What is the Historical Analysis of the LNG Bunkering Market Size?
The lng bunkering market has seen considerable growth due to a variety of factors.
• The market size for LNG bunkering has seen exponential expansion lately. The sector, projected at $1.56 billion in 2024, is anticipated to increase to $2.34 billion in 2025, marking a compound annual growth rate (CAGR) of 50.0%.
This significant growth during the historic period can be credited to factors like the surge in gas exploration activities, a boost in maritime trading activities, sturdy economic expansion in up-and-coming markets, and a rise in import and export activities.
What Will Be The LNG Bunkering Market Size In The Future?
The lng bunkering market is expected to maintain its strong growth trajectory in upcoming years.
• There is an anticipation for a substantial surge in the LNG bunkering market in the coming years, with its size expanding to $10.86 billion by 2029, growing at a CAGR of 46.8%.
This expansion within the forecasted period can be attributed to factors such as the rise in vessels and ships, increasing demand for liquefied natural gas fuel, and the ongoing needs for marine decarbonization. Notable trends within this period to be considered include executing ship-to-containership LNG bunkering operations, establishing strategic partnerships and technological advancements, transforming product innovations, including LNG bunkering of PCTCs, promoting or utilizing environment-friendly LNG bunkering vessels, and prioritizing artificial intelligence-based LNG bunkering.
What Are The Essential Drivers Behind The Growth Of The LNG Bunkering Market?
The growth of the LNG bunkering market is anticipated to be propelled by the rising number of vessels and ships. By definition, a vessel is any object that has the ability to float and can be manoeuvred or propelled, either autonomously or with external assistance. LNG bunkering vessels, which facilitate ship-to-ship bunkering, are contributing to the increased adoption of LNG as a maritime fuel. For example, in February 2023, the Baltic and International Maritime Council (BIMCO), a non-government organization based in Denmark, reported that a 4.0% increase in 2022 would be followed by 6.3% and 8.1% growth in 2023 and 2024 respectively in the container fleet. It's projected that supply will rise by 11.3% in 2023 and 3.1% in 2024, as a result of changes in congestion and sailing speed impacting fleet productivity. Thus, the escalating number of vessels and ships will stimulate the advancement of the LNG bunkering market in the upcoming years.
What are the Market Segments in the LNG Bunkering Market?
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
Subsegments:
1) By Ship To Ship: Bunker Barges, LNG-Fueled Vessels
2) By Terminal To Ship: Shore-to-Ship Transfer Systems, Fixed Terminal Facilities
3) By Truck To Ship: Mobile Bunkering Units, LNG Transport Trucks
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What Trends are Shaping the LNG Bunkering Market?
The rise of innovation is a significant trend dominating the LNG bunkering market. Many leading companies in the market are steering their focus towards pioneering innovative practices to maintain their foothold. An example of such innovation includes ship-to-containership liquefied natural gas (LNG) bunkering. In January 2022, CMA CGM, a renowned shipping and logistics company based in France, alongside with TotalEnergies, a France-based all-inclusive energy and petroleum corporation, initiated Marseille's maiden ship-to-containership liquefied natural gas bunkering network. The operation involved the refueling of CMA CGM BALI, a 15,000 TEU LNG-energized containership that operates the MEX 1 route between Asia and South Europe, with around 6,000m3 of LNG. The fuel was provided by TotalEnergies' Gas Vitality, the premier LNG bunker vessel stationed in France, through a ship-to-ship transfer at the Eurofos container terminal, while the containership simultaneously executed cargo procedures.
Who Are the Key Players in the LNG Bunkering Market?
Major companies operating in the LNG bunkering market include:
• 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
What are the Regional Insights into the LNG Bunkering Market?
Europe was the largest region in the LNG bunkering market in 2024. The regions covered in the LNG bunkering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
