LNG Bunkering Market Poised for USD 417.8 million Valuation by 2031, to Grow at 6.5% CAGR from 2022 to 2031 | TMR Report
Bunkering is becoming more and more popular worldwide as shipping sector operators use LNG as a fuel.
Wilmington, Delaware, United States, Nov. 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global LNG bunkering market was estimated at a value of US$ 229.4 million in 2021. It is anticipated to register a 6.5% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 417.8 million by 2031.
For many years, LNG has been utilized as bunker fuel. LNG is being used by a number of ships as an alternative fuel for transportation. LNG is also being used as fuel by newly built ships more and more. LNG bunkering infrastructure is expanding quickly, and the fuel is currently accessible in the majority of the main maritime hubs. The preference for LNG to replace oil as a maritime fuel is expected to increase due to the potential benefits of LNG bunker fuel.
The expansion of LNG manufacturing and storage facilities is being driven by the rising use of LNG as a bunker fuel and the rise in orders for new LNG-fueled ships. The Gas Exporting Countries Forum (GECF) members possess a competitive advantage and have the capacity to develop become global hubs for LNG bunkering.
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Key Findings of Market Report
- The main driver propelling the global LNG bunkering market is the implementation of many strict environmental regulations aimed at reducing or controlling traditional air pollutants.
- The near total reduction of sulfur oxide emissions and the moderate decrease of nitrogen oxide and carbon dioxide emissions made possible by LNG are predicted to drive up demand for LNG bunker fuel.
- The favorable benefits of LNG fuel over crude oil in terms of cost, energy content (energy per unit mass), and environmental impact can be attributed to the rise in demand for LNG bunkering.
Market Trends for LNG Bunkering
- The global market for LNG bunkering has been categorized into various end-user segments, including defense vessels, yachts, cruise ships, ferries, OSVs, bulk and general cargo fleets, and others. With a 65.1% market share in 2021, the bulk and general cargo fleets sector led the global LNG bunkering market.
- Over the course of the projected period, the segment is anticipated to grow at a noteworthy CAGR of 6.8%. Cargo ships facilitate international trade through maritime shipping. The majority of LNG bunkering fuel is utilized for general and bulk freight. Approximately 100 of the 185 LNG-powered ships are used for bulk and general cargo.
Global Market for LNG Bunkering: Regional Outlook
Various reasons are propelling the growth of the LNG bunkering market in different regions. These are:
- In 2021, Europe accounted for a significant 47.6% of the global market for LNG bunkering. Over the course of the projected period, the market in the area is anticipated to grow at a CAGR of 6.1%. Two important European markets are Germany and Norway. The world’s biggest concentration of operating LNG bunkering terminals is found in Europe.
- In 2021, Asia Pacific has a 27.4% market share worldwide. With projected yearly sales of around 50 million metric tons of conventional bunker fuel in 2020, Singapore has emerged as the world’s leading hub for this product. India is a market leader in LNG bunkering as well because there are continuous plans to build new ports. Certain ports, like Mangalore port LNG, would be built with infrastructure specifically designed for bunkering LNG.
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Global LNG Bunkering Market: Key Players
A small number of significant vendors have the lion’s share of the consolidated global LNG bunkering business. The majority of the companies are investing a large amount of money on thorough research and development, mostly for the purpose of expanding their operations and infrastructure. Key players have embraced mergers & acquisitions and product portfolio expansion as important initiatives.
The following companies are well-known participants in the global LNG bunkering market:
Shell Plc., Total Energies, ABS Group, Gasum Ltd., Probunkers, Harvey Gulf International Marine, Nauticor GmbH & Co.KG, GAZ System, Eagle LNG Partners, Mitsui O.S.K Lines, SEA-LNG, Titan LNG, Carnival Corporation, & Plc., Cryostary, Air Liquide, Korea Gas Corporation, Van Ameyde Marine
Some key developments by the players in this market are:
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Global LNG Bunkering Market Segmentation
- Ship to Ship
- Terminal to Ship
- Truck to Ship
- Defense Vessels
- Cruise Ships
- Ferries & OSVs
- Bulk and General Cargo Fleets
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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