LNG Bunkering Market Set to Soar Past USD 8,983.84 Million by 2030
The global LNG Bunkering market size is expected to reach USD 8,983.84 million by 2030 and exhibit a CAGR of 35.26% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand for cleaner and more sustainable marine fuels, tightening regulations on emissions in the shipping industry, growing adoption of LNG as a marine fuel, government initiatives and incentives to promote LNG bunkering, are fueling the Market’s growth.
Westford, USA, Aug. 29, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the LNG Bunkering market, growing investment in LNG bunkering infrastructure, increasing number of LNG bunkering vessels and barges, emergence of small-scale LNG bunkering solutions, development of LNG bunkering hubs and corridors, integration of digital technologies for efficient bunkering operations, adoption of LNG as a fuel for offshore support vessels and ferries, exploration of alternative green fuels like bio-LNG and synthetic LNG, focus on standardization and regulations for safe LNG bunkering practices, are the trends that aid in the market’s growth.
Browse in-depth TOC on “LNG Bunkering Market”
- Pages – 165
- Tables – 68
- Figures – 75
LNG bunkering is the process of refueling ships with liquefied natural gas (LNG). LNG is a cleaner-burning fuel than traditional marine fuels, such as heavy fuel oil, and it is gaining popularity as a way to reduce emissions from shipping. LNG bunkering can be done at shore-based terminals or from LNG bunkering vessels.
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Prominent Players in LNG Bunkering Market
- AET LNG Bunkering
- BW Gas
- Gasum
- Golar LNG
- Hoegh LNG
- Knutsen LNG
- Nakilat
- Shell
- Skangas
- Statoil
- TotalEnergies
- Volaris Energy
- Waterfront LNG
- Chart Industries
- Fjord LNG
- GTT
- MAN Energy Solutions
- NS Energy
- Qingdao Sea King LNG
Container Ships Demand to Grow Substantially in the Forecast Period
Container ships dominated the global market due to their major global trade presence. It also has the capacity to carry large volumes of cargo. As the shipping industry looks for cleaner and more sustainable fuel alternatives, LNG is increasingly being adopted as a viable option. In addition, container ships typically have a long lifespan, and retrofitting them to run on LNG or constructing new LNG-powered container ships can help meet stricter emission regulations.
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Commercial Shipping is the Leading Application Segment
Commercial Shipping is the leading segment in terms of application as it represents a significant portion of global marine fuel consumption. In addition, stringent emission regulations, such as the International Maritime Organization’s (IMO) sulfur cap, have pushed shipping companies to seek cleaner fuel alternatives like LNG. Therefore, the need to comply with emissions regulations and reduce environmental impact drives the adoption of LNG bunkering in the commercial shipping segment.
Europe is the leading Market Due to Stringent Emission Regulations
Region-wise, Europe is one of the largest growing markets with a huge emphasis on emission regulations. Several European countries, such as the Netherlands, Norway, and Germany, have invested substantially in LNG bunkering infrastructure, including ports and bunkering vessels. Additionally, Europe has a dense network of maritime routes and a significant presence of container shipping, making it an ideal region for LNG bunkering adoption.
A recent report thoroughly analyzes the major players operating within the LNG Bunkering market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for LNG Bunkering.
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Critical Developments in the LNG Bunkering Market
- Total Energies and its partner CMA CGM inaugurated a ship-to-containership LNG bunkering operation in the southern French port of Marseille Fos.
Key Questions Answered in LNG Bunkering Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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