Global Lng Bunkering Market Size 2024, Forecast To 2033
11 Mar, 2024
The LNG bunkering market has witnessed exponential growth, surging from $1.05 billion in 2023 to $1.58 billion in 2024, demonstrating a remarkable compound annual growth rate (CAGR) of 50.5%. This robust expansion in the historic period can be attributed to the upswing in gas exploration, heightened maritime trade activities, strong economic growth in emerging markets, and increased imports and exports. Looking ahead to 2028, the market is anticipated to experience continued exponential growth, reaching $7.49 billion with a CAGR of 47.6%. Projected drivers for this growth include a surge in the number of vessels and ships, a heightened demand for LNG fuel, and the increasing need for marine decarbonization. Dominant trends in the forecast period encompass the development of ship-to-containership liquefied natural gas (LNG) bunkering operations, strategic partnerships, technological advancements, product innovations, LNG bunkering of pure car and truck carriers (PCTCs), the development or use of environmentally friendly LNG bunkering vessels, and a focus on artificial intelligence-based LNG bunkering.
Global LNG Bunkering Market Key Driver
The anticipated increase in the number of vessels and ships is set to drive the growth of the LNG bunkering market. Defined as floating entities guided or propelled either independently or externally, vessels contribute to the maritime industry's reliance on LNG bunkering vessels for ship-to-ship bunkering. As reported by BIMCO in February 2023, the container fleet is expected to witness a 6.3% increase in 2023 and an 8.1% rise in 2024 following a 4.0% growth in 2022. Concurrently, supply is projected to surge by 11.3% in 2023 and 3.1% in 2024, influenced by changes in congestion and sailing speed. The escalating number of vessels and ships is thus poised to fuel the growth of the LNG bunkering market, with projected market sizes of 2023: [Insert 2023 market size], 2024: [Insert 2024 market size], and 2028: [Insert 2028 market size].
Get A Free Sample Of The Global LNG Bunkering Market ReportGlobal LNG Bunkering Market Segments
The lng bunkering market covered in this report is segmented –
1) By Type: Ship To Ship, Terminal To Ship, Truck To Ship
2) By End-User: Defense Vessels, Yachts, Cruise Ships, Ferries and OSVs, Bulk And General Cargo Fleets, Other End-Users
By Geography:The regions covered in the lng bunkering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Europe was the largest region in the LNG bunkering market in 2023. The regions covered in the lng bunkering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major LNG Bunkering Industry Players
LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc.,World Fuel Services, Crowley Maritime Corporation, SHV Energy, Engie SA, Gaz-System, Petrochina, ENN Energy Holdings Limited, Sinopec, Guanghui Energy Company Limited, Woodside Energy, Santos Ltd, Nauticor GmbH & Co. KG, Engas, Edison S.p.A, LNG Croatio LLC, Klaipedos Nafta AB, Blue Grid Gas & Power, Polskie LNG S.A, Eagle LNG Partners, Pivotal LNG Inc, FortisBC, NorthStar Holdco Energy LLC, Conrad Shipyards LLC, TOTO Maritime, Petrobras, Golar Power, YPF, Qatar Petroleum, ADNOC LNG, RasGas Company Limited, The Spanish Egyptian Gas Company, Damietta LNG Co, Petroliam Nasional Berhad, Sonatrach
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LNG Bunkering Market Overview
LNG bunkering refers to the activity of supplying a ship with liquefied natural gas fuel for its consumption. The primary benefit of using LNG as a fuel is the significant pollution reduction caused by the more traditional methods of fueling ships, such as heavy fuel oil, marine gas oil (MGO), and marine diesel fuel (MDO).
LNG Bunkering Global Market Report 2023 provides data on the global lng bunkering market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The lng bunkering market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.