LNG Bunkering Market to Witness Remarkable Growth from 2020 - 2027

According to a new report published by Allied Market Research titled, "LNG Bunkering Market by Product Type and Application: Opportunity Analysis and Industry Forecast, 2020-2027," the global LNG bunkering market size was valued at $0.38 billion in 2019, and projected to reach $5.14 billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/2213

LNG 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 rise in marine-borne trade has increased the demand for LNG as bunker fuel and LNG bunkering services. Furthermore, the increase in gas exploration and production activities in emerging gas regions drives the growth of the LNG bunkering market as many bunker fuel suppliers changed their focus of operation to these offshore resource sites. In addition, the IMO regulation on sulfur content in marine fuel has forced the shipping industry to focus on new alternatives such as LNG, which is less harmful to the marine environment, which in turn is anticipated to fuel the market growth in the upcoming years. Moreover, growth in opportunities for market players to expand the business of LNG bunkering in emerging economies such as India, Japan, South Korea, and China is expected to provide lucrative opportunities for the growth of the global LNG bunkering market, due to the exploration of untapped hydrocarbon reserves in these oil & gas emerging countries.

Depending on the product type, the ship-to-ship segment held the highest market share of around 60.5% in 2019 and is expected to maintain its dominance during the forecast period. This is due to the rise in the number of ships using LNG due to the need for cleaner fuel in compliance with stringent government regulations to minimize air pollution and preserve sustainability. In addition, due to advantages such as fast transfer operations and high capacity of 700-7,500 tons, the ship-to-ship LNG bunkering segment is expected to witness substantial revenue growth during the forecast period.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/2213

On the basis of application, the cargo fleet segment holds the largest market share, in terms of revenue, and is expected to grow at a CAGR of 45.4%. This is owing to an increase in demand for cargo transportation through ships and a rise in trade-related agreements. In addition, the rise in a number of manufacturing units and factories in the region such as Asia-Pacific and LAMEA is anticipated to drive the growth of the LNG bunkering market for cargo shipping.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The LNG Bunkering industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐋𝐍𝐆 𝐁𝐮𝐧𝐤𝐞𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

POLSKIE LNG S.A.
BROADVIEW ENERGY SOLUTIONS B.V.
ROYAL DUTCH SHELL PLC
KOREA GAS CORPORATION
SHV ENERGY
TOTAL SE
HARVEY GULF INTERNATIONAL MARINE
GASUM OY
PETROLIAM NASIONAL BERHAD (PETRONAS)
KLAW LNG
EXXON MOBIL CORPORATION
CROWLEY MARITIME CORPORATION

On the basis of the region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant share in 2019 and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as the presence of a huge consumer base and an increase in maritime trade activities in the region. Moreover, the rise in LNG bunkering infrastructure development activities in the European region is anticipated to contribute toward the growth of the LNG bunkering market in Europe.

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

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

- In 2019, the ship-to-ship segment accounted for around 60.5% of the share in the global LNG bunkering market and is expected to maintain its dominance throughout the forecast period.
- In 2019, the cargo fleet segment accounted for 24.8% market share in the year 2019 and is anticipated to grow at a rate of 25.1% in terms of revenue, increasing its share in the global LNG bunkering market.
- The container fleet is the fastest-growing application in the Asia-Pacific LNG bunkering market, expected to grow at a CAGR of 46.2% during 2020-2027.
- Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 45.9%, throughout the forecast period.
- In 2019, Europe dominated the global LNG bunkering market with more than 39.4% of the share, in terms of revenue.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐎𝐫𝐠𝐚𝐧𝐢𝐜 𝐁𝐢𝐨𝐠𝐚𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/11/21/2560018/0/en/Global-Organic-Biogas-Market-to-Reach-19-7-Billion-by-2031-Allied-Market-Research.html

𝟐. 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐆𝐚𝐬𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/09/05/2509899/0/en/Industrial-Gases-Market-to-Reach-162-8-Billion-by-2031-Allied-Market-Research.html

𝟑. 𝐆𝐚𝐬 𝐓𝐮𝐫𝐛𝐢𝐧𝐞 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/gas-turbine-service-market-to-reach-32-1-bn-globally-by-2031-at-5-1-cagr-allied-market-research-301608268.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

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