The global LNG bunkering market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.72% during 2023-2028.
The LNG bunkering process involves providing LNG fuel to ships for their consumption, including loading and distributing the fuel among their tanks. LNG fuel bunkering requires the bunker ship that carries the fuel and transfers it to the cargo ship or passenger ship to follow the sulfur content regulations. As LNG fuel has a lower sulfur content and requires comparatively less processing to meet the sulfur levels, it is used as an eco-friendly alternative to conventional fuel in shipping. LNG immediately reduces sulfur and particulate matter emissions to negligible levels while reducing nitrogen oxide emissions significantly. As a marine fuel, LNG has a number of benefits, including less shipping emissions, lower operating and shipment costs, safety, and non-toxic properties.
LNG Bunkering Market Trends:
The market is majorly driven by the increasing adoption of LNG as a shipping fuel with an enhanced focus on sustainable development. This can be attributed to the stringent environmental regulations regarding sulfur content in marine fuel and pollution caused by ship transportation. In line with this, continual advancements in the distribution infrastructure of LNG are providing an impetus to the market. Moreover, a significant increase in gas exploration and production activities across the globe is creating a positive outlook for the market. The market is further driven by a considerable rise in the uptake of truck-to-ship LNG bunkering practices across the globe. Apart from this, the easy availability of LNG bunker fuel in most of the major maritime hubs is impacting the market positively. The launch of LNG-powered ships resulting in the rapid development of LNG manufacturing and storage facilities are also acting as a significant growth-inducing factor for the market. Some of the other factors contributing to the market include rapid urbanization and industrialization, the growing concerns over the depletion of fossil fuels and extensive research and development (R&D) activities conducted by key players.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global LNG bunkeringmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type and application.
Breakup by Product Type:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Base Year of the Analysis
Product Type, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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
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Key Questions Answered in This Report
The global LNG bunkering market was valued at US$ 2.8 Billion in 2022.
We expect the global LNG bunkering market to exhibit a CAGR of 7.72% during 2023-2028.
The rising focus on sustainable development, along with the widespread adoption of LNG as a shipping fuel, owing to the environmental regulations implemented by government bodies, is primarily driving the global LNG bunkering market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in temporary closure of numerous maritime hubs, thereby negatively impacting the global market for LNG bunkering.
Based on the product type, the global LNG bunkering market has been segmented into ship-to-ship, truck-to-ship, port-to-ship, and portable tanks. Currently, ship-to-ship holds the majority of the total market share.
Based on the application, the global LNG bunkering market can be divided into cargo fleet, container fleet, tanker fleet, ferries, inland vessels, and others. Among these, cargo fleet exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global LNG bunkering market include 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.
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