Global LNG Bunkering Market Report and Forecast 2024-2032

Global LNG Bunkering Market Outlook

The global LNG bunkering market stood at a value of around USD 1.22 billion in 2023. The market is further expected to grow at a CAGR of 44.0% in the forecast period of 2024-2032 to attain a value of around USD 32.40 billion by 2032.             

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Heightened Demand for Bulk and Cargo Fleet to Propel the Global LNG Bunkering Industry

Based on end user, the bulk and cargo fleet segment is predicted to account for a significant market share in the LNG bunkering industry. This increase can be attributed to the rising demand for bulk and cargo ships for the transportation of goods and essential resources. In addition, the increasing trade activities with the growing imports and exports are also adding to its popularity. Moreover, the growing demand for consumer goods, as a result of the rising disposable incomes and increased purchasing parity, is expected to bolster the market growth in the coming years. These factors are predicted to contribute to the overall market growth in the forecast period.

Europe to Account for a Significant Market Share in the Global LNG Bunkering Industry

Europe is estimated to possess a significant share of the LNG bunkering industry in the forecast period. This growth can be attributed to the favourable government initiatives and the rising utilisation of LNG bunkering  in the region due to its environment-friendly nature compared to its counterparts. For instance, the Gas LNG Europe (GLE) launched the small-scale LNG map of Europe to help the interested market players get an overview of the planned and upcoming LNG infrastructure in the region. Moreover, the European Sea Ports Organisation’s (ESPO) Environmental Report 2020 stated that around one-third of European ports offer LNG bunkering services. In addition, the rapid investments in the marine transportation sector in Europe are anticipated to aid the market growth in the coming years.

LNG Bunkering: Market Segmentation

LNG bunkering refers to the process of transferring fuel to ships in the form of liquified natural gas. It is a popular and non-polluting method of transmission as compared to the conventional form of fuels such as heavy fuel oil and marine diesel oil, among others. This process can be carried out in different ways such as from truck to ship, ship to ship, or shore to ship. The environmental regulations pertaining to marine transportation are leading to the increased adoption of LNG bunkering.

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On the basis of end user, the market is divided into:

• Tanker Fleet
• Container Fleet
• Bulk and Cargo Fleet 
• Ferries and OSV 
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Stringent Sulphur Regulations to Augment the Growth of the Global LNG Bunkering Industry

The stringent regulations governing the use of sulphur content in fuel oil for ships are driving the market demand for LNG bunkering. According to the new ordinances titled IMO2020 put forth by the International Maritime Organisation (IMO), the sulphur content limit in marine fuels has been placed at 0.5%. These mandates were devised in an endeavour to control the rising issues of air and water pollution. As a consequence, LNG bunkering is predicted to witness a significant demand in the coming years, as it offers the  lowest carbon footprint with up to 20% low CO2 emissions, 90% low nitrogen dioxide, and reduced amount of sulphur particulates. Furthermore, the increased investments in the development of the maritime transportation sector are also estimated to aid the industry growth. These factors are anticipated to contribute to the market growth in the forecast period.

Key Industry Players in the Global LNG Bunkering Market

The report gives a detailed analysis of the following key players in the global LNG bunkering market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Royal Dutch Shell Plc
• Skangas A
• Korea Gas Corporation
• Harvey Gulf International Marine, LLC
• Engie SA
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report