Summary
Major players in the lng bunkering market are Harvey Gulf International Marine LLC, Eagle LNG Partners LLC, SEA-LNG Limited, Korea Gas Corporation, Nauticor GmbH & Co KG (Bomin Linde LNG GmbH & Co KG), Gazpromneft Marine Bunker LLC, Royal Dutch Shell Plc., Skangas AS, Polskie LNG SA, Gasnor AS, TotalEnergies SE, ABS Group of Companies Inc., Gasum Limited, Probunkers Holding Company, OGP Gaz-System SA, Mitsui OSK Lines, Titan LNG, Carnival Corporation & Plc., Air Liquide SA, Barents Naturgass AS, ENI Norge AS, Statoil ASA, GDF SUEZ SA, ENN Group, Prima LNG, and Fjord Line.
The global LNG bunkering market is expected to grow from $0.70 billion in 2022 to $1.05 billion in 2023 at a compound annual growth rate (CAGR) of 50.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The LNG bunkering market is expected to grow to $5.13 billion in 2027 at a CAGR of 48.7%.
The LNG bunkering market includes revenues earned by entities by providing shore-to-ship and LNG-powered ships LNG bunkering services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
LNG bunkering refers to the activity of supplying a ship with liquefied natural gas fuel for its own consumption. The primary benefit of using LNG as a fuel is the significant reduction in pollution caused by the more traditional methods of fueling ships, such as heavy fuel oil, marine gas oil (MGO), and marine diesel fuel (MDO).
Europe was the largest region in the LNG bunkering market in 2022. The regions covered in the LNG bunkering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of LNG bunkering are ship to ship, terminal to ship, and truck to ship.Ship to ship refers to the transfer of crude oil, petroleum products, liquid bulk chemicals, and liquefied gas between sea-going tankers.
Depending on the port restrictions, ships can carry out their operations while bunkering. The LNG bunkering is used by defense vessels, yachts, cruise ships, ferries and OSVS (offshore service vessels), bulk and general cargo fleets, and others in applications such as container fleet, tanker fleet, cargo fleet, ferries, inland vessels, and others.
Stringent environmental regulation toward pollution caused by ship transportation is driving the growth of the LNG bunkering market.Ship transportation refers to the movement of goods and/or passengers by seagoing vessels on voyages undertaken entirely or partially at sea.
Environmental regulation is increasing as ship transportation results in the use of more heavy fuel oil, one of the dirtiest fossil fuels, containing hazardous levels of sulfur and heavy metals, among other things causing pollution will drive a significant preference for LNG bunkering going forward. For instance, in January 2020, International Maritime Organization (IMO) announced a new limit on the sulfur content in the fuel oil used on board ships, the rule, "IMO 2020, " limits the sulfur content of fuel oil used on board ships functioning outside designated emission control areas to 0.50% m/m (mass by mass), a major reduction from the previous limit of 3.5%. The limits were already stricter (0.10%) within specifically designated emission control areas. Following an amendment to Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL), this new limit became mandatory. Therefore, the stringent environmental regulation toward pollution caused by ship transportation is expected to propel the growth of the LNG bunkering market over the coming years.
Innovation is a key trend gaining popularity in the LNG bunkering market.Major market players are focusing on launching innovative operations to sustain their position in the LNG bunkering market such as ship-to-containership liquefied natural gas (LNG) bunkering.
For instance, in January 2022, CMA CGM, France-based shipping, and logistics firm, and TotalEnergies, France-based integrated energy, and petroleum company launched Marseilles’ first ship-to-containership liquefied natural gas (LNG) bunkering operation. CMA CGM BALI, a 15, 000 TEU LNG-powered containership on the MEX 1 service connecting Asia and South Europe, was refueled with around 6, 000m3 of LNG by TotalEnergies’ Gas Vitality, the first LNG bunker vessel based in France, via a ship-to-ship transfer alongside the Eurofos container terminal, while the containership carried out cargo operations simultaneously.
In November 2021, Repsol, a Spain-based company engaged in energy and petrochemical acquired the Canaport LNG terminal for an undisclosed amount.With this acquisition, Repsol gains flexibility and control over its operations, allowing it to maximize the facility’s efficiency and value.
Canaport LNG terminal is a Canada-based company engaged in state-of-the-art liquefied natural gas (LNG) receiving & regasification terminal.
The countries covered in the LNG bunkering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The LNG bunkering market research report is one of a series of new reports that provides LNG bunkering market statistics, including LNG bunkering industry global market size, regional shares, competitors with a LNG bunkering market share, detailed LNG bunkering market segments, market trends and opportunities, and any further data you may need to thrive in the LNG bunkering industry. This LNG bunkering market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
