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2021
Lng Bunkering Market

LNG Bunkering Market

by Product Type (Truck-to-Ship, Port-to-Ship, Ship-to-Ship, and Portable Tanks) and Application (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A01883
Pages: 285
Mar 2021 | 17787 Views
Author(s) : Saurabh Dixit, Rutuja Danekar , Eswara Prasad
Tables: 185
Charts: 65
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LNG Bunkering Market Overview:

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 bunkering is the process of transferring LNG to a ship for its own consumption. The advantages of using LNG as a marine fuel in the shipping industry include less shipping emissions, lower operating & shipment costs, safety, non-toxic, and others. Stringent environmental regulation toward pollution caused by ship transportation is expected to be the primary growth factor in the LNG bunkering market. In the last five years, LNG has become popular fuel among shipping industry. In addition, focus toward strengthening distribution infrastructure of LNG and number of LNG driven ships are also increasing, which in turn is expected to fuel the market growth during the forecast period.

The COVID-19 outbreak has impacted negatively on the global LNG bunkering market. This is attributed to temporary ban on the maritime trade and transportation activities, thereby disrupted the supply chain and fuel demand from shipping industry.

IMO regulation on sulfur content in the marine fuel and increase in gas exploration and production activities are the key driving factors in the growth of the global LNG bunkering market. However, demand-supply gap in LNG bunkering is the key factor restraining the growth of the global market. Increase in focus toward LNG as an alternative marine fuel is expected to create opportunity in the global market.

LNG-Bunkering-Market-2020-2027

The global LNG bunkering market is segmented on the basis of product type, application, and region. The study highlights various product types of LNG bunkering available in the market such as truck-to-ship, port-to-ship, ship-to-ship, and portable tanks. Furthermore, it focusses on various applications of LNG bunkering covered in the study, which include container fleet, tanker fleet, cargo fleet, ferries, inland vessels, and others. The report covers the revenue generated by LNG bunkering across various regions such as North America, Europe, Asia-Pacific, and LAMEA.

Global LNG bunkering market analysis covers in-depth information of the major industry participants. Some of the major players in the market 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 in the value chain of the LNG bunkering industry include ENN Energy Holdings, Ltd., Statoil ASA, Gas Natural Fenosa, Eagle LNG, EVOL LNG, Fjord Line, and others.

The key players are adopting numerous strategies such as product launch, agreement, partnership, business expansion, collaboration, and acquisition to stay competitive in the LNG bunkering market.

For instance, Total SE acquired Engie’s portfolio of upstream liquefied natural gas (LNG). This portfolio includes liquefaction plants, Cameron LNG project, the U.S., long term LNG sales & purchase agreements, an LNG tanker fleet, and access to regasification capacities in Europe.

LNG bunkering market, by product type

By 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 attributed to rise in 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 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.

LNG Bunkering Market
By Product Type

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Ship-to-Ship is projected as the most lucrative segment.

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LNG bunkering market, by application

By application, in 2019, the cargo fleet segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 45.4%. This is owing to increase in demand for cargo transportation through ships and rise in trade-related agreements. In addition, rise in number of manufacturing units and factories in the region such as Asia-Pacific and LAMEA is anticipated to drive the growth of the market for cargo shipping. 

LNG Bunkering Market
By Applications

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Cargo Fleet is projected as the most lucrative segment.

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LNG bunkering market, by region

Europe garnered the highest share in the LNG bunkering market in 2019, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to numerous factors such as presence of huge consumer base and increase in maritime trade activities in the region. Moreover, rise in LNG bunkering infrastructure development activities in the European region is anticipated to contribute toward the growth of the market in Europe.

LNG Bunkering Market
By Region

2027
Europe 
North America
Asia Pacific
Lamea

Europe holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.

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COVID-19 impact on the market

Lockdown imposed due to the outbreak of the COVID-19 pandemic has resulted in temporary ban on the import and export; thereby, disrupting the supply chain and hampering the LNG bunkering market growth in the second, third, and fourth quarter of 2020. However, the market is expected to recover in the late year or by the first quarter of 2021 as the demand for LNG as bunker fuel from the maritime transport and shipping industry increases. 

Key Benefits For Stakeholders

  • The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2027.
  • A comprehensive analysis of the factors that drive and restrict the growth of the global liquid natural gas (LNG) bunkering market is provided.
  • Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
  • Estimations and LNG bunkering market forecast are based on factors impacting the global market growth, in terms of value and volume.
  • Key market players are profiled to gain an understanding of the strategies adopted by them.
  • This report provides a detailed analysis of the current global LNG bunkering market trends and future estimations from 2020 to 2027, which helps identify the prevailing market opportunities.​​​

 

LNG Bunkering Market Report Highlights

Aspects Details
By Product Type
  • Truck-to-Ship
  • Port-to-Ship
  • Ship-to-Ship
  • Portable Tanks
By Application
  • Container Fleet
  • Tanker Fleet
  • Cargo Fleet
  • Ferries
  • Inland Vessels
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Russia, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Singapore, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players BROADVIEW ENERGY SOLUTIONS B.V., CROWLEY MARITIME CORPORATION, EXXON MOBIL CORPORATION, GASUM OY, HARVEY GULF INTERNATIONAL MARINE, KLAW LNG, KOREA GAS CORPORATION, PETROLIAM NASIONAL BERHAD (PETRONAS), POLSKIE LNG S.A., ROYAL DUTCH SHELL PLC, SHV ENERGY, TOTAL SE
 

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The global LNG bunkering market is expected to register a dynamic growth during the forecast period, owing to drastic growth in maritime trade activities and exploration & production of natural gas in the developing countries such as India, China, Japan, and others. In addition, the International Maritime Organization (IMO) regulations over reduction of sulfur cap from 3.5% to 0.5% to reduce the marine pollution are expected to drive the growth of the LNG bunkering market. As these stringent environmental regulations might enhance the reduction of marine pollution. The lower sulfur cap regulation on bunker fuel is anticipated to reduce the marine pollution, which led to increase in demand for LNG bunkering among the shipping companies.

New natural gas-producing regions have vast unexplored reserves, which are enough to meet the growing energy demand in future. Exploration of these untapped reserves will affect the demand for shipping vessels, as increase in exploration and production of natural gas will require more shipping vessels to transport it to desired destinations, which will boost the growth of the LNG bunkering market.

The demand for LNG bunkering is expected to surge during the forecast period, owing to anticipated fall in consumption of HFO due to IMO regulations on high sulfur content in the marine fuel. The Asia-Pacific LNG bunkering market presents promising opportunities for natural gas providers due to high rate of container and tanker fleet growth and increased demand for LNG. However, insufficient supply chains of LNG marine bunker fuel will restrain the market growth in the upcoming years. Conversely, suppliers need to keep a check on their investment ventures and the capital required for supplying LNG bunkers in the market. This stalemate has led to a lack of action all round with shipping majors and LNG suppliers both hesitating in making major investments until the other side shows signs of commitment.

  • Furthermore, the impact of IMO specification change on reduction of sulfur cap will depend on different strategies adopted by the ship owners. There are three main options for ship owners:
  • Purchasing compliant bunker fuel without making any changes in the vessel.
  • Installation of exhaust cleaning systems on board, known as scrubbers. These scrubbers will remove sulfur dioxide emissions from the exhaust and allow the ship owners to continue burning high sulfur bunker.
  • Switching to alternative fuel such as LNG by making modifications in the vessel.

The first option will increase the demand of low sulfur content fuel. The second option would be less disruptive for refining industry but comes up with the high initial investment for vessel owner. Third option will reduce the demand for both fuel oil and gas oil. Overall IMO specification change is expected to erode high sulfur fuel consumption and is expected to increase for various types of low sulfur bunker fuels such as LNG and other biofuels.

Due to stringent government regulations, shipping companies has decided to reduce usage of bunker fuel such as residual fuel oil (RFO). They are focusing toward the adoption of alternative fuels such as LNG, biodiesel, kerosene, and others. LNG is expected to be put in newly build vessels particularly to those that operate within a geographic area particularly emission control area (ECA). Currently, infrastructure needed for LNG bunkering is limited and need to rapidly expand if LNG bunker are to become common for the largest consumers. Among the analyzed geographical regions, Europe is likely to account for the highest revenue in the market throughout the forecast period, followed by Asia-Pacific, North America, and LAMEA.

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FREQUENTLY ASKED QUESTIONS?

A. IMO regulation on the sulfur content in the marine fuel and increase in offshore gas exploration & production activities are the key factors boosting the LNG bunkering market growth.

A. Maritime shipping trade industry is projected to increase the demand for LNG bunkering market.

A. To get latest version of LNG bunkering market report can be obtained on demand from the website.

A. IMO regulation implemented on the sulfur content in the marine fuel from January 2020 is the main driver of the LNG bunkering market.

A. Applications such as container fleet, cargo fleet, tanker fleet, ferries, inland vessels and others are expected to drive the adoption of LNG bunkering.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. The COVID-19 pandemic has impacted LNG bunkering market owing to the temporary ban on maritime trade across the globe. In addition, strict majors followed by economies and temporary shutdown of industries has impacted supply chain and thereby hampered the growth of the market in the year 2020.

A. In terms of revenue, the market size of LNG bunkering market is accounted for $0.38 billion in the year 2019 and is anticipated to reach $5.14 billion by 2027, growing at CAGR of 45.2% from 2020 to 2027.

A. Top players in the LNG bunkering market are 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.

A. On the basis of product type, ship-to-ship will drive the LNG bunkering market growth during the forecast period. By application, cargo fleet segment is expected to accounted for the largest market share during the forecast period.

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