Market Overview
The global LNG bunkering market is expected to grow from USD 0.61 billion in 2023 to USD 12.13 billion by 2032, at a CAGR of 45.13% during the forecast period (2023-2032).
LNG bunkering is the process of transferring liquefied natural gas (LNG) to a ship for its own consumption. LNG is a clean-burning fuel that produces significantly fewer emissions than traditional fossil fuels, such as heavy fuel oil (HFO) and marine gas oil (MGO).
The procedure of transporting LNG to a ship for its usage is known as LNG bunkering. Reduced shipping emissions, cheaper operation and cargo costs, non-toxic, and safety are just a few benefits of using LNG as a marine fuel inside the shipping sector.
The key growth element in the LNG bunkering industry is likely to be stricter environmental regulations regarding pollution generated by ship transportation.
LNG has been a popular fuel in some maritime sectors in the previous five years. Furthermore, efforts to improve LNG distribution infrastructure and the number of LNG-powered ships are increasing, which is projected to fuel market expansion over the projection period.
LNG Bunkering is when a ship receives liquefied natural gas fuel for its use. The International Maritime Organization's (IMO) rule on sulphur content in marine gasoline is expected to enhance industry growth. In addition, a rise in gas exploration and development is expected to enhance the market growth.
Key Companies in the LNG Bunkering market include
- Barents Naturgass AS
- Bomin Linde LNG GmbH Co. KG
- ENI Norge AS
- Gasnor AS
- Harvey Gulf International Marine LLC
- Korea Gas Corp
- Polskie LNG SA
- Statoil ASA
- Skangas AS
- SEALNG Ltd
Market Segmentation
The market is divided into vessel type, product kind, and geographic location. The global LNG bunkering market is anticipated to grow at a healthy rate during the forecast timeframe.
Depending on the application
The market is divided into Inland Vessels, Container Fleets, Cargo Fleets, Tanker Fleets, Ferries, and Others, depending on the application.
Depending on the user
The market is divided into Tanker Fleet, Ferries, Bulk and General Cargo Fleet, Cruise Ships, Offshore Support Vessels, and Container Fleet based on propulsion types.
Regional Classification
According to the research, the worldwide LNG bunkering stations industry is divided into four regions: Asia Pacific, North America, Europe, Latin America and the Caribbean. Due to stringent government rules for emissions on expanding offshore oil and gas exploration and production operations across several nations in the region, the European market is expected to outperform the global market in terms of revenue throughout the forecast period.
Due to rising energy demands across various industrial applications and a trend toward the use of LNG as a marine fuel in numerous countries in this region, the Asia Pacific market is expected to grow the fastest over the projected period. The North American market is expected to grow substantially in terms of revenue over the forecast period.
Industry News
The primary driving factors in the expansion of the worldwide LNG bunkering market are the IMO sulphur content regulation throughout marine fuel and the rise in gas exploration and production activities. The demand-supply imbalance in LNG bunkering, on the other hand, is a major stumbling block to the global market's expansion. The global market is likely to benefit from a greater focus on LNG as an alternate marine fuel.
During the projection period, the tanker fleet segment is expected to grow significantly.
LNG as a bunker fuel has numerous advantages over conventional bunker fuel, including increased compliance time and lower GHG emissions. With the IMO standards in place, marine vessels will be forced to switch to fuel with lower sulphur content, rendering LNG an appropriate solution for the bunkering sector.
The market is likely to be dominated by North America, with the major demand originating from nations such as the United States and Canada.
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