LNG Bunkering Market Size, Share, Leading Players, and Analysis up to 2028

Stratview Research, a global market research firm announces the release of the report titled – LNG Bunkering Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.

According to this report, the LNG bunkering market was estimated at USD 4.5 billion in 2021 and is likely to grow at a CAGR of 42% during 2022-2028 to reach USD 52.43 billion in 2028.

Stratview Research has segmented the market by Product Type (Truck-to-Ship, Port-to-Ship, Ship-to-Ship, and Portable Tanks), by End-Use Type (Container Vessels, Cruise-ships, Bulk Carriers, Ferries, and Offshore Support Vessels), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

What is LNG Bunkering?

Liquid natural gas (LNG) Bunkering is the method of transferring liquefied natural gas fuel from storage to a ship’s fuel tank for consumption. The stored LNG is transported at cryogenic temperatures allowing it to be condensed into a liquid state. These kinds of operations are conducted widely at ports, onboard vessels, etc. using various methods such as truck-to-ship, shore-to-ship, etc.

COVID-19 Impact

The LNG bunkering market has suffered due to the Covid-19 Pandemic. This is attributed to the temporary prohibition on maritime trade and transportation activities. This also affected the supply chain and the demand for gasoline from the shipping industries.

Market Dynamics

The major factors driving the growth of the LNG bunkering market are-

Stringent environmental regulations – LNG bunkering is considered a cleaner way to traditional heavy fuels. It emits lower levels of sulphur oxides (SOx), nitrogen oxides (NOx), etc. There are different organizations like the International Maritime Organization (IMO) that are focusing on reducing sulphur oxide emissions by limiting the global sulphur content of ships’ fuel oil. LNG bunkering ensures more sustainable fuel options for ships, reducing sulphur oxide, and other harmful emissions and improving air quality.

Cost Effectiveness – LNG bunkering offers cost advantages over traditional methods. The use of LNG can lead to operational cost savings due to lower maintenance requirements, also it provides a long engine life. This simultaneously saves the cost of the operator. Though the initial costs of infrastructure are high, LNG can result in long-term benefits compared to any other method. Additionally, LNG bunkering can also save transportation costs in certain regions where natural gas is easy availability.

Increasing investments in LNG infrastructure – Investments in LNG bunkering infrastructure are increasing to cater for the rising demand for cleaner marine fuels. In January 2023, a Houston-based investment manager - Arroyo Investors invested in an integrated shore-side LNG production and maritime transportation logistics; Seaside LNG in the U.S.

In June 2023, Titan fuel supplier has signed a long-term time agreement with Fratelli Cosulich – a global shipping organization; for an 8200Cbm capacity LNG bunker vessel.

With investments like this, LNG infrastructure, including storage facilities, bunkering vessels, terminals, etc. will be easily available. The increasing availability of LNG will enable the supply chain for LNG bunkering which will further ensure a reliable source of fuel.

Key Players

• Bomin Linde LNG GmbH & Co. KG
• Eagle LNG Partners.
• Engie SA
• ENN Energy Holdings Limited.
• Gasnor AS
• Harvey Gulf International Marine LLC.
• Korea Gas Corporation
• Polskie LNG
• Royal Dutch Shell plc.
• Skangass AS.

Why Stratview Research?

Reports published by Stratview Research helps the users in several ways. The user can –

• Gain a deeper understanding of the market and the impact of Covid-19 on the market.
• Get rigorous analysis and progressive insights into the market across the globe.
• Assess current and future market trends, and challenges of the market.
• Gain a comprehensive view on the growth strategies of the key players.
• Get updates related to recent changes, M&As, new product launches and many such news related to the market, and even more.

Along with these detailed information, Stratview Research also provides customized reports.

Segment Analysis

The market is segmented as truck-to-ship, port-to-ship, ship-to-ship, and portable tanks. The ship-to-ship LNG bunkering market is expected to observe an expansion of over 60% by 2024, owing to its quick transfer operations and high capacity. Capacity to allow the movement of cargo and bunkering operations to occur simultaneously, which will further glorify the industry landscape during the forecast period. On the other hand, the availability of pipelines on ports along with larger hoses to elevate the bunkering rate; will positively influence the port-to-ship market size. Low cost and quick transfer operations will go a long way in promoting the acceptance of truck-to-ship operations.

The market is segmented into container vessels, cruise ships, bulk carriers, ferries, and offshore support vessels. The RO-Pax LNG bunkering market is likely to experience strong growth over the forecast period on account of its high fuel consumption. The segment consists of cruise ships, ferries, and Roll-On and Roll-Off car carriers. Sanguine outlook towards international maritime trade coupled with stringent environmental regulations to steer the market with lucrative returns.

North America led the market for LNG bunkering in 2021 and is expected to maintain its indubitable lead during the forecast period. The growth of the region can be attributed to the current shale production with stringent emission norms, which will flourish business growth. Furthermore, increasing focus to maintain fossil fuel sustainability along with rising concern to reduce environmental impact will lead the market growth. Also, growing investments towards the upgradation and rebuilding of LNG infrastructure to further augment the industry outlook. Europe and Asia-Pacific are also expected to have substantial growth opportunities over the forecast period.

Customize this report –

• Which are the factors impacting the LNG Bunkering Market?
• How can any business develop revenue streams?
• What should be the growth strategy and strategy to make top customers shift towards your brand?
• Which noteworthy steps can one take to stay ahead of competitors?

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