The global LNG bunkering market size reached US$ 2.8 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.72% during 2023-2028.
The LNG bunkering process involves providing LNG fuel to ships for their consumption, including loading and distributing the fuel among their tanks. LNG fuel bunkering requires the bunker ship that carries the fuel and transfers it to the cargo ship or passenger ship to follow the sulfur content regulations. As LNG fuel has a lower sulfur content and requires comparatively less processing to meet the sulfur levels, it is used as an eco-friendly alternative to conventional fuel in shipping. LNG immediately reduces sulfur and particulate matter emissions to negligible levels while reducing nitrogen oxide emissions significantly. As a marine fuel, LNG has a number of benefits, including less shipping emissions, lower operating and shipment costs, safety, and non-toxic properties.
LNG Bunkering Market Trends:
The market is majorly driven by the increasing adoption of LNG as a shipping fuel with an enhanced focus on sustainable development. This can be attributed to the stringent environmental regulations regarding sulfur content in marine fuel and pollution caused by ship transportation. In line with this, continual advancements in the distribution infrastructure of LNG are providing an impetus to the market. Moreover, a significant increase in gas exploration and production activities across the globe is creating a positive outlook for the market. The market is further driven by a considerable rise in the uptake of truck-to-ship LNG bunkering practices across the globe. Apart from this, the easy availability of LNG bunker fuel in most of the major maritime hubs is impacting the market positively. The launch of LNG-powered ships resulting in the rapid development of LNG manufacturing and storage facilities are also acting as a significant growth-inducing factor for the market. Some of the other factors contributing to the market include rapid urbanization and industrialization, the growing concerns over the depletion of fossil fuels and extensive research and development (R&D) activities conducted by key players.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global LNG bunkering market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type and application.
Breakup by Product Type:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Broadview Energy Solutions B.V., Crowley Maritime Corporation, Gasum Oy, Harvey Gulf International Marine LLC, Korea Gas Corporation, Petroliam Nasional Berhad (PETRONAS), Shell plc, SHV Energy NV (SHV Holdings), TotalEnergies SE and Trelleborg AB.
Key Questions Answered in This Report
1. What was the size of the global LNG bunkering market in 2022?
2. What is the expected growth rate of the global LNG bunkering market during 2023-2028?
3. What are the key factors driving the global LNG bunkering market?
4. What has been the impact of COVID-19 on the global LNG bunkering market?
5. What is the breakup of the global LNG bunkering market based on the product type?
6. What is the breakup of the global LNG bunkering market based on the application?
7. What are the key regions in the global LNG bunkering market?
8. Who are the key players/companies in the global LNG bunkering market?