Global LNG Bunkering Market was valued US$ XXMn in 2022 and is expected to reach US$ XX Mn by 2030, at a CAGR of XX% during a forecast period
LNG bunkering is the practice of providing liquefied natural gas to a ship for its own consumption. LNG is a cleaner fuel than conventional marine fuels, such as heavy fuel oil, marine diesel fuel, and marine gas fuels. The main advantage of LNG as a fuel is the vast reduction in pollutant caused by the more traditional method of fueling ships such as heavy fuel oil, marine diesel fuel (MDO) and marine gas oil (MGO). Standards and regulations for LNG bunkering exist and are being developed by organizations such as SIGTTO (Society of International Gas Tankers and Terminal Operators), OCIMF (Oil Companies International Marine Forum), and IMO (International Maritime Organization), etc.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Stringent government laws to reduce airborne marine emissions that include pollutants such as sulfur and nitrous oxide along with shifting trends towards clean energy are the major factors driving the growth of the LNG bunkering market. In addition, LNG fuel has low sulfur content and needs comparatively less processing to meet the sulfur content limits and hence it will require smaller and less expensive modifications compared to conventional marine fuels. However, higher capital investments and poor bunkering infrastructure are the factors, anticipated to restrain the growth of the LNG bunkering market during the forecast period.
Global LNG bunkering market is segmented by vessel, product type and geography. Based on product type, Global LNG bunkering market is sub segmented into portable tanks, ship-to-ship, port-to-ship, and truck-to-ship. Vessel segment includes tankers, container ships, bulk & general cargo vessels, and ferries & offshore support vessels. Based on region, the Global LNG Bunkering market is segmented by Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
Ferries and off-shore support vessels segment is expected to hold XX% revenue share in the Global LNG bunkering market. This growth is accredited owing to offshore consideration, sea trade, and manufacture activities happening across the globe.
Ship-to-Ship is estimated to contribute a substantial growth in the Global LNG bunkering market. It is feasible for all types of vessels owing to its feasibility feature. It offers advantages such as transfer operations in ship-to-ship can be done quickly with high capacity of storage which is nearly about 800-7500 tons.
Europe is estimated to dominate growth in the global LNG bunkering market. This growth can be attributed owing to the country Norway is to be considered the major bunking center, as it compromises more than 18,000 LNG bunk stations.
Increasing uncertainties for limiting the natural effect and growing ventures towards restructuring and apprising LNG foundation are foretold to additionally support the expansion of LNG bunkering market in Europe. Furthermore, North America is projected to reach at high rate of CAGR in the Global LNG bunkering market owing to ongoing shale production and its development with stringent emission rules.
Some of the major key players in the Global LNG Bunkering market includes ENN Energy, Prima LNG, Bomin Linde LNG GmbH & Co KG ,Harvey Gulf International Marine LLC, Fjord Line, Skangas, Korea Gas Corporation ,Polskie LNG, Royal Dutch Shell Plc.,and Crowley Maritime Corporation, Gasnor AS, Gazpromneft Marine Bunker LLC, GDF SUEZ SA and EVOL LNG.
The objective of the report is to present a comprehensive analysis of the Global LNG Bunkering Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors in the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global LNG Bunkering Market dynamics, structure by analyzing the market segments and project the Global LNG Bunkering Market size. Clear representation of competitive analysis of key players by End-User Industry, price, financial position, Product portfolio, growth strategies, and regional presence in the Global LNG Bunkering Market make the report investor’s guide
Scope of the report for Global LNG Bunkering Market