The global LNG bunkering market held a market value of USD 2,212.9 Million in 2020 and is forecasted to reach USD 25,045.8 Million by the year 2027. The market is projected to witness a CAGR of 42.6% during the forecast period. LNG Bunkering is providing liquefied natural gas fuel to a ship for its own consumption. IMO regulation on sulphur content in the marine fuel is anticipated to boost the market growth. Also, increase in gas exploration and production activities are also estimated to boost market growth.
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Despite the driving factors, demand supply gap for LNG bunkering are estimated to hinder the market growth. During the COVID-19 pandemic, the market experienced a decline in growth due to temporary bans in export and import. However, the market is anticipated to recover from declining revenues in the second half of 2021, owing to rise in demand for LNG as bunker fuel from the maritime transport.
Growth Influencers: IMO regulation on sulphur content in the marine fuel
IMO or International Maritime Organization, in January 2020, announced a new limit of the presence of sulphur content in fuel used in ships. The new regulation is known as IMO 2020 and limits the sulphur content in marine fuel used in board ships which operate outside the designated emission control areas to 0.50% m/m. This is a significant reduction from 3.5%, which was the previously set limit. Owing to this regulation, the demand for liquefied natural gas has increased, which contains negligible amount of sulphur.
Segments Overview: The global LNG bunkering market is segmented into product type and application.
By Product Type,
The truck-to-ship segment accounts for the largest market share of about 60% owing to high adoption of trucks for transportation of marine fuels. The port-to-ship segment is estimated to grow at the fastest rate of around 44% owing to its rising demand globally.
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The container fleet segment is anticipated to hold the largest market share, as it is the most common type of fleet used for transportation of fuels and other goods as well. The inland vessels segment is expected to account for a market size of about USD 693.6 million by 2027 owing to its rising penetration across the globe, especially in the developed economies.
On a regional basis, the global LNG bunkering market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Middle East and Africa region is anticipated to hold the dominant share of 54% in the market. This is owing to the favourable government initiatives for the development of more LNG bunkering hubs in countries such as UAE. Furthermore, decreasing prices of LNG coupled with increasing focus on expanding the gas pipeline infrastructure are also likely to fuel the market growth.
The North American market is estimated to witness the fastest growth rate of about 40.9% owing to the presence of a large consumer base along with the rise in maritime trade activities in the region. The Europe, Latin America, and Asia Pacific region are also expected to contribute to the market growth significantly.
Key players operating in the global LNG bunkering market include Engie SA, Bomin Linde LNG GmbH & Co. KG, ENN Energy Holdings Ltd, FueLNG Bellina, Gas Natural Fenosa, GazproBneft Marine Bunker LLC, Harvey Gulf International Marine LLC, Kawasaki, Korea Gas Corporation, Mitsui OSK Lines Ltd., Royal Dutch Shell PLC, Sembcorp Marine Ltd., Statoil AS, Skangas AS (Gasum), Total SA, and Toyota Tsusho Corp., among other players.
Major 6 players in the market hold about 63% of the market share. These players are engaged in product launches, mergers & acquisitions, and collaboration, among others. For instance, in August 2021, Gazprom Neft completed the construction of a LNG bunkering vessel in Russia. The vessel is for LNG refueling of passenger and cargo ships.
Get a Sample PDF copy of the report @ – https://reportocean.com/industry-verticals/sample-request?report_id=ARS185The global LNG bunkering market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global LNG bunkering market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global LNG bunkering market report answers questions such as:
- What is the market size and forecast of the Global LNG bunkering Market?
- What are the inhibiting factors and impact of COVID-19 on the Global LNG bunkering Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global LNG bunkering Market?
- What is the competitive strategic window for opportunities in the Global LNG bunkering Market?
- What are the technology trends and regulatory frameworks in the Global LNG bunkering Market?
- What is the market share of the leading players in the Global LNG bunkering Market?
- What modes and strategic moves are considered favorable for entering the Global LNG bunkering Market?
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