LNG Bunkering Market to Reach $5.14 Bn, Globally, by 2027 at 45.2% CAGR: Allied Market Research

IMO regulations on sulfur content in marine fuel and an increase in gas exploration and production activities drive the growth of the global LNG bunkering market.

Allied Market Research published a report, titled, "𝐋𝐍𝐆 𝐁𝐮𝐧𝐤𝐞𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐛𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐓𝐲𝐩𝐞 (𝐓𝐫𝐮𝐜𝐤-𝐭𝐨-𝐒𝐡𝐢𝐩, 𝐏𝐨𝐫𝐭-𝐭𝐨-𝐒𝐡𝐢𝐩, 𝐒𝐡𝐢𝐩-𝐭𝐨-𝐒𝐡𝐢𝐩, 𝐚𝐧𝐝 𝐏𝐨𝐫𝐭𝐚𝐛𝐥𝐞 𝐓𝐚𝐧𝐤𝐬) 𝐚𝐧𝐝 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 (𝐂𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐫 𝐅𝐥𝐞𝐞𝐭, 𝐓𝐚𝐧𝐤𝐞𝐫 𝐅𝐥𝐞𝐞𝐭, 𝐂𝐚𝐫𝐠𝐨 𝐅𝐥𝐞𝐞𝐭, 𝐅𝐞𝐫𝐫𝐢𝐞𝐬, 𝐈𝐧𝐥𝐚𝐧𝐝 𝐕𝐞𝐬𝐬𝐞𝐥𝐬, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬): 𝐆𝐥𝐨𝐛𝐚𝐥 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭, 𝟐𝟎𝟐𝟎-𝟐𝟎𝟐𝟕." According to the report, the global LNG bunkering industry generated $0.38 billion in 2019 and is estimated to reach $5.14 billion by 2027, witnessing a CAGR of 45.2% from 2020 to 2027.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/2213

𝐃𝐫𝐢𝐯𝐞𝐫𝐬, 𝐫𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

IMO regulations on sulfur content in marine fuel and an increase in gas exploration and production activities drive the growth of the global LNG bunkering market. However, demand-supply gap for LNG bunkering hinders the market growth. On the other hand, the focus on strengthening the distribution infrastructure of LNG and increasing in number of LNG-driven ships present opportunities in the coming years.

𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨

1. Owing to the lockdown imposed by many countries, there has been a ban on import and export activities, which in turn, disrupted the supply chain.

2. Many maritime and shipment activities have been stopped due to restrictions imposed by governments to curb the spread of coronavirus. However, the demand for LNG bunkering would increase as these activities begin.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/lng-bunkering-market

𝐓𝐡𝐞 𝐬𝐡𝐢𝐩-𝐭𝐨-𝐬𝐡𝐢𝐩 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on product type, the ship-to-ship segment contributed to the highest share in 2019, accounting for around three-fifths of the global LNG bunkering market, and is estimated to continue its leadership status throughout the forecast period. This is due to the rise in the number of ships using LNG as there is a rise in the need for cleaner fuel in compliance with stringent government regulations to minimize air pollution and preserve sustainability along with advantages such as fast transfer operations and high capacity of 700-7,500 tons. However, the port-to-ship segment is expected to witness the highest CAGR of 45.5% from 2020 to 2027, owing to a rise in demand for shipping services with a high frequency, low demand, flexible timetables, and a small vessel draft from applications including bunkering vessels, inland shipping vessels, tugs, and others.

𝐓𝐡𝐞 𝐜𝐚𝐫𝐠𝐨 𝐟𝐥𝐞𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on application, the cargo fleet segment held the highest market share, contributing to around one-fourth of the global LNG bunkering market in 2019, and will maintain its dominance in terms of revenue throughout the forecast period. This is due to an increase in demand for cargo transportation through ships, a rise in trade-related agreements, and a rise in the number of manufacturing units and factories in the region such as Asia-Pacific and LAMEA. However, the container fleet segment is projected to maintain the largest CAGR of 45.5% from 2020 to 2027. This is attributed to a rise in the adoption of LNG-fueled containers, an increase in investment toward LNG bunkering infrastructure, and an improvement in transportation services across the globe.

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/lng-bunkering-market.html

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜, 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐝 𝐛𝐲 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚, 𝐭𝐨 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐭𝐡𝐞 𝐟𝐚𝐬𝐭𝐞𝐬𝐭 𝐠𝐫𝐨𝐰𝐭𝐡 𝐫𝐚𝐭𝐞

Based on region, Asia-Pacific, followed by North America, is expected to portray the fastest CAGR of 45.9% during the forecast period. This is due to a rise in shipbuilding and infrastructure activities and rapid growth in the trade of essential goods, commodities, and others. However, Europe contributed to the highest share in 2019, holding around two-fifths of the global LNG bunkering market, and will maintain its lead position by 2027. This is attributed to numerous factors such as the presence of a huge consumer base, an increase in maritime trade activities, and a rise in LNG bunkering infrastructure development activities in the region.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬

• 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
• Exxon Mobil Corporation

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2213

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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