LNG Bunkering Market – Strengthening Demand for Effective Drives Market

LNG Bunkering Market is poised to accelerate through the growth path amidst elevating demand for maritime trade and freight transportation

Global LNG Bunkering Market, by Product Type (Truck-to-Ship, Portable Tanks, Port-to-Ship, and Ship-to-Ship), by Vessel Type (Container Fleet, Ferries, and Offshore Support Vessels), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is projected to attain a market valuation of US$ XX million in 2021 and is anticipated to grow at a CAGR of XX% during the forecast period (2021-2028), as mentioned in a new report published by Coherent Market Insights.

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Overview

LNG Bunking is the process of giving commercialized liquefied petroleum gas to a commercial ship for its consumption. The primary benefit of LNG as an alternative fuel is the significant reduction in air pollutant produced by the traditional means of fueling commercial ships including heavy fuel oil, diesel fuel (LDO), and marine gasoline (MGO) among other products. In addition, there are significant environmental benefits. For instance, as compared to the non-conventional crude oil that is burned in conventional engines, LNG produces less carbon and a lesser number of toxic gases. Moreover, LNG does not result in pollution during combustion and also produces less smoke. There are various environmental and health benefits from LNG bunkering that make it highly attractive as an alternative fuel.

Competitive Landscape

Major companies contributing to the global LNG bunkering market include Equinor, Shell (Gasnor), Bomin & Linde, Barents Naturgass, Gasum, Gaz Metro, Harvey Gulf, Polskie LNG, Engie, Eni Norge, and Korea Gas Corp.

Drivers

Growing adoption of LNG as marine fuel in maritime transportation in order to reduce the operational costs and minimize the emissions is expected to propel growth of the LNG bunkering market throughout the forecast period.

Moreover, increasing involvement of the governments in reducing the pollution caused due to water-borne trade by encouraging traders to use eco-friendly marine fuels is expected to boost growth of the LNG bunkering market over the forecast period.

The Epitome of the COVID-19 Aftermath

The global LNG bunkering market has suffered a severe impact due to the cancellation/delay of goods carrying shipments as a result of the COVID-19 pandemic. This uncertain business climate had raised a giant question mark among the market participants over the fate of their investments. Despite the global slowdown, the future is looking brighter after the upliftment of lockdowns and progressing vaccination drives, thereby paving a way for the market to grow.

Key Takeaways

• The LNG bunkering market is anticipated to grow at a CAGR of XX % during the forecast period owing to the increasing network of maritime trade and freight transportation across the oceans. For instance, in September 2021, the Indian Ministry of Shipping reported that about 95% of the country’s trade was done through maritime transport.
• Over the regional frontiers, Europe is foreseen to become a profit hub for the LNG bunkering market on the heels of a large consumer base combined with the rising investments in energy-efficient maritime trade.
• On a related note, the Asia Pacific region is another big destination for the LNG bunkering market in the view of increasing expenditure on LNG bunkering compounded with the rising energy demands across various sectors.

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