LNG Bunkering Market- Industry Dynamics, Market Size, And Opportunity Forecast To 2027

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.

Report Summary

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

• Based on product type, the ship-to-ship segment holds the highest share in the LNG bunkering market in 2021. This is due to the rise in the number of ships using LNG due to the need for cleaner fuel in compliance with strict government regulations to minimize air pollution and preserve sustainability. The port-to-ship segment has the fastest CAGR during the forecast period.
• In terms of application, the cargo fleet has the highest market share in 2021 and also registers the fastest CAGR over the projection period. This is due to an increase in demand for cargo transportation through ships and a rise in trade-related agreements.
• Asia Pacific is the highest shareholder region in the Global LNG Bunkering Market and is further expected to continue its dominance over the forecast period. This is attributed to factors such as the presence of a huge consumer base and an increase in maritime trade activities in the region.

Competitive Insight

• Bomin Linde LNG GmbH & Co. KG is a company that provides liquefied natural gas as fuel for the shipping industry. The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and Application services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants. It was established in 2015 as a joint venture of Linde AG and Mabanaft GmbH & Co. KG, a subsidiary of Marquard & Bahls AG.
• ENN Energy Holdings Ltd. is an energy distributors company based in China. The company was formerly known as XinAo Gas Holdings Ltd and changed its name to ENN Energy Holdings Ltd in 2010. Its principal business includes the investment in, and the construction, operation, and management of gas pipeline infrastructure, vehicle and ship refueling stations and integrated energy projects, the sales and distribution of piped gas, LNG, and other multi-energy products.
• FueLNG is a joint venture between Keppel Offshore & Marine and Shell Eastern Petroleum (Pte) Ltd. It is based in Singapore.  It is a licensed LNG bunker supplier in Singapore. The company provides safe, cost-efficient, and reliable solutions in LNG bunkering and LNG distribution. The company’s range of services includes LNG bunkering for a wide variety of vessels through truck-to-ship or ship-to-ship bunkering and LNG distribution to industrial and commercial customers through trucks or LNG bunkering vessels
• Gazpromneft Marine Bunker is a Russia-based LNG bunkering and other Maritime services providing company. It offers services at 37 ports worldwide, including ports of Tallinn (Estonia), Constanza (Romania), Riga (Latvia), and Russia's main sea and river ports. Gazpromneft Marine Bunker’s clients include major Russian and international shipping companies. The company’s own fleet comprises 10 bunkering vessels.
• Harvey Gulf International Marine, LLC is a North America-based marine transportation, LNG bunkering service provider company. It provides fast supply, offshore supply, and multi-purpose support vessels for deepwater operations. Harvey Gulf also designs and equips some of its offshore supply vessels for dual operation as dive/construction and mooring line support vessels, affording greater flexibility to its customers.

Segmentation Overview

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:

• Truck-to-ship
• Port-to-ship
• Ship to Ship
• Portable tanks

By Application Segment of the Global LNG Bunkering Market is sub-segmented into:

• Container fleet
• Tanker fleet
• Cargo fleet
• Ferries
• Inland vessels
• Other

By Region Segment of the Global LNG Bunkering Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America