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LNG Bunkering Market

Published Date : Jun 2024 | Forecast Year : 2019

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LNG Bunkering Market Size, Analysis, By Vessel Type (Container Ships, Tankers, Bulk and General Cargo Vessel, Ferries and Offshore Support Vessel) By Product (Portable Tanks, Port to Ship, Ship to Ship, Truck Ship) Trends Regional Outlook, and Forecast 2024-2032

Report ID: AG880

Published : Jun 2024

Pages : 126

Category : Energy & Power

Format : LNG Bunkering Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 5.5 Billion
MARKET SIZE (2024)USD 3.3 Billion
CAGR (2023-2029)6.3%
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPEShip-to-Ship
Truck-to-Ship
Port-to-Ship
Portable Tanks
Breakup
BY APPLICATIONCargo Fleet
Container Fleet
Tanker Fleet
Ferries
Inland Vessels
Others
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSRoyal Dutch Shell plc., Engie, Bomin Linde LNG GmbH & Co. KG, Gasum Ltd., Gasnor AS, Korea Gas Corporation, Harvey Gulf International Marine LLC, Polskie LNG S.A., Eagle LNG, ENN Energy Holdings Limited, EVOL LNG, Fjord Line, Crowley Maritime Corporation, SHV Energy, Gazpromneft Marine Bunker LLC.

The Global LNG Bunkering Market size was estimated to be valued at USD 3.3 Billion in 2023 and is expected to reach at USD 5.5 Billion by 2032, exhibiting at a CAGR of 6.3 % during the forecast period. This report provides a deep insight into the LNG Bunkering Market covering all its essential aspects. This ranges from a macro-overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. 

LNG Bunkering Market

Size, by Product, - (USD Billion)

Ship-to-Ship

Truck-to-Ship

Port-to-Ship

Portable Tanks

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

6.3%

The Forecast Market

Size for in USD:

$5.5 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

LNG Bunkering Market Segments

By Product Type: Ship-to-Ship, Truck-to-Ship, Port-to-Ship, Portable TanksBreakup 

By Application: Cargo Fleet, Container Fleet, Tanker Fleet, Ferries, Inland Vessels, Others

Key Profiles:

Royal Dutch Shell plc., Engie, Bomin Linde LNG GmbH & Co. KG, Gasum Ltd., Gasnor AS, Korea Gas Corporation, Harvey Gulf International Marine LLC, Polskie LNG S.A., Eagle LNG, ENN Energy Holdings Limited, EVOL LNG, Fjord Line, Crowley Maritime Corporation, SHV Energy, Gazpromneft Marine Bunker LLC

LNG Bunkering Market

Share, by end user, (USD Billion)

Analytica Global 3.3 Billion %

Cargo Fleet

Container Fleet

Tanker Fleet

Ferries

Other End-Users

b0d51e3055fd6f23ff6a384a6e091406.svg

5.5 Billion

Total Market Size

USD (Billion),

6.3%

CAGR

-

Regional Analysis

  • North America: Large economies like the United States and Canada are covered in this region.
  • Europe: The European market includes countries such as Germany, UK, France, Italy, Russia, and others.
  • Asia-Pacific: This region includes major economies like China, Japan, India, South Korea, Australia, and others.
  • Latin America: Countries like Brazil, Argentina, Mexico and others are part of this region.
  • Middle East and Africa: This region comprises economies from North Africa, GCC countries, South Africa and others.
  • Eastern Europe: This region includes countries such as Poland, Russia, Ukraine and others.

These geographic markets are analysed in terms of the current scenario, growth outlook, and potential opportunities. The research is conducted by considering various aspects such as economic conditions, government policies, industrial development, competitive landscape, and consumer behaviour in these regions.

Market Overview:

  • The LNG bunker market has grown significantly in recent years due to the increasing transition from shipping to cleaner fuels and stricter environmental requirements. Liquefied natural gas (LNG) is emerging as a viable alternative to traditional marine fuels due to its lower emissions profile, including sulfur oxides (SOx), nitrogen oxides (NOx) and particulate matter.
  • Several factors influence the expansion of the LNG fuel market. First, international regulations such as the IMO's 2020 sulfur content have encouraged ship owners to look for compliant fuels such as LNG to meet emission standards. Second, LNG offers cost advantages over traditional marine fuels in regions where natural gas is abundant and competitively priced. Third, developments in LNG infrastructure, including ship and terminal bunkering, facilitate access to LNG and its use as a marine fuel.
  • The LNG bunkering market has seen an increase in investment by shipping companies, energy companies and port authorities in the development of bunkering infrastructure and supply chains. LNG infrastructure includes dedicated tankers, truck fuel tanks and onshore storage tanks that allow ships to refuel efficiently and safely. Major ports around the world, especially in Europe and Asia, are introducing LNG bunkering facilities to meet the growing demand for LNG-powered ships.

Market Drivers:

  • An important factor is strict international regulations, such as the IMO Sulfur Regulations (IMO 2020), which oblige ships to reduce emissions of sulfur oxide (SOx) from fuel. Compared to conventional marine fuels, LNG produces negligible sulfur emissions and significantly less nitrogen oxides (NOx) and particulate matter, making it an attractive alternative.
  • LNG offers a cleaner alternative to traditional marine fuels and is compatible with global efforts to reduce greenhouse gases and curb climate change. This environmental benefit is an important factor for ship owners and operators looking to improve their sustainable credentials.
  • In areas where natural gas is abundant and competitively priced, LNG can offer a cost advantage over traditional marine fuels such as marine gas oil (MGO) or heavy fuel oil (HFO). Price stability and potential fuel cost savings continue to encourage adoption.
  • Increasing investment in LNG fueling infrastructure, including tankers, terminals and storage facilities, will increase the availability and reliability of LNG as a marine fuel. LNG tank capacity is being actively developed in ports and shipping centers to meet the growing demand.
  • Innovations in LNG propulsion technology and bunkering systems improve efficiency and safety, and reduce the complexity associated with using LNG as a fuel. This technological development supports wider adoption across the marine industry.

    LNG Bunkering Market

    Size, by Product, - (USD Billion)

    NORTH AMERICA $ 24

    The Market will Grow

    At the CAGR of:

    6.3%

    The Forecast Market

    Size for in USD:

    $5.5 Billion B

    b0d51e3055fd6f23ff6a384a6e091406.svg

Rise in Adoption of Tuck to Ship LNG Bunkering to Drive Global Market:

  • Truck-to-truck refueling allows LNG to be delivered directly to ships at ports or terminals where dedicated LNG infrastructure may not be fully developed. This flexibility makes it easier for ports to quickly set up refueling services without investing in extensive fixed infrastructure.
  • Building a truck-to-ship fuel tank requires a lower initial investment compared to building dedicated LNG fuel terminals or ships. This cost efficiency will appeal to ports and shipping companies looking to enter the LNG bunkering market or expand their services.
  • LNG trucks can refuel ships quickly, reducing downtime and enabling efficient ship operation. This operational efficiency is crucial to maintain the reliability and competitiveness of LNG as an alternative fuel for ships.
  • Truck-to-truck refueling helps ships meet strict emission regulations such as IMO's 2020 sulfur content by ensuring access to low-sulfur LNG fuel. This compliance is increasingly important in areas with strict environmental standards.
  • The availability of truck-to-truck fuels supports the wider adoption of LNG as a marine fuel, encouraging more ship owners to invest in LNG-powered vessels. This in turn increases the demand for LNG bunkering infrastructure and services worldwide.
  • Ports and terminals can use truck-to-truck fuel as a temporary solution while developing more permanent LNG bunkering infrastructure. It acts as a springboard to create complete LNG supply chains and improve refueling capabilities.

Key Development for LNG Bunkering Market:

  • Regulatory factors: International Maritime Organization (IMO) regulations, particularly the IMO 2020 sulphur content, have helped promote LNG as a cleaner alternative to traditional marine fuels such as heavy fuel oil (HFO) and marine gas oil (MGO). These regulations require lower sulphur emissions, forcing ship owners and carriers that switch to LNG to meet stricter environmental standards.
  • Infrastructure Investments: The world's major ports and shipping center’s have invested in LNG infrastructure to meet growing demand. This includes the development of LNG bunkering vessels, terminals and onshore storage facilities. Ports in Europe (e.g. Rotterdam, Antwerp) and Asia (e.g. Singapore, Shanghai) have been at the forefront of infrastructure development to facilitate LNG supply services.
  • Technological Advances: Advances in LNG propulsion technology and bunkering systems have improved efficiency, safety and reliability. LPG engines are increasingly efficient and capable of meeting shipping requirements. In addition, fueling methods have been developed to ensure the safe and efficient transfer of LNG between fuel tankers and ships.
  • Industry collaboration: Collaboration between stakeholders in the LNG value chain, including natural gas producers, shipping companies, ports and regulatory authorities, has been critical to driving industry development. Joint initiatives and partnerships have accelerated infrastructure investment, information sharing and standardization of refuelling procedures.
  • Global expansion: LNG bunkering infrastructure is expanding globally, with new bunkering facilities being built in major shipping lanes and ports. The purpose of the extension is to provide comprehensive coverage for LNG-fueled vessels operating on major maritime trade routes, improving the availability and profitability of LNG as a marine fuel worldwide.

    LNG Bunkering Market TO (USD BN)

    LNG Bunkering Market

    CAGR OF

    6.3%

    LNG Bunkering Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 5.5 Billion %

Restraints Factors:

  • Building LNG bunkering infrastructure requires significant upfront investment, including bunkering vessels, terminals and storage facilities. Limited infrastructure in some areas may limit the availability and availability of LNG bunkering services.
  • Price volatility and fluctuations in the natural gas market can affect the cost competitiveness of LNG as a marine fuel. In addition, LNG availability at ports and shipping lanes may be limited, especially in emerging markets or peripheral locations.
  • Uncertainty or delays in regulatory frameworks related to LNG bunkering and infrastructure development may hamper market growth. Regulatory harmonization across jurisdictions is critical to creating an enabling environment for LNG refueling.
  • Safety concerns, including LNG handling and storage, and the risks associated with LNG bunkering may deter some shipowners from converting to LNG. To address these issues, it is important to teach and promote safety protocols.

Frequently Asked Questions (FAQs)

How big is the LNG Bunkering Market?

Ans: The LNG Bunkering Market size valued at USD 5.5 billion in and grow at a CAGR of 6.3 % 

What is the current LNG Bunkering Market size?

ANS: The LNG Bunkering Market size is expected to be USD 3.3 billion.

Who are the key players in LNG Bunkering Market?

Ans: Royal Dutch Shell plc., Engie, Bomin Linde LNG GmbH & Co. KG, Gasum Ltd., Gasnor AS, Korea Gas Corporation, Harvey Gulf International Marine LLC, Polskie LNG S.A., Eagle LNG, ENN Energy Holdings Limited, EVOL LNG, Fjord Line, Crowley Maritime Corporation, SHV Energy, Gazpromneft Marine Bunker LLC

Which is the fastest growing region in LNG Bunkering Market?

Ans: North America is estimated to grow at the highest CAGR over the forecast.

LNG Bunkering Market - Global Outlook & Forecast 2024-2029

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