Press release
LNG Bunkering Market to Grow CAGR of 45.1% By 2030 | Royal Dutch Shell plc., Engie,Bomin Linde LNG GmbH & Co. KG, Gasum Ltd.
LNG Bunkering Market
The market size for LNG bunkering was estimated at USD 794.5 million in 2022. The LNG Bunkering Market market is expected to grow at a compound annual growth rate (CAGR) of 45.1% between 2023 and 2030, reaching a projected value of USD 14,827.8 million.
LNG bunkering is the process of transferring Liquified Natural Gas LNG to a ship for its use. Hence, this fuel causes less pollution than other conventional methods of fueling ships such as heavy fuel oil, marine diesel fuel (MDO), and marine gas oil (MGO). LNG emissions are free from sulfur dioxide and contain very little amount of nitrogen oxide, particulate matter, and Greenhouse gasses.
LNG bunkering from ship to ship or shore to ship is done using a quick connect disconnect QC/DC method. Therefore, using LNG as marine fuel aids in decreasing transportation costs by increasing fuel efficiency and by reducing overall maintenance costs.
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The increasing environmental regulations on marine fuel quality are driving the growth of the LNG bunkering market. LNG being a clean fuel emits no or less quantity of harmful pollutants in the atmosphere in comparison with conventional marine fuels. Additionally, the volume of marine trade is also increasing for it is the cheapest source of transportation, which is likely to fuel the demand for LNG bunkering. Moreover, growing emphasis on developing marine transportation infrastructure from Government and private bodies across the world will help in boosting the market growth.
The Covid-19 pandemic badly affected the global LNG bunkering market. The economic crisis brought by the covid pandemic led to a standstill in trade which ultimately affected marine transportation and demand for LNG bunkering. The fall in the demand for various finished products due to market restrictions lowered the marine trade volume. However, the demand for essential goods continued to rise which brought some respite to the market.
Key Players:
Royal Dutch Shell plc.
Engie
Bomin Linde LNG GmbH & Co. KG
Gasum Ltd.
Gasnor AS
Korea Gas Corporation
Harvey Gulf International Marine LLC
Polskie LNG S.A.
Eagle LNG
ENN Energy Holdings Limited
EVOL LNG
Fjord Line
Crowley Maritime Corporation
SHV Energy
Gazpromneft Marine Bunker LLC
Market Segmentation
Market Segmentation, by Vessel Type
Container ships
Tankers
Bulk & General Cargo Vessel
Market segmentation, by Product Type
Portable Tanks
Port to Ship
Ship to Ship
Truck to Ship
Market segmentation, by end-user:
Ferries
Cruise-Ships
Bulk and General Cargo Fleet
Offshore Support Vessels
Tanker Fleet
Container Fleet
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Regional Analysis
The Global LNG bunkering market is segmented into five major regions namely: Asia-Pacific, North America, Europe, Latin America, and the Rest of the World including the Middle East & Africa. Among these different regions, North America holds the major market share while the Asia Pacific is the fastest-growing market segment. The strict fuel emission norms in North America are paving way for faster adoption of LNG bunkering. The ports in the Asia Pacific handle a large volume of marine trade as this region is emerging as a global manufacturing hub, so the demand for LNG bunkering is also increasing.
Industry News
The Marine shipping industry is rapidly responding to the changes made in the environmental laws. Hence, shipbuilding companies are increasing the adoption of LNG-based engines which is contributing to the growth of the LNG bunkering market.
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