Industry Background:
LNG bunkering is to provide liquefied natural gas to ships for their own consumption. The bunker fuel is used by marine vessels which include tankers, containers ships, ferries and offshore port vessels. LNG offers benefits such as low emission over natural gas as it contains low sulfur content. Moreover, International Maritime Organization (IMO) growing focus to cut down the emission is further supplementing LNG demand amid volatility in prices globally.
Attributes | Details |
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Study Period | 2019-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Gazpromneft Marine Bunker LLC, [Russia], Royal Dutch Shell PLC [Netherlands], Bomin Linde LNG GmbH & Co. KG [Germany], Skangass AS [Norway], Korea Gas Corporation [South Korea], Harvey Gulf International Marine LLC, [United States], ENGIE [France], Polskie LNG SA, [Poland], Eagle LNG Partners [United States] and ENN Group [China] |
According to AMA, the market for LNG Bunkering is expected to register a CAGR of 35.2% during the forecast period to 2030. This growth is primarily driven by Stringent Emission Norms by Regulatory Body, I.e., International Maritime Organization, LNG Ability to Offer High Calorific Value and Cleaner Burning Fuel and Increasing Sea-borne Trade Activities.
Globally, a noticeable market trend is evident Shift in Preferences with Focus on LNG Over Natural Gas Owing to Its Cost Effectiveness The Oil & Gas Storage & Transportation sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Gazpromneft Marine Bunker LLC, [Russia], Royal Dutch Shell PLC [Netherlands], Bomin Linde LNG GmbH & Co. KG [Germany], Skangass AS [Norway], Korea Gas Corporation [South Korea], Harvey Gulf International Marine LLC, [United States], ENGIE [France], Polskie LNG SA, [Poland], Eagle LNG Partners [United States] and ENN Group [China], etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies.
Key Developments in the Market:
In December 2023, Bomin Linde LNG GmbH & Co. KG partnered with TITAN LNG to expand LNG bunkering services in the Mediterranean.
In January 2024, Seaspan Energy launched its first of three 7600m3 LNG bunkering vessels, the Seaspan Garibaldi.
Regulatory Insights:
From 1 January 2020, the IMO Marpol Annex VI regulation on limiting sulphur content of bunker fuel to a maximum of 0.5% will enter into force. At present, the global sulphur content cap on bunker fuel is at 3.5%, a level considered easy to comply with for vessel operators.
Influencing Trend:
Shift in Preferences with Focus on LNG Over Natural Gas Owing to Its Cost Effectiveness
Market Growth Drivers:
Stringent Emission Norms by Regulatory Body, I.e., International Maritime Organization, LNG Ability to Offer High Calorific Value and Cleaner Burning Fuel and Increasing Sea-borne Trade Activities
Challenges:
Fluctuation in LNG Costs in Global Market and Availability of Alternative Fuel
Restraints:
Weak Supply Chain of LNG Bunkering and High Initial Infrastructural Set up Cost Involved
Opportunities:
Stringent Emission Norms by Regulatory Body, I.e., International Maritime Organization
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in LNG Bunkering Market
- Analysis about New Entrants in LNG Bunkering Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, LNG Bunkering Study Sheds Light on
The LNG Bunkering Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the LNG Bunkering industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where LNG Bunkering industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.