LNG Bunkering Market worth USD 5.14 billion by 2027
The Market Statsville Group (MSG) publishes the new report on the "LNG bunkering Market by Product Type (Truck-to-Ship, Port-to-Ship, Ship-to-Ship, and Portable Tanks), by Application (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global LNG bunkering market was valued at USD 3.77 billion in 2020 to USD 5.14 billion by 2027, at a CAGR of 45.2% from 2021 to 2027. One of the key factors impacting the growth of the LNG bunkering market is an increase in the number of exploration activities in offshore destinations. Many bunker fuel suppliers have shifted their operations to offshore ports and destinations, which are nearer to hydrocarbon resource sites because of the high demand for LNG bunker fuels to operate support vessels. With an increase in demand for LNG in developing countries, the demand for tankers shipping LNG has also increased. Thus, the rise in the number of these vessels continues to directly contribute to the growth in the consumption of LNG as bunker fuel, which enhances the development of the LNG bunkering market. New natural gas-producing regions have vast untapped reserves, which are enough to meet the growing energy demand in the future. Exploration of these unexplored reserves will positively impact the demand for shipping vessels, which is expected to boost the demand for LNG bunkering over the projected years. In addition, a rise in investment toward liquefaction projects is expected to deliver additional export capacity in North America, Asia, the Middle East, Africa, and Russia.
Browse 211 market data Tables and 63 Figures spread through 234 Pages and in-depth TOC on "LNG Bunkering Market Research Report 2021-2027."
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Global LNG Bunkering Market Segmentation
The overall LNG bunkering market has been segmented into the product, component, end user, and region.
- By Product Type (Truck-to-Ship, Port-to-Ship, Ship-to-Ship, and Portable Tanks)
- By Application (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels, and Others)
- By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
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Cargo fleet, by application, is estimated to hold the largest market share during the forecast period
Liquefied natural gas is consumed by marine ships such as container fleet, tanker fleet, cargo fleet, ferries, inland vessels, and others. In 2020, the Cargo fleet for the largest market share of 24.83% in the global LNG bunkering market and having a CAGR of 43.8% during the forecast period.
In shipping, general cargos are the goods loaded individually and not in intermodal containers or bulk. Intermodal containers are large shipping containers designed and built for different modes of transport, from ship to rail to track, without unloading and reloading their cargo. Cargo vessels transport packaged items such as foods, furniture, automobiles, chemicals, machinery, motor & military vehicles, footwear, and garments. Bulk carriers are cargo fleets specially designed to transport dry bulk cargo, in large quantities and mass, not unified or packaged. Rise in maritime trade activities across the globe, infrastructure development activities and transport of manufactured goods are the key factors expected to drive the growth of the LNG bunkering market during the forecast period. In addition, significant growth in the pharmaceutical, industrial, petrochemical, and automotive industries is anticipated to increase the global trade activities, which drives the growth of the LNG bunkering market in the upcoming years. Moreover, a rise in investment toward the development of LNG bunkering port infrastructure is expected to create lucrative opportunities for the key players in the global LNG bunkering market from 2020 to 2027.
Europe accounts for the largest market share during the forecast period in the LNG bunkering market
Based on the regions, the global LNG bunkering market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe was accounted for the highest market share of 35.32% in the global LNG bunkering market and was anticipated to maintain its dominance throughout the forecast period, followed by North America and the Asia Pacific.
An increase in maritime trading activities in the countries such as Germany, France, and the UK is anticipated to fuel the growth of the Europe LNG bunkering market in the upcoming years. In addition, IMO regulation on the sulfur content of up to 0.5% in the marine fuel is expected to fuel the demand for LNG, thereby driving the market's growth during the forecast period. High sulfur fuel oil can be used in ships where scrubbers are installed to reduce emissions. Countries such as France, Spain, and the UK have numerous small-scale LNG import terminals supplying LNG to industries, off-grid power generation units, and truck refueling stations via truck reloading operations. These terminals also supply LNG to the bunkering terminals for offering LNG as a marine fuel for LNG fueled ships. The presence of the largest bunkering ports in the region, including Rotterdam, port of Gibraltar, port of Amsterdam, and port of Antwerp, is expected to drive the growth of the LNG bunkering market in Europe.
Some of the major companies that operate in the global LNG bunkering market are SE, Solutions B.V., Harvey Gulf International Marine, Crowley Maritime Corporation, Gasum Oy, Klaw LNG, Korea Gas Corporation, Polskie LNG S.A., Royal Dutch Shell Plc, SHV Energy, PETRONAS, and Exxon Mobil Corporation.
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