LNG Bunkering Market Fuels Growth at 42.5% CAGR, to Reach USD 6.97 Bn by 2027, Reports Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Oct 05, 2021, 04:30 ET

LONDON, Oct. 5, 2021 /PRNewswire/ -- Global LNG Bunkering Market is valued at USD 0.58 Billion in 2020 and expected to reach USD 6.97 Billion by 2027 with the CAGR of 42.5% over the forecast period. Increasing IMO regulations on sulfur content in the marine fuel and strict government regulation to reduce carbon footprints are driving the growth of Global LNG Bunkering Market.

The Detailed Market intelligence report on the "LNG Bunkering Market Size, Share & Trends Analysis Report By Type (Truck-To-Ship, Ship-To-Ship, Port-To-Ship, Others), By Application (Tanker Vessels, Container Vessels, Ferries & OSV, Bulk & General Cargo Vessels, Others) Based On Region, And Segment Forecasts, 2021 - 2027"

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Scope of The Report:

Liquefied natural gas (LNG) is fuel gas that has been changed over to liquid form for simplicity of storage or transport. It is colorless, odorless, non-corrosive and non-toxic. Bunkering is the providing of fuel for use by ships, and incorporates the shipboard coordination of loading fuel and delivering it among accessible bunker tanks. Bunker is usually applied to the capacity of petroleum-based commodities in tanks, and the training and business of refueling ships. Bunkering tasks are placed at seaports. They integrate the storage space of ship fuels and the provision of the fuel to vessels.

LNG Bunkering is the act of giving liquefied natural gas fuel to a boat for its own utilization. LNG bunkering foundation can be utilized to supply zero-carbon fuels in the form of liquefied biomethane (LBM) or liquefied synthetic methane (LSM), with practically no modification, so empowering the progress to a decarbonized shipping industry. LNG bunkering ports and fortification vessels can be establish on SEA-LNG's Bunker Navigator. The key benefit of LNG as a fuel is the tremendous decrease in pollutant caused by the more conventional technique for fueling boats, for example, heavy fuel oil, marine gas oil (MGO), and marine diesel fuel (MDO). The LNG bunkering between shore to ship or ship to ship is finished by utilizing a QC/DC coupling. QCDC represents speedy connect disconnect.

The COVID-19 pandemic has also impacted the growth of global LNG bunkering market. During COVID-19 pandemic, lockdown forced by various government organizations has also brought prohibition on the import and export. Hence, pandemic disturbed the supply network and hampered the LNG bunkering market development. However, the market is relied upon to grow over post pandemic as the demand for LNG as bunker fuel from the oceanic transport and shipping industry increments.

News: JAX LNG And TOTE Complete First Renewable LNG Bunkering In U.S.

On September 27th, 2021; JAX LNG completed the main filling of a marine vessel in the U.S. with a merge of renewable liquefied natural gas (RLNG) and liquefied natural gas (LNG). The Clean Jacksonville is America's first LNG bunkering vessel. Component markets provided the renewable petroleum gas (RNG) utilized to create the RLNG through renewable thermal certificates (RTCs). Delivered from the decomposition of natural waste, RNG is viable with existing natural gas framework, giving a practical and replicable source of energy that mitigates and repurposes fossil fuel byproducts. For this bunkering, renewable thermal certificates were synchronized to the actual LNG loaded into the Clean Jacksonville to formulate the RLNG/LNG blended item.

Key Players of Global LNG Bunkering Market Report:

Global LNG bunkering market reports cover prominent players like Broadview Energy Solutions B.V., Gasum Oy, Klaw LNG, Polskie LNG S.A., Korea Gas Corporation, Crowley Maritime Corporation, SHV Energy, Total SE, Harvey Gulf International Marine, Royal Dutch Shell Plc, PETRONAS, Exxon Mobil Corporation and others.

Global LNG Bunkering Market Segmentation:

By Type:

Truck-to-Ship
Ship-to-Ship
Port-to-Ship
Others

By Application:

Tanker Vessels
Container Vessels
Ferries & OSV
Bulk & General Cargo Vessels
Others

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Increasing IMO Regulations on Sulfur Content in the Marine Fuel and Strict Government Regulation to Reduce Carbon Footprints are Some of the Major Factors Driving the Growth of Global LNG Bunkering Market

One of the major factors driving the growth of global LNG bunkering market is increasing IMO regulations on sulfur content in the marine fuel. To follow the IMO guidelines, fleet proprietors are proceeding to utilize high sulfur fuel oil (HSFO) by retrofitting vessels with scrubbers (least expense arrangement) or changing to the utilization of low-sulfur fuel oils (VLSFO) or utilizing fuels, like LNG among others. For instance; from January 2020, United Nations delivering office the International Maritime Organization (IMO) will prohibit ships from utilizing fuels with sulfur content above 0.5%, contrasted and 3.5% at this point. The guidelines are pointed towards working on human wellbeing by decreasing air contamination.

In addition, strict government regulation to reduce carbon footprints is also fostering the market growth. Stringent government laws in different nations across the globe to lessen chemical emissions of dangerous gases are also expected to fuel the market development. The Canadian government has made responsibilities for a huge decrease in greenhouse gases emissions, and the nation has an abundant supply of flammable gas. Also, natural gas on ignition produces less measure of greenhouse gases, making LNG a superior elective alternative fuel for Canadian delivery industry. For example; The America Bureau of Shipping (ABS) fostered a structure of risk assessment considering LNG spillage during bunkering, which incorporates spills from LNG pumps, pipes, tanks, hoses, stuffing vessel gas tanks, and outer effect. Thus, it also expected to establish appropriate environment for development of LNG bunkering market.

However, demand-supply gap for LNG bunkering may hamper the global LNG bunkering market growth. In spite of that, rising focus toward LNG as an alternative marine fuel can provide various opportunities for the further growth of the global LNG bunkering market.

North America is Expected to Dominate the Global LNG Bunkering Market North America is expected to dominate the global LNG bunkering market during the forecast period due to rising LNG demand to reduce carbon footprint in the shipping industry and stringent government regulations in this region. New laws in North America confining sulfur emissions from boats will expand transportation markets considerably further. LNG can help customers satisfy the new regulatory standards by containing almost no sulfur and particles like NOX. The business has been putting resources into the Lower Mainland and the Port of Vancouver to bunker oceangoing boats with LNG. For instance; according to the federal government's department of natural resources, maritime shipping gets a significant part of the consideration with regards to LNG as a transportation fuel, it just records for around 2% of Canada's generally speaking GHG discharges.

Europe is projected to capture a significant revenue share in the global LNG bunkering market due to the increasing adoption of various strategies such as launch, acquisition and collaborations to utilize LNG for transportation. For example, Total signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.49 billion. This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.

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Table of Content

Chapter 1 Global LNG bunkering Market: Summary and Quantitative Analysis

Chapter 2 Global LNG bunkering Market: Overview And Qualitative Analysis

Chapter 3 Competitive Analysis

Chapter 4 Global LNG bunkering Market: By Device

Chapter 5 Global LNG bunkering Market: By Solution

Chapter 6 Global LNG bunkering Market: By Software

Chapter 7 Global LNG bunkering Market: By End-User

Chapter 8 North America LNG bunkering Market Analysis

Chapter 9 Europe LNG bunkering Market Analysis

Chapter 10 Asia Pacific LNG bunkering Market Analysis

Chapter 11 Latin America LNG bunkering Market Analysis

Chapter 12 Middle East & Africa LNG bunkering Market Analysis

Chapter 13 Competitive Analysis

Chapter 14 Market Research Findings & Conclusion

Chapter 15 Research Methodology

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