LNG bunkering Market Size, Share, Growth Report 2032

LNG bunkering Market

LNG bunkering Market By Vessel(Tankers, Container Ships, Bulk & General Cargo Vessels, Ferries & Offshore Support Vessels Ceramics), By Product Type(Portable Tanks, Ship-to-Ship, Port-to-Ship , Truck-to-Ship), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032

Category: Energy & Mining Report Format : PDF Pages: 110 Report Code: ZMR-3253 Published Date: Mar-2024 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 874.12 Million USD 6,731.60 Million 25.46% 2023

The global LNG bunkering market size was worth around USD 874.12 million in 2023 and is predicted to grow to around USD 6,731.60 million by 2032 with a compound annual growth rate (CAGR) of roughly 25.46% between 2024 and 2032.

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The report covers forecast and analysis for the LNG bunkering market on a global and regional level. The study provides historic data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Million).

LNG Bunkering Market: Overview

Natural gas is a combination of few gases and has no color; however, it is generally made from methane with an average composition of 70 to 99% by mass, depends upon the composure. Different constituents generally found in flammable gas are ethane, propane, and butane. Natural gas is one of the cleanest consuming fuel accessible today with insignificant amount of sulfur or fiery debris content. When utilized in a motor, it emits low levels of nitrogen dioxide and carbon dioxide. Bunkering is a procedure to refuel the marine vessels. Bunkering is done through pipelines associated with a terminal or direct exchange from trucks or ships. Easy transportation and capacity of fluid natural gas make its adoption feasible. Conversion of natural gas into the fluid state at –161°C is advantageous for simple transport and delivering. High combustion of natural gas in lower density results in the reduction of emissions of carbon dioxide, which is a harmful greenhouse gas. In comparison to marine gas, natural gas is cost-effective and economical in nature. 

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The study includes drivers and restraints for the LNG bunkering market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the LNG bunkering market on a global level.

In order to give the users of this report a comprehensive view of the LNG bunkering market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein the vessel segment and product type segment are benchmarked based on their market size, growth rate, and general attractiveness. 

The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, technology, and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, product portfolio of various companies according to region.

LNG Bunkering Market: Growth Drivers

LNG bunkering is experiencing the highest growth rate in developed as well as developing countries. Escalating number of vessels using LNG owing to the need for cleaner fuels in compliance with the stringent government regulations in order to reduce air pollution and maintain sustainability is the main driver that is boosting the growth of the market. This particular factor is driving the development of the LNG bunkering market. The regulatory organization the International Maritime Organization (IMO) in 2012, expressed that boats must reduce their sulfur content in fuel from 4.5% to 3.5 Different end-users are substituting and replacing the conventional and traditional fuels because of the cost effectiveness, for example, natural gas with LNG, given its noteworthy cost advantage over the previous. LNG generally has lower volume than traditional flammable gases, and because of this attribute, it makes LNG safe and easier to transport. This has prompted widespread usage of LNG across different enterprises thus making it extremely favorable for the market to grow. Moreover, formulating rules and standards are driving structural growth in the development of LNG as a shipping fuel. These regulations are implemented through the IMO's for the prevention of pollution from ships, yachts, and boats. Although these motors have their own prerequisites and fuel requirements, certain regions have likewise been assigned with stricter emission limits. Other than air quality measure, the IMO is additionally introducing devices to monitor, screen, and substantially reduce GHG (Greenhouse Gas) emissions from ships. 

LNG Bunkering Market: Segmentation

The study provides a decisive view of the LNG bunkering market by segmenting the market based on vessel, product type, and regions. All the segments have been analyzed based on present and the future trends and the market is estimated from 2024 to 2032.

Based on vessel, the LNG bunkering market is segmented into container ships, tankers, ferries & offshore support vessels, and bulk & general cargo vessels.

On the basis of product type, the market is segmented into port-to-ship, portable tanks, ship-to-ship, and truck-to-ship. 

LNG Bunkering Market: Report Scope

Report Attributes Report Details
Report Name LNG Bunkering Market Research Report
Market Size in 2023 USD 874.12 Million
Market Forecast in 2032 USD 6,731.60 Million
Growth Rate CAGR of 25.46%
Number of Pages 110
Key Companies Covered Skangas, Korea Gas Corporation, Harvey Gulf International Marine LLC, Fjord Line, Polskie LNG, Royal Dutch Shell Plc., ENN Energy, Prima LNG, Bomin Linde LNG GmbH & Co KG, and Crowley Maritime Corporation, among others.
Segments Covered By Vessel, By Product Type, And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

LNG Bunkering Market: Regional Analysis

The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. This segmentation includes demand for LNG bunkering market based on all segments in all the regions and countries.

Europe held substantial revenue share of the global LNG bunkering market in 2023 and the region is anticipated to continue with its regional supremacy over the forecast time period. The growth of this regional market is attributed because Norway region in Europe is considered to be the biggest bunking center, as it offers more than 18,000 LNG bunk stations. Additionally, rising uncertainties for limiting the natural effect and expanding ventures towards reconstructing and updating LNG foundation is foreseen to additionally support the development of LNG bunkering market in Europe. In 2023, the European Union (EU) states affirmed the European Commission's proposition of contributing USD 24.18 million for creating productive and supportable transportation for LNG bunkering. 

Asia Pacific region is predicted to provide significant opportunities for LNG bunkering. The region is a manufacturing hub. Because of this, the manufacturing and production activities in this region have a demand for energy. As indicated by International Energy Agency, the energy demand from Southeast Asia from 2000 to 2013 had expanded by more than 50%. The Oceanic and Port Authority of Singapore reported of investing capital of USD 1.45 million for construction of six vessels under a program in 2023, in order to examine the strategies for activities and security conventions which are required for LNG bunkering. Such initiatives are anticipated to drive LNG bunkering market growth in the Asia Pacific region over the forecast timeframe. 

LNG Bunkering Market: Competitive Analysis

The report also includes detailed profiles of end players such as:

  • Skangas
  • Korea Gas Corporation
  • Harvey Gulf International Marine LLC
  • Fjord Line
  • Polskie LNG
  • Royal Dutch Shell Plc.
  • ENN Energy
  • Prima LNG
  • Bomin Linde LNG GmbH & Co KG
  • Crowley Maritime Corporation
  • Among others

 The global LNG bunkering market is segmented as follows:

Global LNG Bunkering Market: Vessel Segment Analysis

  • Tankers
  • Container Ships
  • Bulk & General Cargo Vessels
  • Ferries & Offshore Support Vessels Ceramics

Global LNG Bunkering Market: Product Type Segment Analysis

  • Portable Tanks
  • Ship-to-Ship
  • Port-to-Ship 
  • Truck-to-Ship

Global LNG Bunkering Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

LNG bunkering refers to the process of providing liquefied natural gas (LNG) to ships for use as fuel.

According to study, the global LNG bunkering market size was worth around USD 874.12 million in 2023 and is predicted to grow to around USD 6,731.60 million by 2032.
 

The CAGR value of LNG bunkering market is expected to be around 25.46% during 2024-2032.
 

Europe has been leading the global LNG bunkering market and is anticipated to continue on the dominant position in the years to come.
 

The global LNG bunkering market is led by players like Skangas, Korea Gas Corporation, Harvey Gulf International Marine LLC, Fjord Line, Polskie LNG, Royal Dutch Shell Plc., ENN Energy, Prima LNG, Bomin Linde LNG GmbH & Co KG, and Crowley Maritime Corporation, among others.

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