According to the latest report by IMARC Group, titled “LNG Bunkering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global LNG bunkering market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global LNG bunkering market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.72% during 2023-2028.
it is used as an eco-friendly alternative to conventional fuel in inland vessels, ferries, container fleet, etc. In line with this, LNG reduces sulfur and particulate matter to negligible levels while minimizing nitrogen oxide emissions. As a marine fuel, it offers various benefits, including lower operating and shipment costs, improved safety, non-toxic properties, etc.
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LNG bunkering Market Trends & Drivers
The growing number of gas exploration and production activities and the inflating levels of industrialization are primarily driving the LNG bunkering market. Additionally, the implementation of several stringent environmental regulations by government bodies across countries regarding sulfur content in marine fuel, increasing pollution levels caused by ship transportation, and continuous advancements in the distribution infrastructures of LNG are further catalyzing the market growth. Besides this, the widespread adoption of LNG as a shipping fuel with an enhanced focus on sustainable development and its easy availability in maritime hubs are also positively influencing the global market.
Moreover, the introduction of LNG manufacturing and storage facilities and the rising utilization of truck-to-ship LNG bunkering practices are acting as significant growth-inducing factors. Apart from this, the elevating consumer concerns towards the depletion of fossil fuels and extensive investments in R&D activities by the leading manufacturers are anticipated to fuel the LNG bunkering market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Broadview Energy Solutions B.V., Crowley Maritime Corporation, Gasum Oy, Harvey Gulf International Marine LLC, Korea Gas Corporation, Petroliam Nasional Berhad (PETRONAS), Shell plc, SHV Energy NV (SHV Holdings), TotalEnergies SE and Trelleborg AB.
The report has been segmented the market into following categories:
Breakup by Product Type:
- Portable Tanks
Breakup by Application:
- Cargo Fleet
- Container Fleet
- Tanker Fleet
- Inland Vessels
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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