LNG Bunkering Market Growth 2023, Latest Insights, Future Trends, Regional Landscape and Forecast to 2030 | Royal Dutch Shell Plc., Skangas, ENN Energy

Market Overview:

The LNG bunkering market involves the use and supply of liquefied natural gas as fuel for ships and vessels. LNG is used as a cleaner alternative fuel for ships to meet stringent emission regulations for the maritime industry.

Market Dynamics:

The LNG bunkering market is expected to grow at a significant rate owing to stringent emission regulations for the maritime industry set by International Maritime Organization (IMO). IMO has put regulations to lower sulfur content in marine fuels which has led shipping companies to adopt LNG as a cleaner alternative. Additionally, growing LNG trade has also increased the need for LNG-powered vessels which require LNG bunkering infrastructure and facilities at ports, thereby propelling the market growth during the forecast period.

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Major market players included in this report are:

★ Royal Dutch Shell Plc.
★ Skangas
★ ENN Energy
★ Korea Gas Corporation
★ Prima LNG
★ Harvey Gulf International Marine LLC
★ Bomin Linde LNG GmbH & Co KG
★ Fjord Line
★ Crowley Maritime Corporation
★ Polskie LNG.

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Product Type:
o Portable Tanks
o Ship-to-Ship
o Port-to-Ship
o Truck-to-Ship

By Vessel Type:
o Ferries
o Cruise-Ships
o Bulk and General Cargo Fleet
o Offshore Support Vessels
o Tanker Fleet
o Container Fleet
o Others

Regional Analysis:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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✤ Clean Energy Demand Driving Global Shift Towards LNG as a Marine Fuel

The global push towards cleaner fuels to reduce emissions has become one of the key drivers accelerating adoption of liquefied natural gas (LNG) as a marine fuel. International Maritime Organization's (IMO) regulations to curb sulfur emissions from ships have compelled ship owners and operators to look for alternatives to conventional heavy fuel oil. LNG produces significantly lower emissions of sulfur oxides, nitrogen oxides and particulate matter making it a more environmentally friendly option. The IMO's decision to designate certain coastal and inland waterways as emission control areas where strict sulfur limits apply has further boosted the appeal of LNG. More ports and harbors are requiring use of cleaner fuels to meet local air quality norms, driving demand for LNG bunkering infrastructure and fuel supplies.

✤ Stringent Emission Norms Driving Shift to Greener Technologies

The IMO has set a 0.5% global sulfur limit on fuel content that came into effect from 1st January 2020 which has compelled shipowners to invest in exhaust gas cleaning systems or switch to low sulfur fuels. However, some areas like the Baltic Sea, North Sea and English channel already had a sulfur limit of 0.1% since 2015. Additionally, from 2025 the IMO is proposing a cut in carbon dioxide emissions per transport work by at least 40% compared to 2008 levels. Such stringent norms on emissions of sulfur oxides, nitrogen oxides and particulate matter as well as carbon are encouraging owners to adopt cleaner fuels like LNG and retrofit ships with new engines compatible with dual fuel technology. This is greatly boosting demand for LNG bunkering services and infrastructure development projects globally.

✤ Stricter Environmental Regulations Crimping Conventional Fuel Demand

Excessive emissions from conventional bunker fuels have raised health concerns and faced opposition from environmental groups and local communities. Stricter vehicle and maritime emission standards restricting sulfur content in fuel is hampering demand growth of heavy fuel oil traditionally used for bunkering. The current global sulfur limit cuts allowable sulfur content from 3.5% to 0.5% which makes conventional fuels non-compliant. Use of exhaust gas cleaning systems requires continuous addition of reagents increasing operating costs. Thus, ship owners see LNG as a cost-effective solution to meet stringent norms without requiring retrofitting ships. The transition away from high sulfur fuels is expected to negatively impact their demand over the long run and benefit LNG adoption.

✤ Major ports and governments across key trading regions are making strategic investments to develop LNG bunkering infrastructure such as terminals, storage facilities and bunker vessels. For instance, the European Union aims to establish a network of LNG bunkering ports across its waterways by 2025. Countries like Singapore, China, Japan and Australia are also expanding LNG fueling facilities to cater to growing maritime traffic. Such infrastructure developments are opening up new prospects for LNG supply and bunkering service companies. As new LNG-powered ships start operating on main trade routes, demand for LNG as a ship fuel is projected to increase manifold over the next decade necessitating further investments in bunkering infrastructure. This will in turn offer lucrative business opportunities for stakeholders across the value chain to establish new supply chains and customer networks.

✤ LNG Adoption Gathering Pace as Dual Fuel Tech Matures

Dual fuel engine technology allowing ships to run both on marine gas oil or heavy fuel oil as well as LNG has addressed past concerns regarding high costs of ship conversion. Major engine makers have developed reliable dual fuel engines compatible with LNG at par with conventional diesel engines in terms of performance and operating cost. This has accelerated fleet adoption with over 300 LNG-powered ships either in operation or on order currently. As LNG infrastructure grows and dual fuel engines achieve greater penetration across ship types and sizes, the marine fuel market is set to transition at a faster pace. Other innovative technologies such as small scale LNG bunkering and cryogenic fuel storage and supply systems will further boost the economics of LNG as a viable green marine fuel.

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Key Questions Answered in the Report:

1. What are the growth opportunities for the new entrants in the global LNG Bunkering industry?
2. Who are the leading players functioning in the global LNG Bunkering marketplace?
3. What are the key strategies participants are likely to adopt to increase their share in the global LNG Bunkering industry?
4. What is the competitive situation in the global LNG Bunkering market?
5. What are the emerging trends that may influence the LNG Bunkering market growth?
6. Which product type segment will exhibit high CAGR in the future?
7. Which application segment will grab a handsome share in the global LNG Bunkering industry?
8. Which region is lucrative for the manufacturers?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: LNG Bunkering Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: LNG Bunkering Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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