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LNG Bunkering Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
LNG Bunkering Market Growth
As per the report, the lng bunkering market size has grown exponentially in recent years. It will grow from $1.05 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 50.5%. The lng bunkering market size is expected to see exponential growth in the next few years. It will grow to $7.49 billion in 2028 at a compound annual growth rate (CAGR) of 47.6%.
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Rising Vessel Numbers Fueling Growth In Lng Bunkering Market
The increasing number of vessels and ships is expected to boost the growth of the LNG bunkering market going forward. A vessel is defined as anything that can float and be guided or propelled, either by itself or by external means. LNG bunkering vessels are used for ship-to-ship bunkering, contributing to the growing use of LNG as a maritime fuel. For instance, in February 2023, as per the report published by BIMCO (Baltic and International Maritime Council), a Denmark-based non-government organization, following a 4.0% increase in 2022, the container fleet is expected to increase by 6.3% in 2023 and 8.1% in 2024. Supply is predicted to increase by 11.3% in 2023 and 3.1% in 2024 as changes in congestion and sailing speed affect fleet productivity. Therefore, the increasing number of vessels and ships will drive the growth of the LNG bunkering market in the future.
Cma Cgm And Totalenergies Pioneer Ship-To-Containership Lng Bunkering In Marseilles
Innovation is a key trend gaining popularity in the LNG bunkering market. Major market players are focusing on launching innovative operations to sustain their position in the LNG bunkering market such as ship-to-containership liquefied natural gas (LNG) bunkering. For instance, in January 2022, CMA CGM, a France-based shipping, and logistics firm, and TotalEnergies, a France-based integrated energy, and petroleum company launched Marseilles' first ship-to-containership liquefied natural gas (LNG) bunkering operation. CMA CGM BALI, a 15, 000 TEU LNG-powered containership on the MEX 1 service connecting Asia and South Europe, was refueled with around 6, 000m3 of LNG by TotalEnergies' Gas Vitality, the first LNG bunker vessel based in France, via a ship-to-ship transfer alongside the Eurofos container terminal, while the containership carried out cargo operations simultaneously.
The lng bunkering market covered in this report is segmented -
1) By Type: Ship To Ship, Terminal To Ship, Truck To Ship
2) By End-User: Defense Vessels, Yachts, Cruise Ships, Ferries and OSVs, Bulk And General Cargo Fleets, Other End-Users
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Major companies operating in the lng bunkering market report are LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc.,World Fuel Services, Crowley Maritime Corporation, SHV Energy, Engie SA, Gaz-System, Petrochina, ENN Energy Holdings Limited, Sinopec, Guanghui Energy Company Limited, Woodside Energy, Santos Ltd, Nauticor GmbH & Co. KG, Engas, Edison S.p.A, LNG Croatio LLC, Klaipedos Nafta AB, Blue Grid Gas & Power, Polskie LNG S.A, Eagle LNG Partners, Pivotal LNG Inc, FortisBC, NorthStar Holdco Energy LLC, Conrad Shipyards LLC, TOTO Maritime, Petrobras, Golar Power, YPF, Qatar Petroleum, ADNOC LNG, RasGas Company Limited, The Spanish Egyptian Gas Company, Damietta LNG Co, Petroliam Nasional Berhad, Sonatrach
Contents of the report:
1. Executive Summary
2. LNG Bunkering Market Report Structure
3. LNG Bunkering Market Trends And Strategies
4. LNG Bunkering Market - Macro Economic Scenario
5. LNG Bunkering Market Size And Growth
…..
27. LNG Bunkering Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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