About LNG Bunkering
LNG bunkering is to provide liquefied natural gas to ships for their own consumption. The bunker fuel is used by marine vessels which include tankers, containers ships, ferries and offshore port vessels. LNG offers benefits such as low emission over natural gas as it contains low sulfur content. Moreover, International Maritime Organization (IMO) growing focus to cut down the emission is further supplementing LNG demand amid volatility in prices globally.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 35.2% |
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global LNG Bunkering market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Gazpromneft Marine Bunker LLC, [Russia], Royal Dutch Shell PLC [Netherlands], Bomin Linde LNG GmbH & Co. KG [Germany], Skangass AS [Norway], Korea Gas Corporation [South Korea], Harvey Gulf International Marine LLC, [United States], ENGIE [France], Polskie LNG SA, [Poland], Eagle LNG Partners [United States] and ENN Group [China] are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Gasum [Finland], Crowley Maritime [United States], Swedegas [Sweden], Prima LNG [Belgium], Enagas [Spain] and Fjord Line [Norway].
Segmentation Overview
AMA Research has segmented the market of Global LNG Bunkering market by Type (Portable Tanks, Ship-to-ship, Port-to-ship and Truck-to-ship) and Region.
On the basis of Type, Ship-to-ship are dominating the market in the year 2023On the basis of geography, the market of LNG Bunkering has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Norway, Poland, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Vessel , the sub-segment i.e. Tankers will boost the LNG Bunkering market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Users, the sub-segment i.e. Tanker Fleet will boost the LNG Bunkering market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Shift in Preferences with Focus on LNG Over Natural Gas Owing to Its Cost Effectiveness
Market Growth Drivers:
Stringent Emission Norms by Regulatory Body, I.e., International Maritime Organization, LNG Ability to Offer High Calorific Value and Cleaner Burning Fuel and Increasing Sea-borne Trade Activities
Challenges:
Fluctuation in LNG Costs in Global Market and Availability of Alternative Fuel
Restraints:
Weak Supply Chain of LNG Bunkering and High Initial Infrastructural Set up Cost Involved
Opportunities:
Stringent Emission Norms by Regulatory Body, I.e., International Maritime Organization
Market Leaders and their expansionary development strategies
In December 2023, Bomin Linde LNG GmbH & Co. KG partnered with TITAN LNG to expand LNG bunkering services in the Mediterranean.
In January 2024, Seaspan Energy launched its first of three 7600m3 LNG bunkering vessels, the Seaspan Garibaldi.
From 1 January 2020, the IMO Marpol Annex VI regulation on limiting sulphur content of bunker fuel to a maximum of 0.5% will enter into force. At present, the global sulphur content cap on bunker fuel is at 3.5%, a level considered easy to comply with for vessel operators.
Key Target Audience
LNG Bunkering Processors, Suppliers/Distributors, Government Agencies, Research Institutes, Potential Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.