The latest research study “LNG bunkering market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group
The global LNG bunkering market size reached US$ 2.53 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 4.1 Billion by 2027 exhibiting a CAGR of 8.10% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Definition and Application:
The LNG bunkering process usually involves providing LNG fuel to ships as well as loading and distributing it among their tanks. Furthermore, LNG fuel has a lower sulfur content and requires comparatively less processing to meet the sulfur levels. Consequently, it is used as an eco-friendly alternative to conventional fuel in inland vessels, ferries, container fleet, etc. In line with this, LNG reduces sulfur and particulate matter to negligible levels while minimizing nitrogen oxide emissions. As a marine fuel, it offers various benefits, including lower operating and shipment costs, improved safety, non-toxic properties, etc.
LNG bunkering market Trends and Drivers:
The growing number of gas exploration and production activities and the inflating levels of industrialization are primarily driving the LNG bunkering market. Additionally, the implementation of several stringent environmental regulations by government bodies across countries regarding sulfur content in marine fuel, increasing pollution levels caused by ship transportation, and continuous advancements in the distribution infrastructures of LNG are further catalyzing the market growth.
Besides this, the widespread adoption of LNG as a shipping fuel with an enhanced focus on sustainable development and its easy availability in maritime hubs are also positively influencing the global market.
Moreover, the introduction of LNG manufacturing and storage facilities and the rising utilization of truck-to-ship LNG bunkering practices are acting as significant growth-inducing factors. Apart from this, the elevating consumer concerns towards the depletion of fossil fuels and extensive investments in R&D activities by the leading manufacturers are anticipated to fuel the LNG bunkering market over the forecasted period.
The report has been segmented the market into following categories:
Breakup by Product Type:
Breakup by Application:
List of Major Key Players:
The major players in the market are Broadview Energy Solutions B.V., Crowley Maritime Corporation, Gasum Oy, Harvey Gulf International Marine LLC, Korea Gas Corporation, Petroliam Nasional Berhad (PETRONAS), Shell plc, SHV Energy NV (SHV Holdings), TotalEnergies SE and Trelleborg AB.
Key highlights of the report:
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