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LNG Bunkering Market 2021 Set For Rapid Growth with Growing Demand By 2027

05-12-2021 02:08 PM CET | Energy & Environment

Press release from: Allied Market Research

LNG Bunkering Market

LNG Bunkering Market

IMO regulations on sulfur content in the marine fuel and surge in gas exploration and production activities drive the growth of the global LNG bunkering market. However, demand–supply gap for LNG bunkering impedes the market growth. Moreover, focus toward strengthening distribution infrastructure of LNG and rise in number of LNG driven ships offers an array of opportunities in the coming years.

The global LNG bunkering market is driven by International Maritime Organizations regulations of sulfur emissions to 0.50% m/m (mass/mass) by 2020 in marine fuels, increase in sea-borne trade, particularly in terms of ton-km travelled, and low cost among ECAs. However, the demandsupply gap among LNG bunkers and vessels is expected to hamper the market growth.

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LNG (Liquid Natural Gas) is an attractive alternative fuel for seagoing vessels and inland vessels, as liquefied natural gas emits fewer polluting substances. LNG is a potential substitute according to IMO emission prerequisites, owing to its negligible sulfur content and low production of NOx contrary to fuel oil and marine diesel oil. LNG is clean burning fuel coupled with financial points of interest on a calorific value basis among other fuels.

The global LNG bunkering market is segmented on the basis of product type, application, and region. Based on product type, the ship-to-ship segment held the highest share in 2019, with around three-fifths of the global market. Furthermore, it is estimated to maintain its lead status throughout the forecast period. On the other hand, the port-to-ship segment is anticipated to manifest the highest CAGR of 45.5% from 2020 to 2027.

Based on region, the LNG bunkering market is studied across regions including Asia-Pacific, North America, LAMEA, and Europe. The Europe regions accounted for the largest revenue share in 2019 with around two-fifths of the global market, and will maintain its lead position by 2027. On the other hand, the market across Asia-Pacific is expected to register the fastest CAGR of 45.9% during the forecast period.

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Based on application, the cargo fleet segment dominated the LNG bunkering market with lion’s share, holding around one-fourths of the global market in 2019. At the same time, the container fleet segment is expected to portray the largest CAGR of 45.5% from 2020 to 2027.

The key market players profiled in the global LNG bunkering market report include Broadview Energy Solutions B.V., Crowley Maritime Corporation, Gasum Oy, Harvey Gulf International Marine, Klaw LNG, Korea Gas Corporation, Polskie LNG S.A., Royal Dutch Shell Plc, SHV Energy, Total SE, PETRONAS, and Exxon Mobil Corporation.

Covid-19 Scenario

• The prolonged lockdown imposed by the government to curb the spread of coronavirus has impacted the import and export activities, thereby disrupting the supply chain.

• Several maritime and shipment activities have also been stopped owing to the restrictions imposed by governments. Nevertheless, the demand for LNG bunkering is expected to boost post the pandemic.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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