LNG Bunkering Market is projected to reach US$ 25,045.8 Million by 2027: CAGR: 42.6%: Astute Analytica
NEW DELHI, March 9, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global LNG bunkering market from US$ 2,978.4 Million in 2021 to US$ 25,045.8 Million by 2027. The market is anticipated to grow at a CAGR of 42.6% during the forecast period 2022-2027. IMO regulation on sulfur content in the marine fuel and increase in gas exploration and production activities drives the growth in the market. Among shipping industry, LNG has become popular fuel as it is less pollutant method in comparison to traditional method of fuelling. Focus towards strengthening distribution and increasing number of LNG driven ships further fuel the market. Also, the pressure on the maritime industry given by environment regulators in order to reduce the amount of pollution drives the popularity of the LNG bunkering system. Increase in demand for bunker fuels from maritime transportation activities is the major factor that is anticipated to drive the growth of the LNG bunkering market during the forecast period. Maritime transportation activities include transport of essential good, commodities, and others.
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Based on product type, Ship-to-Ship segment dominates the global LNG bunkering market owing to rise in number of ships using LNG due to the need for cleaner fuel in compliance with strict government regulations to minimize air pollution and preserve sustainability. Moreover, in term of application, cargo fleet holds the highest share and is projected to grow at a fastest CAGR during the forecast period owing to the rise in transportation of bulk cargo globally. Furthermore, Asia Pacific is expected to project a highest CAGR of 46.9% in the global LNG bunkering market during the forecast period.
Market Dynamics and Trends
Drivers
IMO regulation on sulfur content in the marine fuel drives the market growth. IMO has given the permission for a global sulfur cap of 0.5% on marine fuels, this lower sulfur cap regulation in bunker fuel is expected to reduce the marine pollution, which led to increase in demand for cleaner bunker fuels among the shipping companies. Also, there will be an increase in demand for LNG bunkering from the shipping industry as it ensures increased environmental performance of marine trade including decreased greenhouse emissions.
Moreover, one of the key factors impacting the growth of the LNG bunkering market is increase in the number of exploration activities in offshore destinations as they are nearer to hydrocarbon resource sites because of high demand for LNG bunker fuels for the operation of support vessels. Rise in number of support vessels continues to directly contribute to the growth in the consumption of LNG as bunker fuel, which in turn enhances the growth of the LNG bunkering market. In addition, rise in investment towards liquefaction projects is expected to deliver additional export capacity in North America, Asia, Middle East, Africa and Russia.
Restrain
Demand and supply gap in LNG bunkering is the key factor restraining the growth of the global market. LNG marine bunker clients need supply certainty and resilient supply chains. Current LNG bunkering operations are only limited to short-sea vessels. As demand evolves for LNG as a bunker fuel, port authorities are required to pay more attention to the economics and supply availability of LNG, two of the biggest challenges for LNG bunkering market.
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Regional Analysis
US holds a major share in term of revenue in the North America LNG Bunkering Market
US is expected to project the highest CAGR of 41.9% in the North America LNG bunkering market during the forecast period. On the basis of product type, Ship-to-Ship segment holds a majority of revenue in the LNG Bunkering industry in North America. Also, based on application cargo fleet segment contributed the major share in the North American market and is projected to grow at a fastest CAGR of 42.3% during the forecast period. Rise in transportation of bulk cargo and rapid urbanization & industrialization across the developed and developing regions in the world further fuels the demand.
Russia is expected to project a fastest CAGR in the Europe LNG Bunkering Market during the forecast period
Germany held the major share in the Europe LNG Bunkering market in 2021. Ship-to-Ship segment holds a majority of the revenue in the LNG Bunkering industry in Europe and Port-to-Ship is estimated to project the CAGR of 36.1% during the forecast period as they are a good option for ports with consistent and long-term bunkering demand. Cargo fleet segment contributed the major share in the European market.
Southeast Asia held the major share in the Asia Pacific LNG Bunkering Market in 2021
China is expected to project the highest CAGR of 52.8% in the Asia Pacific LNG Bunkering market during the forecast period. The presence of emerging economies such as India and China in the region where marine trade activities are at their peak attributes the growth of the shipping industry, which in turn fuels the demand for bunker fuel. On the basis of product type, Ship-to-Ship segment holds a majority of the revenue in the LNG Bunkering industry in Asia Pacific.
Cargo fleet application segment contributed the major share in the MEA market
Middle East is one of the global leaders in the natural gas production owing to rise in demand for natural gas across the globe that increases the demand for LNG as bunker fuel. South Africa is expected to project a fastest CAGR of 43.0% in the MEA LNG Bunkering market during the forecast period. Rest of MEA held the major share in the Asia Pacific LNG Bunkering market in 2021.
Brazil is the highest shareholder in the South America LNG Bunkering Market
Brazil is expected to project the highest CAGR of 42.6% in the South America LNG Bunkering market during the forecast period. South America is one of the key regions holding the highest share in the LNG bunkering market owing to rapid growth in the oil and gas exploration and production activities in the region. On the basis of product type, Ship-to-Ship segment holds a majority of the revenue in the LNG Bunkering industry in South America.
Competitive Landscape
Global LNG Bunkering industry is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global market include Royal Dutch Shell PLC, Total SA, Engie SA, Korea Gas Corporation, Linde, Bomin Linde LNG GmbH & Co. KG, ENN Energy Holdings Ltd, Naturgy, Harvey Gulf International Marine and Kawasaki heavy industries Ltd among others.
Segmentation Overview
Global LNG bunkering market is segmented based on product type, application and region. The industry trends in global LNG bunkering market are sub-divided into different categories in order to get a holistic view of the global LNG bunkering market.
Following are the different segments of the Global LNG Bunkering Market:
- By Product Type Segment of the Global LNG Bunkering Market is Sub- Segmented into:
- Truck-to-ship
- Port-to-ship
- Ship to Ship
- Portable tanks
- By Application Segment of the Global LNG Bunkering Market is Sub- Segmented into:
- Container fleet
- Tanker fleet
- Cargo fleet
- Ferries
- Inland vessels
- Other
- By Region Type Segment of the Global LNG Bunkering Market is Sub- Segmented into:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Southeast Asia
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of Satin America
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