Industry Overview of LNG Bunkering Market
IMARC Group, a leading market research company, has recently releases report titled “LNG Bunkering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global lng bunkering market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is LNG Bunkering?
LNG bunkering refers to the process of supplying liquefied natural gas (LNG) to ships for use as fuel. LNG is a clean-burning fossil fuel that has gained popularity in the maritime industry as an alternative to traditional marine fuels like diesel and heavy fuel oil. The bunkering process involves transferring LNG from a storage facility to the vessel’s fuel tanks. This can be done through several methods, including ship-to-ship transfer, truck-to-ship transfer, and shore-to-ship transfer. The choice of method depends on factors such as infrastructure availability, vessel type, and LNG bunkering offers several benefits over conventional marine fuels. LNG is a cleaner-burning fuel, emitting lower levels of sulfur oxides (SOx), nitrogen oxides (NOx), particulate matter, and greenhouse gases compared to traditional fuels. It can help reduce air pollution and mitigate the environmental impact of shipping.
How big is the LNG Bunkering Market?
The global LNG bunkering market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.72% during 2023-2028.
What Are the Growth Prospects and Trends in The LNG Bunkering Industry?
The LNG bunkering industry holds promising growth prospects, fueled by various trends shaping the maritime sector. One significant trend is the global push for decarbonization and the transition towards cleaner fuels. LNG, with its lower emissions of sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter, is seen as a viable alternative to conventional marine fuels. This trend is driving the adoption of LNG as a marine fuel and creating a demand for LNG bunkering infrastructure and services. Another trend is the increasing number of LNG-powered vessels entering the market. Ship owners and operators are recognizing the environmental and economic benefits of LNG as a fuel source, leading to a surge in LNG-powered ships across different sectors, including container ships, tankers, and ferries. This growth in LNG-powered vessels creates a direct demand for LNG bunkering services to ensure a reliable and efficient fuel supply.
Furthermore, the development of LNG bunkering infrastructure is a key trend in the industry. Ports and terminal operators are investing in LNG bunkering facilities to cater to the growing demand. This includes the construction of dedicated LNG bunkering vessels, onshore storage tanks, and loading facilities. The expansion of LNG bunkering infrastructure not only enables the supply of LNG to vessels but also supports the development of new LNG bunkering hubs and trade routes. Additionally, collaborations and partnerships among stakeholders in the LNG bunkering value chain are driving industry growth. Energy companies, shipping companies, port authorities, and infrastructure providers are joining forces to establish comprehensive LNG bunkering networks. This collaborative approach ensures a seamless and standardized bunkering process, enhances safety protocols, and builds confidence among stakeholders, ultimately boosting the adoption of LNG as a marine fuel.
What is included in market segmentation?
The report provides detailed segmentation of the global LNG bunkering market based on based on product type and application and region.
Breakup by Product Type:
- Ship-to-Ship
- Truck-to-Ship
- Port-to-Ship
- Portable Tanks
Breakup by Application:
- Cargo Fleet
- Container Fleet
- Tanker Fleet
- Ferries
- Inland Vessels
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
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.
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