What is the global market size of the LNG Bunkering?

Global 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).

What is the key driver of the Global LNG Bunkering Market?

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.

Global LNG Bunkering Market Size, Share, Growth Analysis, By Product Type(Truck-to-ship, Port-to-ship), By Application(Defence Vessels, Yachts) - Industry Forecast 2024-2031

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

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.

Global LNG Bunkering Market Report Snapshots

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LNG Bunkering Market size was valued at USD 592.84 million in 2019 and is poised to grow from USD 801.87 million in 2023 to USD 8,983.84 million by 2031, growing at a CAGR of 35.26% in the forecast period (2024-2031).

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.

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Global LNG Bunkering Market Size, Share, Growth Analysis, By Product Type(Truck-to-ship, Port-to-ship), By Application(Defence Vessels, Yachts) - Industry Forecast 2024-2031

Global LNG Bunkering Market Regional Insights

Global LNG Bunkering Market Report Snapshots

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