Global LNG Bunkering Market Size, Share, Growth, Trends, And Forecast, 2014 - 2025

Market Research Reports Search Engine (MRRSE) has included a new study titled, “LNG Bunkering Market (By Vessel Segment - Tankers, Container Ships, Bulk & General Cargo Vessels, and Ferries & Offshore Support Vessels): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2025” to its huge archive of research reports. The new legislation from the United Nations’ shipping agency has set new limits for sulfur emissions from vessels that would come into effect from 2020. LNG as a bunker fuel has the inherent properties to comply with environmental emission norms that are to come into effect in future. This is because it has negligible sulfur content and its combustion emits low NOx as compared to that produced by fuel oil and marine diesel oil. At present, only 45 vessels globally utilize LNG as a bunker fuel with the majority of these vessels operating in the inland waterways of Northern Europe. Nevertheless, port authorities in Northern Europe are investing substantially in promoting the use of LNG as a bunker fuel. For example, Norway is investing substantially for the development of LNG bunkering terminals at major trading ports. In Norway, the presence of several small-scale LNG production units enables easy distribution of LNG to bunker terminals. 

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Despite economic and environmental benefits, adoption of LNG is presently restricted to offshore support vessels and passenger ships. Underdeveloped infrastructure for handling LNG bunkering in world’s major ports is considerably challenging the growth of LNG bunkering market. 

Nevertheless, projects underway for the development of LNG refueling infrastructure in world’s major ports is expected to boost the adoption of LNG bunker and may even be used by the mainstream marine sector. Furthermore, the emergence of policy based support network and strict emission compliance regulations in place will play a crucial role in the development of LNG bunkering industry. 

Europe to Continue Lead over Forecast Period 

At present, Europe tops among other regional markets for LNG bunkering. Inland ferries and offshore support vessels are the initial adopters of LNG as a bunker fuel in the region. Several pre-investment studies have been carried out at major ports in Europe to gauge the feasibility of expansion of LNG bunkering capacities. 

North America is also emerging as a significant market for LNG bunkering to comply with sulfur emission norms for marine vessels that will come into effect in the near future. The economical prices of natural gas compared to fuel oil and diesel oil is attracting shipping companies to make investments for LNG fueled vessels. In addition, In North America, the shale gas boom is a crucial development encouraging gas distribution companies to make investments in LNG bunkering services. 

China and South Korea are taking initiatives for the use of LNG as a marine bunkering fuel. 

Ferries and Offshore Support Vessels to Continue as Leading End-user for LNG Bunker 

At present, ferries and offshore support vessels (OSVs) account for the major consumption of LNG as a bunker fuel. They are expected to display the leading consumption of LNG bunker until 2020. The LNG bunkering facilities at existing European ports have been designed to serve the fuel needs of OSVs and ferries. Passenger ships and ferries in Europe ply in inland waterways and thus shipping companies are switching to LNG bunker fuel to comply with sulfur emission regulations. 

In Asia Pacific, deep-sea ships predominantly tankers and container ships are expected to use LNG bunker after strict regulations for sulfur emissions have been enforced. In North America, container ships and tankers are expected to be the primary consumers of LNG bunker over the forecast period. Tanker vessels are expected to be dominant end-user of LNG bunker fuel in the Rest of the World region in the future. 

Some of the leading companies in the global LNG bunkering market are Harvey Gulf International Marine LLC, Skangass AS, Gasnor AS, GDF SUEZ S.A., and Korea Gas Corporation.

Usage of liquefied natural gas (LNG) as a ship fuel reduces sulfur oxide (SOx) emissions by 90% to 95% compared to conventional petroleum fuels. Due to strict sulfur emission mandates in place executed via Annexure VI of the International Maritime Organization (IMO), an increasing number of shipping companies and vessel operators are switching to LNG as a bunker fuel. 

The report studies the global LNG bunkering market on the basis of end users and geography. The high-level analysis offers in-depth insights into the LNG bunker supply business globally. This report covers key market dynamics that affect the demand for LNG bunker fuel, which are illustrated through numerous graphs and tables.

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The market study presents market size forecast in terms of revenue and volume for the period from 2014 to 2025. Employing analytical tools such as Porter’s Five Forces, the report provides a comprehensive analysis of the global LNG bunkering market. The report comprehensively discusses the competitive front and features profiles of major companies operating in the LNG bunkering market.

Overview of LNG Bunker Fuel Market 

For shipping companies and vessel operators, the utilization of LNG is an attractive bunkering alternative for waterways determined as emission control areas (ECAs). In North America and Europe, the lower cost of LNG bunker fuel in comparison to other ECA-compliant fuels is the major reason propelling the LNG bunkering market. 

The use of LNG as a bunker fuel curbs sulfur emission substantially, which addresses one of the major shortcomings of conventional bunker fuels. LNG bunker fuel largely complies with the new sulfur regulations to in effect in Northern Europe and North America. Additional regulations pertaining to sulfur emission limits are expected to be enforced by 2020. Thus, the maritime industry counts on LNG as a ship fuel for the present and the future, which holds promise for the global LNG bunkering market.

Despite increasing opportunities for eco-friendly fuels such as LNG, lack of specialty ports and terminals for fuel handling is slowing the utilization of this fuel. Currently, LNG is used as a bunker fuel for only 45 vessels that trade majorly in the inland waterways of Northern Europe.  

However, due to the anticipated sulfur emission regulations further restricting the use of petroleum fuels, the development of LNG bunkering ports has gained momentum in other European regions and North America. 

In North America, increasing shale gas exploration activities have led to plunging natural gas prices, which is expected to boost sales of LNG bunker fuel in the region.  In Asia Pacific, countries such as China and South Korea have invested substantially in LNG bunkering terminals. In this region, regulations pertaining to LNG as a bunker fuel will not come into effect before 2020. Hence, Asia Pacific is expected to majorly contribute to the growth of the global LNG bunkering market from 2020 onwards. 

Due to these reasons, by capacity, the global LNG bunkering market will exhibit a robust 63.6% CAGR from 2014 to 2025. 

Major Companies in Global LNG Bunkering Market

Bomin Linde LNG GmbH & Co. KG, Korea Gas Corporation, Skangass AS, GDF SUEZ S.A., Gasnor AS, and Harvey Gulf International Marine LLC are the major companies that operate in the global LNG bunkering market.  

Global LNG Bunkering Market by End User 

Container Vessels
Tankers Vessels
Bulk & General Cargo Vessels
Ferries & OSV
Global LNG Bunkering Market by Regional 

North America
Europe
Asia Pacific
Rest of the World (RoW)  
This report gives you access to decisive data such as:

Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for the coming years
Key highlights 

Overview of key market forces propelling and restraining market growth
Up-to-date analyses of market trends and technological improvements
Pin-point analyses of market competition dynamics to offer you a competitive edge
An analysis of strategies of major competitors
An array of graphics and SWOT analysis of major industry segments
Detailed analyses of industry trends
A well-defined technological growth map with an impact-analysis
A clear understanding of the competitive landscape and key product segments

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