Product ID: SQMIG10B2037
Report ID: SQMIG10B2037 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 68 | Figures: 75
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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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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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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LNG Bunkering Market Driver
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.
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
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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
LNG Bunkering Market Recent Developments
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.
|Market size value in 2021
|USD 592.84 million
|Market size value in 2030
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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