LNG Bunkering Market Growth Trends, Key Players, Competitive Strategies and Forecasts to 2031

LNG Bunkering Market Outlook 2031

The global LNG bunkering market was valued at US$ 229.4 Mn in 2021
It is estimated to grow at a CAGR of 6.5% from 2022 to 2031
The global LNG bunkering market is expected to reach a value of US$ 417.8 Mn by the end of 2031

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Analysts' Viewpoint on LNG Bunkering Market Scenario

Shipping industry operators are increasingly adopting LNG as a fuel, which is driving the demand for bunkering across the globe. LNG allows for a total reduction of sulfur oxide, thus benefiting the environment and human health. In 2020, the International Maritime Organization (IMO) implemented a new limit on sulfur content in fuel oil used in ships in order to enhance air quality. The operation of LNG bunkering is crucial, and crew operators must have sufficient training in order to maintain safe practices. Hence, enterprises should focus on R&D of infrastructure, installation, and operation for LNG bunkering. Companies can also collaborate with GECF countries for the procurement of LNG fuel, which can subsequently be used for LNG bunkering.

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Overview of Global LNG Bunkering Market

LNG has been used as bunker fuel for many decades. Various ships have been adopting LNG as an alternative fuel for shipping. New-build ships are also increasingly using LNG as fuel. Infrastructure for LNG bunkering is rapidly developing, and the fuel is currently available in most of the major maritime hubs. The potential benefits of LNG bunker fuel are projected to boost the preference for LNG to replace oil as a maritime fuel.

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Rise in usage of LNG as a bunkering fuel and growth in orders for new LNG fueled ships are driving the development of LNG manufacturing and storage facilities. Member countries of the Gas Exporting Countries Forum (GECF) have a competitive edge and the potential to become international LNG bunkering centers.

LNG Bunker Fuel Helps Reduce Carbon Emission by Producing Relatively Low Sulfur Dioxide

The global LNG bunkering market is estimated to reach US$ 238.0 Mn by the end of 2022, led by the increase in demand for LNG fuel among end-users such as defense vessels yachts, cruise ships, ferries & OSV, and bulk and cargo fleets. The International Maritime Organization's (IMO) proposal for a mandated reduction in sulfur content in bunker fuel poses a challenge to the worldwide shipping industry. LNG is an ideal alternative fueling solution for ship-owners, as it has zero sulfur content and its combustion produces relatively low sulfur oxide compared to that produced by other fuel oils and marine diesel oil. Companies are focusing on producing small-scale LNG (SSLNG) to create profitable opportunities in the global market.

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