LNG Bunkering Market Dominates Revenue, Aims for USD 7.91 Bn by 2031 | Royal Dutch Shell PLC, Korea Gas Corporation

Market Overview:

The global LNG bunkering market is estimated to be valued at USD 1.24 Bn in 2024 and is expected to reach USD 7.91 Bn by 2031, growing at a compound annual growth rate (CAGR) of 30.3% from 2024 to 2031.

Market Dynamics:

The LNG bunkering market is expected to witness significant growth over the forecast period owing to two major drivers- stringent emission regulations and growing adoption of LNG as a marine fuel. The International Maritime Organization (IMO) has introduced a 0.5% global sulphur cap on fuel content for ships effective January 2020 in order to significantly reduce sulphur oxide and particulate matter emissions from ships. This has increased the demand for cleaner marine fuels such as LNG. At the same time, many shipping companies and ports are switching to LNG as it is a relatively cheaper and cleaner alternative to conventional bunker fuels. For instance, several maritime companies have ordered new ships that can be operated on LNG. Also, many ports are investing in LNG bunkering and supply infrastructure to cater to the growing market demand.

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Major Drivers for the Growth of LNG Bunkering Market are Stringent Emission Norms by IMO and Increasing LNG Bunkering Infrastructure

The International Maritime Organization (IMO) has implemented stringent emission norms to reduce Sulphur emissions from ships. The new regulation caps the Sulphur content in fuel oil used on board ships to 0.5% globally, from January 1, 2020. This has created high demand for cleaner alternative fuels like Liquefied Natural Gas (LNG) in the shipping industry. Adopting LNG as a marine fuel helps ships comply with the new regulations without needing to install expensive exhaust gas cleaning systems. Several shipping companies are retrofitting their vessels to use LNG or building new LNG-fuelled ships. This growing shift towards LNG as a marine fuel is a key driver boosting the LNG bunkering market.

Major Opportunity for the Growth of LNG Bunkering Market is Increasing Adoption in Short-Sea Shipping and Ferries

One major business opportunity for the LNG bunkering industry lies in the increasing adoption of LNG as a marine fuel in short-sea shipping routes and ferry services. Short-sea shipping refers to coastal cargo transportation between two ports of a country or region, while ferries shuttle passengers and vehicles across waterways between two points. Shorter distances, more turnaround trips and fixed routes make LNG an attractive option for vessels engaged in these operations.

Many European countries have rolled out incentives and subsidies encouraging use of LNG in ferries and coastal cargo vessels. This is improving the economics for ship owners and driving higher LNG demand. Countries like Norway already have well-established short-sea LNG bunkering networks. As LNG infrastructure expands to new ports, shipping companies operating short-sea and ferry services will find it increasingly viable to convert their aging fleets to cleaner LNG. This growing shift towards LNG in short-sea and ferry operations presents a big market opportunity for LNG bunker suppliers to cater dedicated services for these vessels.

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Top Companies Featured in This Report:

★ Royal Dutch Shell PLC
★ Korea Gas Corporation
★ ENGIE SA
★ Skangas AS
★ Gasum Oy
★ Total S.A.
★ ENN Energy Holdings Limited
★ Crowley Maritime Corporation
★ Bomin Linde LNG GmbH & Co. KG
★ Harvey Gulf International Marine LLC
★ Fjord Line AS
★ Gazpromillioneft Marine Bunker LLC
★ Statoil ASA
★ Eagle LNG Partners
★ Titan LNG BV
★ Naturgy Energy Group SA
★ Gasnor AS
★ EVOL LNG Pty Ltd
★ Polskie LNG S.A.
★ Transgas Inc.

Market Segmentation:

By Product Type:

★ By Product Type: Portable Tanks , Ship-to-Ship , Port-to-Ship , and Truck-to-Ship

By Applications:

★ By Application: Container Fleet , Tanker Fleet , Cargo Fleet , Ferries , Inland Vessels , and Others

Key Regions/Countries are Classified as Follows:

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Reasons to Obtain Our Comprehensive Market Report:

• Conduct an extensive analysis of various aspects of the LNG Bunkering Market utilizing Porter's Five Forces framework.

• Gain insights into the growth rate and market shares of different product types and applications/end-users within the LNG Bunkering Market.

• Explore the LNG Bunkering Market dynamics across different regions through comprehensive regional analysis.

• Assess the impact of Covid-19 on the LNG Bunkering Market with a meticulous research approach.

• Stay updated on the latest developments, market shares, and strategies of key market players within the LNG Bunkering Market.

• Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the LNG Bunkering Market.

• Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.

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Key Questions Answered:

• What was the size of the LNG Bunkering Market in 2021, and what will it be worth by 2030?
• What is the current global scenario for the LNG Bunkering Market?
• What are the optimal business strategies for maximizing growth potential?
• What are the recent trends in the LNG Bunkering Market?
• What is the market share in terms of revenue, sales, and size in specific geographical regions?
• Who are the key industry players in the LNG Bunkering Market?
• Which segments of the LNG Bunkering Market are in high demand?

Author Bio:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

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