LNG Carrier Bunkering market is presently worth USD 229.4 million and is poised to amplify at a CAGR of 6.5% over 2022-2030, thereby amassing a valuation of USD 417.8 million by end of the assessment timeline.
Liquefied natural gas is transferred to a ship for bunkering, where it is used as fuel. It is a well-liked way of refuelling ships since it produces less pollution than other conventional methods like heavy fuel oil and marine gas oil. The industry has predicted a stable price for LNG as a fuel, and there is also a consistent supply of natural gas.
The maritime industry has been under pressure from environmental authorities to lessen the pollution that is produced by ship transportation, and the recently enacted strict rules on the content of Sulphur in marine bunker fuel are driving the popularity of the LNG bunkering system and the development of infrastructure to support it.
Market Overview:
Global demand for bunkering is being driven by shipping sector operators' increased adoption of LNG as a fuel. Sulfur oxide may be completely reduced with LNG, which is good for the environment and people's health. In order to improve air quality, the International Maritime Organization (IMO) imposed a new limit on the sulphur content of fuel oil used in ships in 2020.
The management of LNG bunkering is essential, and crew operators need adequate training to uphold safe standards. Therefore, businesses should concentrate on R&D for LNG bunkering infrastructure, installation, and operation. Companies can work together with GECF nations to purchase LNG fuel, which can then be utilised for LNG bunkering. LNG bunkering infrastructure is quickly growing, and the fuel is currently accessible in the majority of the main maritime ports. The advantages of using LNG bunker fuel are anticipated to increase interest in using LNG in place of oil as a maritime fuel.
The main factor influencing the worldwide LNG bunkering industry is the implementation of a number strict environmental rules to minimise or limit traditional air pollutants. Stringent standards and regulations have been introduced for the prevention of pollution caused by ships by the International Maritime Organization (IMO), a specialised agency of the United Nations charged with setting the standards for safety and security of international shipping and prevention of marine pollution.
The expansion of LNG manufacturing and storage facilities is being driven by an increase in the use of LNG as a bunker fuel and an increase in orders for new ships propelled by LNG. The Gas Exporting Countries Forum (GECF) members have a competitive advantage and the potential to develop into major global LNG bunkering hubs.
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Segmentation Analysis of Global LNG Carrier Bunkering market
Based on type
- Truck-to-ship
- Port-to-ship
- Ship-to-ship
- Portable tanks
- Others
Based on application
- Container fleet
- Tanker fleet
- Cargo fleet
- Ferries
- Inland vessels
- Others
Competitive Landscape:
The Key players in the Global LNG Carrier Bunkering Market are Shell plc, Total Energies, ABS Group, Gasum Ltd., Probunkers, Harvey Gulf International Marine, Nauticor GmbH & Co.KG, GAZ System, Eagle LNG Partners, Mitsui O.S.K Lines, SEA-LIQUEFIED NATURAL GAS (LNG), Titan LIQUEFIED NATURAL GAS (LNG), Carnival Corporation, & plc., Cryostary, Air Liquide, Korea Gas Corporation, and Van Ameyde Marine, and others.
COVID-19 Impact:
Due to temporary import and export limitations during the COVID-19 pandemic, the market suffered. Due to the growing demand for LNG as bunker fuel in maritime transportation, the market did recover from the dropping revenues in the second half of 2021. The regulations limiting the sulphur content of conventional fuels and improved efficiency are boosting demand for LNG bunkering infrastructure in terms of market expansion. Ships in various regions are gradually beginning to switch to LNG as a propulsion fuel. Furthermore, conventional fuel's economic viability is anticipated to be hampered by the high expenses associated with lowering its sulphur level.
- During the projection period, the tanker fleet segment is expected to have significant expansion.
- Comparing LNG to conventional bunker fuel has many advantages, including longer compliance periods and lower greenhouse gas emissions. As a result of the IMO requirements, marine vessels will switch to fuels with lower sulphur content, which makes LNG an excellent option and creates opportunities in the bunkering sector.
- The market is predicted to be dominated by North America, with the United States and Canada accounting for the majority of demand.
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