According to the latest report by IMARC Group, titled “Global LNG Bunkering Market Trends, Growth Size, Share, Opportunity and Forecast 2023-2028″ reached a value of US$ 2.8 Billion in 2022. Looking forward, expects the market to reach a value of US$ 4.5 Billion by 2028 exhibiting a CAGR of 7.72% during 2023-2028.
What Is An LNG Bunkering Market?
The LNG bunkering process usually involves providing LNG fuel to ships as well as loading and distributing it among their tanks. Furthermore, LNG fuel has a lower sulfur content and requires comparatively less processing to meet the sulfur levels. Consequently,
it is used as an eco-friendly alternative to conventional fuel in inland vessels, ferries, container fleets, etc. In line with this, LNG reduces sulfur and particulate matter to negligible levels while minimizing nitrogen oxide emissions. As a marine fuel, it offers various benefits, including lower operating and shipment costs, improved safety, non-toxic properties, etc.
Note – We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What Are The Major Market Drivers In The LNG Bunkering Market?
The growing number of gas exploration and production activities and the inflating levels of industrialization are primarily driving the LNG bunkering market. Additionally, the implementation of several stringent environmental regulations by government bodies across countries regarding sulfur content in marine fuel, increasing pollution levels caused by ship transportation, and continuous advancements in the distribution infrastructures of LNG are further catalyzing market growth. Besides this, the widespread adoption of LNG as a shipping fuel with an enhanced focus on sustainable development and its easy availability in maritime hubs are also positively influencing the global market.
Moreover, the introduction of LNG manufacturing and storage facilities and the rising utilization of truck-to-ship LNG bunkering practices are acting as significant growth-inducing factors. Apart from this, the elevating consumer concerns towards the depletion of fossil fuels and extensive investments in R&D activities by the leading manufacturers are anticipated to fuel the LNG bunkering market over the forecasted period.
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The report has segmented the market into the following categories:
Breakup by Product Type:
- Portable Tanks
Breakup by Application:
- Cargo Fleet
- Container Fleet
- Tanker Fleet
- Inland Vessels
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
List Of Major Key Players:
- 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 The Global LNG Bunkering Market Report
- How has the global LNG bunkering industry performed in the past and how will it perform in the near future?
- What is the impact of COVID-19 on the global LNG bunkering market?
- What are the key regions in the global LNG bunkering industry?
- What are the major driving factors and challenges in the global LNG bunkering market?
- What is the structure of the global LNG bunkering industry and who are the leading players?
- What is the degree of competition in the market?
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