The global LNG bunkering market was valued at $214 million in 2016, and is expected to reach $10,185 million by 2023, registering a CAGR of 58.5% from 2017 to 2023. Liquid Natural Gas (LNG) is an environment-friendly and commercially attractive fuel used in ships. LNG as a marine fuel has gained importance in the last few years due to the upcoming regulations on sulfur emissions. Technical solutions for LNG supply infrastructure and on-board storage and processing are available.
The International Maritime Organization’s regulations of sulfur cap of 0.50% m/m (mass/mass) in 2020 for marine fuels, increase in ocean-borne trade, especially in ton-km travelled, and lower cost of LNG bunker fuel than other variants of ECA-compliant fuels are the factors that drive the development of the global LNG bunkering market. However, demand-supply gap for LNG bunkering is expected to hamper the market growth. Moreover, development of LNG bunkering infrastructure and regulatory framework is expected to be a key challenge for the market.
The global LNG bunkering market is segmented based on end user and geography. By end user, it is categorized into tanker fleet, bulk & general cargo, offshore vessels & ferries, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2016, Europe occupied the highest market share, followed by Asia-Pacific. Asia-Pacific is expected to account for one-third share of the global LNG bunkering market by 2023, witnessing substantial growth in the emerging countries, such as, China, India, and South Korea.
The prominent players in the global LNG bunkering market focus on product development and agreements as their key strategies to gain significant market share.
The key players profiled in the report are as follows:
Barents Naturgass As
Bomin Linde LNG GmbH & Co. KG
Eni Norge AS
Harvey Gulf International Marine Llc.
Polskie LNG SA
Korea Gas Corp.
KEY BENEFITS FOR STAKEHOLDERS
This report provides an extensive analysis of the current trends, emerging estimations, and dynamics in the LNG bunkering market.
In-depth analysis of LNG bunkering market is conducted and estimations for key segments between 2014 and 2022 are provided.
Comprehensive analysis of factors that drive and restrain the growth of the market are provided.
LNG bunkering market share for all segments with respect to each geography is detailed in the report.
Key market players are profiled and their strategies are analyzed thoroughly, which provides a competitive outlook of the LNG bunkering industry trends.
KEY MARKET SEGMENTS
By End User
Bulk & General Cargo
Offshore Vessels & Ferries
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
*The other players in the value chain include
Galp Energia SGPS SA
GDF SUEZ S.A.
Hornbeck Offshore Services Inc.
Gulfmark Offshore Inc.
Compa??a Espa?ola de Petroleos SAU
*Profiles of these players are not included in the report, but can be included on request.