Lng Bunkering Market Size, Share & Trends Analysis - Global Opportunity Analysis And Industry Forecast 2030

  • Publish Date: Mar,2022
  • Report ID: QI038
  • Page : 200
  • Report Type : PDF (Email)
The global LNG bunkering market size was US$ 4.77 billion in 2021. The global LNG bunkering market is forecast to grow to US$ 7.14 billion by 2030 by growing at a compound annual growth rate (CAGR) of 41.2% during the forecast period from 2022 to 2030.

The process of transferring liquefied natural gas or LNG to a ship for use as fuel is known as LNG bunkering. It is a popular method of fueling ships as it produces less pollution than other traditional methods such as marine gas oil and heavy fuel oil.

Factors Influencing the Market

LNG bunkering offers various benefits over conventional bunker fuel, such as better length of compliance and reduced GHG emissions. In addition, growing IMO regulations on sulfur content in marine fuel will make LNG an ideal choice for consumers. Thus, it will offer ample growth opportunities for the LNG bunkering market growth.

The rising need to reduce marine pollution will surge the demand for LNG bunkering in the coming years. Apart from that, growing contracts and strategies by the industry players are forecast to benefit the overall market in the coming years. For instance, In January 2022, CMA CGM inked a ten-year contract with Shanghai International Port Group with the aim to take on LNG as a bunker fuel in the Yangshan port area. CMA CGM's dual-fuelled 15,000 TEU box ships on the Pearl River Express route from China to Los Angeles will bunker in the Yangshan area.

The growing use of LNG as bunker fuel in this breakbulk shipping contributes to the growth of the overall LNG bunkering market. In addition, the growing number of investments aiming to develop infrastructure to provide LNG breakbulk shipping services will escalate the growth of the global LNG bunkering market.

COVID-19 Impact Analysis

Due to temporary bans on export and import during the COVID-19 pandemic, the global LNG bunkering market experienced a significant decline in growth. However, the market has recovered from declining revenues in the second half of 2021, owing to the increase in demand for LNG as bunker fuel in maritime transport. Moreover, strict sulfur content limitations in the use of conventional fuels and increased efficiency of LNG will drive demand for LNG bunkering.

Regional Analysis

The Asia-Pacific LNG bunkering market is one of the most prominent markets for LNG bunker fuel. It is due to the presence of the largest ports in terms of volumes of bunker fuel traded. In addition, the growing number of shipbuilding projects and infrastructure activities and rapid growth in the trade of essential goods and commodities will surge the growth of the LNG bunkering market in the region. Furthermore, stringent regulations targeting high sulfur content in the marine bunker are expected to fuel the growth of the Asia-Pacific LNG bunkering market.

Competitors in the Market

Broadview Energy Total SE
Solutions B.V.
Harvey Gulf International Marine
Crowley Maritime Corporation
Gasum Oy
Klaw LNG
Korea Gas Corporation
Polskie LNG S.A.
Royal Dutch Shell Plc
SHV Energy
Exxon Mobil Corporation.
Other Prominent Players
Market Segmentation

The global LNG bunkering market segmentation focuses on Product, Application, and Region.

By Product Type Outlook

Portable Tanks
By Application Outlook

Container Fleet
Tanker Fleet
Cargo Fleet
Inland Vessels
By Regional Outlook

North America
The U.S.
Western Europe
The UK
Rest of Western Europe
Eastern Europe
Rest of Eastern Europe
Asia Pacific
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Saudi Arabia
South Africa
Rest of MEA
South America
Rest of South America