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The global LNG Bunkering Market is projected to witness a major jump in its revenue from US$ 2,978.4 Mn in 2021 to US$ 25,045.8 Mn by 2027. The market is registering a CAGR of 42.6% over the forecast period 2022-2027. The energy transition is a pathway towards the transformation of the global energy sector. At its heart is the need to reduce energy-related CO2 emissions to limit climate change. LNG is one of the best solutions available compared to higher content fossil fuels (coal, diesel, oil, etc.) and renewable energy. LNG is a cleaner fuel than conventional marine fuels, such as heavy fuel oil, marine diesel fuel, and marine gas fuels. LNG bunkering is the practice of providing liquefied natural gas to a ship for its own consumption. The advantages of using LNG as a marine fuel in the shipping industry include fewer shipping emissions, lower operating & shipment costs, safety, non-toxic, and others.
The growing impetus of the LNG bunkering market is attributed to factors such as IMO regulation on sulfur content in the marine fuel and increase in gas exploration and production activities. Standards and regulations for LNG bunkering are developed by organizations such as SIGTTO (Society of International Gas Tankers and Terminal Operators), OCIMF (Oil Companies International Marine Forum), and IMO (International Maritime Organization), among others. Furthermore, LNG fuel has low sulfur content and needs comparatively less processing to meet the sulfur content limits hence it requires smaller and less expensive modifications compared to conventional marine fuels. However, the demand and supply gap for LNG bunkering hinders the market growth.
The study of the global LNG bunkering market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the LNG bunkering industry for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the Global LNG Bunkering Market across 14 chapters and 172 pages. The report includes data presentation across 37 tables and 81 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein the bargaining power of buyers is high.
The subsequent section provides details of the market analysis based on different segments such as product type, application, and region. The report includes a detailed study of the value chain of the industry. It includes raw material providers, manufacturers, distributors, and end-users. The report also covers extensively the key competitors in the market for LNG bunkering.
Key Takeaway from the Global LNG Bunkering Market Report
The 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:
By Application Segment of the Global LNG Bunkering Market is sub-segmented into:
By Region Segment of the Global LNG Bunkering Market is sub-segmented into:
|Market Size Value in 2021||US$ 2,978.4 Mn|
|Expected Revenue in 2027||US$ 25,045.8 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Product Type, Application, and Region|
|Key Companies||Bomin Linde LNG GmbH & Co. KG, ENN Energy Holdings Ltd., FueLNG, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Global LNG Bunkering Market is projected to grow at a CAGR of 42.6% during the forecast period 2022-2027.
LNG Bunkering is the practice of providing liquefied natural gas fuel to a ship for its own consumption.
The size of the Global LNG Bunkering Market in 2021 was US$ 2,978.4 Million.
IMO regulation on sulfur content in the marine fuel and increase in gas exploration and production activities.
Product type and application are the different segments of the Global LNG Bunkering Market.
Cargo fleet segment are expected to drive the adoption of LNG bunkering.
Less shipping emissions in comparison to more traditional method, lower operating cost, safety and others are the advantages of using LNG in the shipping industry.
Port-to-Ship segment is projected to grow at the highest CAGR during the forecast period.
Demand and supply gap for LNG bunkering restrain the growth in the Global LNG Bunkering Market.
Russia is expected to project a fastest CAGR in the Europe LNG bunkering market during the forecast period.
Rapid urbanization & industrialization across the developed and developing regions in the world further fuels the demand for bulk cargo shipping.
Royal Dutch Shell PLC, Total SA, Engie SA, Korea Gas Corporation, Linde, Bomin Linde LNG GmbH & Co. KG, ENN Energy Holdings Ltd, Harvey Gulf International Marine and Kawasaki heavy industries Ltd among others.