LNG Bunkering Market Size | Valuates Reports

LNG Bunkering Market

Global LNG bunkering market size was valued at USD 0.38 Billion in 2019, and is projected to reach USD 5.14 Billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027.

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Trends Influencing the Growth of LNG Bunkering Market

The primary driver for the growth of the LNG bunkering market is expected to be the IMO (International Maritime Organization) emission regulation on sulfur content in marine fuel. When compared to conventional fuels, liquefied natural gas (LNG) meets all International Maritime Organization (IMO) air emission regulations due to its low sulfur content, favorable ahydrogen-to-carbon ratio, and lower nitrogen oxide emissions.

LNG is less expensive than HFO (heavy fuel oil) and other marine fuels. As a result, the cost-effectiveness of LNG is expected to drive up the size of the LNG bunkering market.

The LNG bunkering market is expected to grow due to an increase in gas exploration and production activities, as well as an increase in cargo due to increased trade activity. During the forecast period, the focus on improving LNG distribution infrastructure and increasing the number of LNG-powered ships is expected to boost the LNG bunkering market size.

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LNG Bunkering Market Share Analysis

In 2019, the ship-to-ship segment held the largest LNG bunkering market share of about 60.5 percent, and this is expected to continue throughout the forecast period. This is due to an increase in the number of ships that use LNG as a cleaner fuel to meet government regulations.

The cargo fleet segment has the largest LNG bunkering market share in 2019 and is expected to grow at a CAGR of 45.4 percent in 2020. This is due to a rise in the demand for cargo transportation via ships, as well as an increase in trade agreements. Furthermore, an increase in the number of manufacturing units and factories in regions such as Asia-Pacific and LAMEA is expected to fuel the cargo shipping market's growth.

Europe dominated the LNG bunkering industry by region in 2019, and this trend is expected to continue over the forecast period. This is due to a variety of factors, including a large customer base and an increase in the region's maritime trade activities. Furthermore, the European region's increased development of LNG bunkering infrastructure is expected to contribute to the market's growth.

By Type
• Truck-to-Ship
• Port-to-Ship
• Ship-to-Ship
• Portable Tanks

By Application
• Container Fleet
• Tanker Fleet
• Cargo Fleet
• Ferries
• Inland Vessels
• Others

Some of the major players in the market 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.

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