According to the report, Increasing adoption of LNG as a shipping fuel with an enhanced focus on sustainable development. is one of the primary growth factors for the market. Fuel systems with increased energy efficiency is also expected to contribute significantly to the LNG bunkering equipment market. Overall, applications of LNG bunkering equipment, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Product, such as Cargo containment system (CCS), is boosting the LNG bunkering equipment market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Ship Type, such as Tankers, is boosting the LNG bunkering equipment market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
New technologies and major shifts in the industry will be game-changing factors that all players have to react now in order to maintain strong positions in the future. As many industry experts agree that significant changes are ahead. AMAs Analyst on the Global LNG bunkering equipment market identified that the demand is rising in many different parts of the world as "Rising end-user refuels via ship to-ship bunkering at sea". Furthermore, some recent industry insights like "In May 2021, The Shell expands LNG bunkering network with new vessel charter. It announced a significant milestone for its liquefied natural gas (LNG) marine fuels business with the charter of a new LNG bunkering supply vessel being constructed in Spain that will add further flexibility to customers on key trade routes., , and In March 2023, ZIM Integrated Shipping Services Ltd. and Shell North America LNG LLC (Shell), are pleased to announce the successful bunkering of the ZIM SAMMY OFER container vessel with liquefied natural gas (LNG). This vessel was bunkered at Kingston Freeport Terminal Limited (KFTL). The safe and efficient LNG bunkering of the ZIM SAMMY OFER is a great achievement for all parties involved" which is constantly making the industry very dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global LNG bunkering equipment market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2023 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the LNG bunkering equipment market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall LNG bunkering equipment market size is calculated using market estimation process, the LNG bunkering equipment market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global LNG bunkering equipment market size has been validated using both top-down and bottom-up approaches.