 2509.73 million in 2030.
The global LNG bunkering market is expected to expand due to a greater extent over the forecast period, led by increased demand for LNG fuel among end-users such as yachts, defense vessels, cruise ships, ferries & ferries & OSV, and bulk and cargo fleets. In 2020, The International Maritime Organization’s proposal for a mandated decrease in sulfur content in bunker fuel posed a challenge to the global shipping industry. LNG is an excellent alternative fueling explanation for ship owners, as it has nil sulfur content, and its combustion delivers relatively low sulfur oxide compared to that created by other fuel oils and marine diesel oil. Enterprises are concentrating on creating small-scale LNG (SSLNG) to develop profitable opportunities in the global market.
The global LNG bunkering market is bifurcated into product type, application, and Geography. Based on product type, the market is categorized into truck-to-ship, port-to-ship, ship-to-ship, and portable tanks. On the application, the global LNG bunkering market is segmented into container fleets, tanker fleets, cargo fleets, ferries, inland vessels, and others. Based on geography, the market is segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa.
In 2021, North America dominated the global LNG Bunkering market and accounted for a major market revenue share in terms of value. The major factor driving the LNG bunkering market due to the enhanced LNG demand to decrease the carbon footprint in the shipping industry. Moreover, LNG is a better alternative fuel, and governments have taken initiatives for LNG adaptation. For instance, in 2020, the International Maritime Organization implemented reduced sulfur content in bunker enhance to contain the GHG emission from maritime activity. Owing to this factor, the US LNG bunkering market is anticipated to grow over the forecast period, as LNG is possible to be an economical option for marine fuel after IMO’s regulation.
The LNG Bunkering Market opportunities have been on the rise in recent years, thanks to the increasing demand for cleaner and more sustainable marine fuels. The growing adoption of liquefied natural gas (LNG) as a shipping fuel has created immense potential for companies operating in the bunkering industry. With global regulations tightening around emissions from ships, many ship owners are turning towards LNG as an alternative to traditional fossil fuels. Moreover, governments across several countries are offering incentives and subsidies to promote the use of LNG as a marine fuel, further boosting market growth.
The LNG Bunkering Market major players analysis is a comprehensive study of the key companies involved in the production and distribution of liquefied natural gas (LNG) for use as fuel on ships. The report provides an in-depth analysis of these leading market players, including their financial performance, product portfolio, and business strategies. Some of the major players analyzed in this report include Royal Dutch Shell plc, Total SA, Engie SA, Gasum Oy, Skangas AS, Crowley Maritime Corporation, and Harvey Gulf International Marine LLC among others.
The LNG bunkering market is expected to experience significant growth worldwide due to various factors.
- One of the primary growth factors is the increasing demand for clean and sustainable fuel sources, particularly in the marine transportation sector, which is a significant contributor to global greenhouse gas emissions.
- LNG (liquefied natural gas) is considered a cleaner and more environmentally friendly fuel source compared to traditional marine fuels such as diesel and heavy fuel oil, as it produces significantly lower emissions of sulfur oxides, nitrogen oxides, and particulate matter. This has led to an increasing number of ship owners and operators transitioning to LNG as a marine fuel.
- Moreover, governments and regulatory bodies around the world are implementing stricter environmental regulations and emissions targets for the shipping industry, which is expected to further drive demand for LNG as a marine fuel.
- Additionally, technological advancements in LNG bunkering infrastructure and equipment, such as LNG bunkering vessels and onshore LNG storage and regasification facilities, have made it easier and more cost-effective for ship owners and operators to access LNG bunkering services.
- Furthermore, the growing adoption of LNG as a transportation fuel in other sectors, such as heavy-duty trucks and buses, is also expected to create new opportunities for the LNG bunkering market.
- Geographically, the LNG bunkering market is expected to witness strong growth in Europe and Asia-Pacific, where the demand for cleaner and more sustainable marine fuels is high, and regulatory frameworks for LNG bunkering infrastructure and operations are being developed.
- Overall, the LNG bunkering market is expected to experience significant growth worldwide in the coming years due to various factors such as increasing demand for clean and sustainable fuel sources, stricter environmental regulations, technological advancements, and growing adoption of LNG as a transportation fuel in other sectors.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global LNG bunkering market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global LNG bunkering market segmentation based on product type and application.
- Major countries in each region with their import/export statistics
- The global LNG bunkering market report also includes analyzing the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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