The global LNG bunkering market size was valued at $0.38 billion in 2019 and is projected to reach $5.14 billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027. LNG is an attractive alternative fuel for seagoing vessels and inland vessels, as liquefied natural gas emits fewer polluting substances. LNG is a potential substitute according to IMO emission prerequisites, owing to its negligible sulfur content and low production of NOx contrary to fuel oil and marine diesel oil. LNG is clean burning fuel coupled with financial points of interest on a calorific value basis among other fuels.
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The rise in marine-borne trade has increased the demand for
LNG as bunker fuel and LNG bunkering services. Furthermore, an increase in gas
exploration and production activities in emerging gas regions drives the growth
of the LNG bunkering market as many bunker fuel suppliers changed their focus
of operation to these offshore resource sites. In addition, the IMO regulation
on sulfur content in marine fuel has forced the shipping industry to focus on
new alternatives such as LNG, which is less harmful to the marine environment,
which in turn is anticipated to fuel the market growth in the upcoming years.
Moreover, growth in opportunities for market players to expand the business of
LNG bunkering in emerging economies such as India, Japan, South Korea, and
China is expected to provide lucrative opportunities for the growth of the
global LNG bunkering market, due to the exploration of untapped hydrocarbon
reserves in these oil & gas emerging countries.
Depending on the product type, the ship-to-ship segment held
the highest market share of around 60.5% in 2019 and is expected to maintain
its dominance during the forecast period. This is due to the rise in the number
of ships using LNG due to the need for cleaner fuel in compliance with
stringent government regulations to minimize air pollution and preserve
sustainability. In addition, due to advantages such as fast transfer operations
and a high capacity of 700-7,500 tons, the ship-to-ship LNG bunkering segment
is expected to witness substantial revenue growth during the forecast period.
On the basis of application, the cargo fleet segment holds
the largest market share, in terms of revenue, and is expected to grow at a
CAGR of 45.4%. This is owing to an increase in demand for cargo transportation
through ships and a rise in trade-related agreements. In addition, the rise in
the number of manufacturing units and factories in the region such as
Asia-Pacific and LAMEA is anticipated to drive the growth of the LNG bunkering
market for cargo shipping.
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On the basis of the region, the market is analyzed across
North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant
share in 2019 and is anticipated to maintain this trend during the forecast
period. This is attributed to numerous factors such as the presence of a huge
consumer base and an increase in maritime trade activities in the region. Moreover,
the rise in LNG bunkering infrastructure development activities in the European
region is anticipated to contribute toward the growth of the LNG bunkering
market in Europe.
The global LNG bunkering market analysis covers in-depth
information on the major industry participants. The key players operating and
profiled in the report include Broadview Energy Solutions B.V., Crowley
Maritime Corporation, Gasum Oy, Harvey Gulf International Marine, Klaw LNG,
Korea Gas Corporation, Polskie LNG S.A., Royal Dutch Shell Plc, SHV Energy,
Total SE, PETRONAS, and Exxon Mobil Corporation.
Other players operating in the value chain of the global LNG
bunkering industry are ENN Energy Holdings, Ltd., Statoil ASA, Gas Natural
Fenosa, Eagle LNG, EVOL LNG, Fjord Line, and others.
COVID-19’s impact on the market
- The
demand for marine fuel has decreased, owing to the COVID-19 pandemic
across the world. According to the International Energy Agency (IEA), fuel
oil demand for end uses including marine bunker, power generation, and
industrial uses is expected to decline by 6.3% in 2020. Furthermore, as
LNG and crude oil prices declined in the 2nd quarter of 2020, thus, the
overall revenue of the bunkering industry is likely to diminish in the
second quarter of 2020. Owing to the implementation of IMO-2020 in
January, there is an increase in demand for very low sulfur fuel oil and
its alternatives such as LNG, Methane, and others but with the supply
chain disruptions, there will be ups and downs in the low sulfur bunker
fuel sales throughout 2020.
- It is
expected that the demand for LNG bunker fuel in Singapore is expected to
remain steady throughout 2020, owing to the shipowner’s optimistic
attitude or faith toward the largest bunkering hub. Thus, all these
factors collectively are antedated to result in sluggish growth of the
global LNG bunkering market in 2020 and are likely to increase by the end
of the first quarter of 2021.
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Key Findings Of The Study
- In
2019, the ship-to-ship segment accounted for around 60.5% of the share in
the global LNG bunkering market and is expected to maintain its dominance
throughout the forecast period.
- In
2019, the cargo fleet segment accounted for 24.8% market share in the year
2019 and is anticipated to grow at a rate of 25.1% in terms of revenue,
increasing its share in the global LNG bunkering market.
- Container
fleet is the fastest-growing application in the Asia-Pacific LNG bunkering
market, expected to grow at a CAGR of 46.2% during 2020–2027.
- Asia-Pacific
is expected to grow at the fastest rate, registering a CAGR of 45.9%,
throughout the forecast period.
- In
2019, Europe dominated the global LNG bunkering market with more than
39.4% of the share, in terms of revenue.
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