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LNG Bunkering Market

Global LNG Bunkering Market Trends, Analysis, Forecast: By End User: Tanker Fleet, Container Fleet, Bulk and Cargo Fleet, Ferries and OSV, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 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 43.96% in the forecast period of 2024-2032 to attain a value of around USD 32.47 billion by 2032.             

 

Global LNG Bunkering Market

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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.

 

Global LNG Bunkering Market by Segment

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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.

 

Global LNG Bunkering Market by Region

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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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • End User
  • Region
Breakup by End User
  • Tanker Fleet 
  • Container Fleet
  • Bulk and Cargo Fleet
  • Ferries and OSV
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Royal Dutch Shell Plc 
  • Skangas A 
  • Korea Gas Corporation
  • Harvey Gulf International Marine, LLC
  • Engie SA
  • Others
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global 
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global LNG Bunkering Market Analysis

    8.1    Key Industry Highlights
    8.2    Global LNG Bunkering Historical Market (2018-2023)
    8.3    Global LNG Bunkering Market Forecast (2024-2032)
    8.4    Global LNG Bunkering Market by End User
        8.4.1    Tanker Fleet 
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Container Fleet
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Bulk and Cargo Fleet
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Ferries and OSV
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Others    
    8.5    Global LNG Bunkering Market by Region
        8.5.1    North America
            8.5.1.1    Historical Trend (2018-2023) 
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Europe
            8.5.2.1    Historical Trend (2018-2023) 
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Asia Pacific
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Latin America
            8.5.4.1    Historical Trend (2018-2023) 
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Middle East and Africa
            8.5.5.1    Historical Trend (2018-2023) 
            8.5.5.2    Forecast Trend (2024-2032)
9    North America LNG Bunkering Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe LNG Bunkering Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific LNG Bunkering Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America LNG Bunkering Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa LNG Bunkering Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Royal Dutch Shell Plc
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Skangas A
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Korea Gas Corporation
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Harvey Gulf International Marine, LLC
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Engie SA
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global LNG Bunkering Market: Key Industry Highlights, 2018 and 2032
2.    Global LNG Bunkering Historical Market: Breakup by End User (USD Billion), 2018-2023
3.    Global LNG Bunkering Market Forecast: Breakup by End User (USD Billion), 2024-2032
4.    Global LNG Bunkering Historical Market: Breakup by Region (USD Billion), 2018-2023
5.    Global LNG Bunkering Market Forecast: Breakup by Region (USD Billion), 2024-2032
6.    North America LNG Bunkering Historical Market: Breakup by Country (USD Billion), 2018-2023
7.    North America LNG Bunkering Market Forecast: Breakup by Country (USD Billion), 2024-2032
8.    Europe LNG Bunkering Historical Market: Breakup by Country (USD Billion), 2018-2023
9.    Europe LNG Bunkering Market Forecast: Breakup by Country (USD Billion), 2024-2032
10.    Asia Pacific LNG Bunkering Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    Asia Pacific LNG Bunkering Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Latin America LNG Bunkering Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Latin America LNG Bunkering Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Middle East and Africa LNG Bunkering Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Middle East and Africa LNG Bunkering Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Global LNG Bunkering Market Structure

Key Questions Answered in the Report

In 2023, the global LNG bunkering market attained a value of nearly USD 1.22 billion.

The market is projected to grow at a CAGR of 43.96% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 32.47 billion by 2032.             

The major market drivers include the increasing demand for LNG bunkering, growing investments in the maritime transportation sector, and introduction of stringent government regulations aimed at reducing carbon emissions.

The key trends propelling the market growth include growing environmental consciousness and rapid investments in research and development activities.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The significant end users of LNG bunkering are tanker fleet, container fleet, bulk and cargo fleet, and ferries and OSV, among others.

The major players in the market are Royal Dutch Shell Plc, Skangas A, Korea Gas Corporation, Harvey Gulf International Marine, LLC, and Engie SA, among others.

Analyst Review

The global LNG bunkering market attained a value of USD 1.22 billion in 2023, driven by the stringent regulations pertaining to the sulphur content of marine fuels. Aided by the rising air and water pollution, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 43.96%. The market is projected to reach USD 32.47 billion by 2032.             

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on end user, the industry can be segmented into tanker fleet, container fleet, bulk and cargo fleet, ferries and OSV, and others. The major regional markets for LNG bunkering are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Royal Dutch Shell Plc, Skangas A, Korea Gas Corporation, Harvey Gulf International Marine, LLC, Engie SA, and others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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