Global LNG Bunkering Market

Global LNG Bunkering Market Size, Share, Growth Analysis, By Product Type(Truck-to-ship, Port-to-ship), By Application(Defence Vessels, Yachts) - Industry Forecast 2023-2030


Report ID: SQMIG10B2037 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 68 | Figures: 75

Global LNG Bunkering Market Insights

LNG Bunkering Market size was valued at USD 592.84 million in 2021 and is poised to grow from USD 801.87 million in 2022 to USD 8,983.84 million by 2030, growing at a CAGR of 35.26% in the forecast period (2023-2030).

The technique of delivering LNG fuel to ships for consumption is known as LNG bunkering. Many international organisations and nations have passed rules encouraging the use of LNG as a marine fuel, which has aided the global growth of the LNG bunkering sector. LNG (Liquified Natural Gas) is rapidly being accepted because of low sulphur content and lesser greenhouse emission unlike the traditional fuels such marine gas fuel, marine diesel fuel, etc. Also the technological advancements in the ship-to-ship LNG bunkering is the trending topic in industry.

Over the forecast period, the LNG bunkering market is expected to increase significantly. The increasing number of vessels and ships are using LNG. Governmental and non-governmental organisations are enforcing strict controls on hazardous gas emissions. The American Bureau of Shipping (ABS), for instance, has implemented a risk assessment methodology for LNG leakage during bunkering, which covers leaks from LNG pipes, pumps, tanks, or hoses, unintended hose disconnection, overfilling vessel fuel tanks, and external impact. This creates a favourable climate for the LNG bunkering sector to expand. However, one of the primary issues impeding the growth of the worldwide LNG bunkering market is a lack of infrastructure for fueling LNG across bunkering locations.

US LNG Bunkering Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global LNG Bunkering Market Segmental Analysis

LNG Bunkering Market is segmented based on product type, application and Regions. Based on Product type analysis the LNG Bunkering Market is further sub segmented into ship-to-ship, port-to-ship, Truck-to-ship and Portable Tanks segments. Based on Applications, the LNG Bunkering Market is segregated into Defence Vessels, Yachts, Cruise Ships, Ferries & OSVs, Bulk and General Cargo Fleets, Other segments. The regional insights of the LNG Bunkering Market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.

LNG Bunkering Market Analysis by Product Type 

The ship-to-ship category had the largest LNG Bunkering Market share of roughly 60.5 % in 2021 and is predicted to maintain this position throughout the forecast period. This is owing to an increase in the number of ships using LNG as a cleaner fuel to comply with tough government laws aimed at reducing air pollution and preserving the environment. Furthermore, the ship-to-ship LNG bunkering market is predicted to see significant revenue growth throughout the forecast period due to advantages such as quick transfer operations and high capacity of 700-7,500 tonnes.

LNG Bunkering Market Analysis by Application

In terms of revenue, the cargo fleet segment had the highest share in 2021, and is predicted to expand at a CAGR of 45.4% in the forecast period. This is due to an increase in demand for cargo transportation via ships as well as a growth in trade-related agreements. Furthermore, the expansion of the cargo shipping industry is expected to be fueled by an increase in the number of manufacturing units and factories.

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Global LNG Bunkering Market Regional Insights

The North American LNG Bunkering Market holds the most lucrative segment of the market owing to factors like focus on offshore production in some regions of the country and increased shale gas production. Also, the region is expected to show the highest growth during the forecast period. Europe has traditionally held a large portion of the worldwide LNG bunkering business. This is due to the region's early use of LNG as a maritime fuel as well as the presence of emission control areas (ECAs). Furthermore, European countries are enacting strict environmental legislation aimed at lowering air pollution, which is expected to increase the region's use of LNG as a maritime fuel.

In 2021, Asia Pacific held a 27.4 %share of the worldwide market. With yearly sales approaching 50 million metric tonnes, Singapore has become the world's largest centre for conventional bunker fuels. Due to current developments for the construction of new ports, India is also a leading country in the LNG bunkering business.

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Global LNG Bunkering Market Dynamics

LNG Bunkering Market Driver

  • Implementation of regulations over sulphur content by the UN is expected to drive the market over the forecast year.

The International Maritime Organization (IMO), a UN organisation, reduced the sulphur content cap in marine fuels from 3.5 percent to 0.5 percent. The new regulation is scheduled to be in effect. However, refineries may be forced to make extra investments and process changes in order to provide marine fuels that fulfil the sulphur content standards. However, LNG has less sulphur and requires less processing to meet sulphur content standards.

  • Economically Feasible LNG fuel is widely accepted by nations.

When compared to traditional marine fuels, it requires fewer adjustments in the manufacturing process. As a result, LNG's economic viability is likely to lead to increased adoption in the coming years. During the forecast period, this development is expected to drive the LNG bunkering market.

LNG Bunkering Market Restraint 

  • The slow growth of the offshore oil and gas industry is impacting demand for offshore service vessels, which is stifling the LNG bunkering market's growth. Furthermore, issues such as large capital investments in LNG bunker development and the availability of alternatives to LNG for decreasing sulphur content, such as the use of scrubbers, are limiting LNG Bunkering Market expansion to some extent.

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Global LNG Bunkering Market Competitive Landscape

The global LNG bunkering business is highly concentrated, with a few numbers of large-scale vendors dominating the majority of the market. The majority of companies are investing heavily in extensive research and development like, for instance, CMA CGM and Shell Plc. partnership to test bio-LNG bunkering, and to improve their infrastructure and operations. Key players are expanding their product portfolios and facilitating mergers and acquisitions are important initiatives.

LNG Bunkering Market Top Players Company Profiles 

  • Royal Dutch Shell PLC
  • Korea Gas Corporation
  • ENGIE SA
  • Skangas AS
  • Gasum Oy
  • Total S.A.
  • ENN Energy Holdings Limited
  • Crowley Maritime Corporation
  • Bomin Linde LNG GmbH & Co. KG
  • Harvey Gulf International Marine LLC
  • Fjord Line AS
  • Gazpromillioneft Marine Bunker LLC
  • Statoil ASA
  • Eagle LNG Partners
  • Titan LNG BV
  • Naturgy Energy Group SA
  • Gasnor AS
  • EVOL LNG Pty Ltd
  • Polskie LNG S.A.
  • Transgas Inc.

LNG Bunkering Market Recent Developments

  • In January 2022, Total Energies and its partner CMA CGM inaugurated a ship-to-containership LNG bunkering operation in the southern French port of Marseille Fos.
  • In December 2021, CMA CGM and Shell Plc., two global maritime firms conducted the first bio-LNG bunkering trial in Rotterdam, with the goal of achieving net zero carbon by 2050.
  • In February 2021, Sumitomo and Petronas, one of the key players, struck an initial agreement to jointly sell and supply LNG bunker fuel in Japan and Malaysia

Global LNG Bunkering Key Market Trends

  • The key benefit that has been provided on use of LNG as bunker fuel has made its adoption faster across the globe. As environmentalists are actively protesting against the greenhouse gases emission caused by energy fuels, the LNG offers a competitive edge over them. Also eco-friendly consumers have keen interest into this LNG Bunkering Market segment and hence the market is bound to grow exponentially over coming years.

Global LNG Bunkering Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, by Product type, the ship-to-ship category holds a key LNG Bunkering Market segment but owing to technological advancements and high adoption by the population the truck-to-ship segment is bound to grow positively with a rapid speed in the forecast period. On the basis of Application of LNG as a bunker fuel, most of the revenue is generated from cargo fleet segment rendering the highest revenue. As far as regional insights are concerned, the European market was quite lucrative a few decades back but the North American markets have given a tough fight and are ahead of the race in terms of revenue generation. The factors responsible for the same are high technological developments and steps taken to have a competitive edge over the competitor’s market.

Report Metric Details
Market size value in 2021 USD 592.84 million
Market size value in 2030 USD
Growth Rate 35.26%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Data-sheets-value="{"
Segments covered
  • Product Type
    • Truck-to-ship, Port-to-ship, Ship-to-ship, Portable tanks
  • Application
    • Defence Vessels, Yachts, Cruise Ships, Ferries & OSVs, Bulk, General Cargo Fleets, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Royal Dutch Shell PLC
  • Korea Gas Corporation
  • ENGIE SA
  • Skangas AS
  • Gasum Oy
  • Total S.A.
  • ENN Energy Holdings Limited
  • Crowley Maritime Corporation
  • Bomin Linde LNG GmbH & Co. KG
  • Harvey Gulf International Marine LLC
  • Fjord Line AS
  • Gazpromillioneft Marine Bunker LLC
  • Statoil ASA
  • Eagle LNG Partners
  • Titan LNG BV
  • Naturgy Energy Group SA
  • Gasnor AS
  • EVOL LNG Pty Ltd
  • Polskie LNG S.A.
  • Transgas Inc.
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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global LNG Bunkering Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global LNG Bunkering Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global LNG Bunkering Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global LNG Bunkering Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global LNG Bunkering Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global LNG Bunkering Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

LNG Bunkering Market size was valued at USD 592.84 million in 2021 and is poised to grow from USD 801.87 million in 2022 to USD 8,983.84 million by 2030, growing at a CAGR of 35.26% in the forecast period (2023-2030).

The global LNG bunkering business is highly concentrated, with a few numbers of large-scale vendors dominating the majority of the market. The majority of companies are investing heavily in extensive research and development like, for instance, CMA CGM and Shell Plc. partnership to test bio-LNG bunkering, and to improve their infrastructure and operations. Key players are expanding their product portfolios and facilitating mergers and acquisitions are important initiatives. 'Royal Dutch Shell PLC', 'Korea Gas Corporation', 'ENGIE SA', 'Skangas AS', 'Gasum Oy', 'Total S.A.', 'ENN Energy Holdings Limited', 'Crowley Maritime Corporation', 'Bomin Linde LNG GmbH & Co. KG', 'Harvey Gulf International Marine LLC', 'Fjord Line AS', 'Gazpromillioneft Marine Bunker LLC', 'Statoil ASA', 'Eagle LNG Partners', 'Titan LNG BV', 'Naturgy Energy Group SA', 'Gasnor AS', 'EVOL LNG Pty Ltd', 'Polskie LNG S.A.', 'Transgas Inc.'

Implementation of regulations over sulphur content by the UN is expected to drive the market over the forecast year.

The key benefit that has been provided on use of LNG as bunker fuel has made its adoption faster across the globe. As environmentalists are actively protesting against the greenhouse gases emission caused by energy fuels, the LNG offers a competitive edge over them. Also eco-friendly consumers have keen interest into this LNG Bunkering Market segment and hence the market is bound to grow exponentially over coming years.

The North American LNG Bunkering Market holds the most lucrative segment of the market owing to factors like focus on offshore production in some regions of the country and increased shale gas production. Also, the region is expected to show the highest growth during the forecast period. Europe has traditionally held a large portion of the worldwide LNG bunkering business. This is due to the region's early use of LNG as a maritime fuel as well as the presence of emission control areas (ECAs). Furthermore, European countries are enacting strict environmental legislation aimed at lowering air pollution, which is expected to increase the region's use of LNG as a maritime fuel.

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Global LNG Bunkering Market

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