loader
report-image

LNG Carrier Bunkering Market Size, Industry Analysis Report By type (Tanker to ship (TTS), Port to ship (PTS), Ship to ship (STS)), By application (Container vessels, Tanker vessels, Bulk and general cargo vessels) & Region – Forecasts

  • PUBLISHED ON
  • 15/09/2022
  • NO OF PAGES
  • 247
  • CATEGORY
  • Automotive & Transportation

Market Overview

The global LNG Carrier Bunkering market was valued at USD 11.78 billion in 2022 and expected to grow at a CAGR of 7.8% during the forecast period. Providing gasoline to a ship for its own use is known as bunkering. The storage of ""bunker"" fuel and the supply of the gasoline to vessels are both a part of this business, which is typically located near seaports. Government restrictions aimed at reducing chemical emissions and maintaining sustainability in the shipping sector are strict. The number of LNG vessels in the shipping sector is growing as a result. Compared to other gases, liquefied natural gas (LNG) emits fewer pollutants because of its low sulphur content.

The reason for this development is the growing need for bulk and cargo ships to convey goods and vital resources. Its popularity is also being boosted by the expanding commerce operations and rising imports and exports.

In addition, rising disposable incomes and more purchasing power are anticipated to fuel an increase in consumer demand, which is anticipated to support market expansion in the years to come. These elements are anticipated to support market expansion overall during the anticipated timeframe.

Depending on tanker capacity, there are several tanker fleets such as small tankers, intermediate tankers, medium-range 1 (MR1), medium-range 2 (MR2), large range 1 (LR1), large range 2 (LR2), very large crude carriers (VLCC), and ultra-large crude carriers (ULCC). Bulk quantities of gases and liquids are stored or transported using tanker fleets. These are used to store and transport substances including vegetable oil, freshwater, wine, molasses, and chemicals as well as other goods.

Global LNG bunkering market size will be driven by changing energy trends and strict government regulations to reduce airborne emissions, including sulphur and nitrous oxide. If it can reduce carbon emissions by 20% to 25%, it will be adopted over other alternatives that are currently available. To lessen marine pollution, IMO and MARPOL adopted tough standards in 2015 to lower the sulphur and nitrous levels. Some of the key factors that will boost product demand are technological advancements in vessel designs that reduce maintenance requirements, increase fuel efficiency, and improve performance, dependability, and safety.

Report Scope

Report Attributes

Description

Market Size in 2022

USD 11.78 Billion

Market Forecast in 2031

USD 14.26 Billion

CAGR % 2023-2031

7.8%

Base Year

2022

Historic Data

2019-2021

Forecast Period

2023-2031

Report USP

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Type (Tanker to ship (TTS), Port to ship (PTS), Ship to ship (STS)), By Application (Container vessels, Tanker vessels, Bulk and general cargo vessels)

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

Gasum, Shell (Gasnor), Equinor, Barents Naturgass, Engie, Bomin and Linde, Eni Norge, Harvey Gulf, Polskie LNG, Korea Gas Corp, Gaz Metro, and others.

 

Impact of COVID

Due to the COVID-19 pandemic, the LNG Carrier Bunkering market has been impacted in several ways. The global lockdowns and travel restrictions have led to a decline in demand for LNG, particularly in the transportation sector. The restrictions on trade and shipping have also affected the supply chain, leading to delays in the delivery of LNG carriers and related equipment. Moreover, the reduced economic activity and financial uncertainty have slowed down investments in new projects, affecting the growth prospects of the LNG Carrier Bunkering market.

However, despite these challenges, the LNG Carrier Bunkering market has also experienced some opportunities during the pandemic. For instance, the lower oil prices have made LNG more competitive as a fuel, leading to increased demand from marine and transportation industries. Additionally, the transition towards cleaner and sustainable energy sources has gained momentum, creating new opportunities for LNG Carrier Bunkering market players to promote LNG as a clean fuel alternative.

Overall, while the COVID-19 pandemic has impacted the LNG Carrier Bunkering market negatively, the long-term outlook remains positive, with increasing demand for clean and sustainable energy sources creating opportunities for growth in the future.

Type Insights

Tanker to Ship (TTS) Bunkering: In this type of bunkering, the LNG is transferred from an LNG tanker to an LNG carrier. The TTS bunkering method is commonly used for large-scale transfers and can transfer LNG at a rate of up to 12,000 cubic meters per hour.

Port to Ship (PTS) Bunkering: In this type of bunkering, the LNG is supplied to an LNG carrier at a terminal or port through fixed or mobile LNG storage and transfer facilities. This method of bunkering is mainly used when the vessel is docked at the port.

Ship to Ship (STS) Bunkering: In this type of bunkering, LNG is transferred between two LNG carriers that are in close proximity to each other. The STS bunkering method is often used in areas where infrastructure for TTS or PTS bunkering is not available.

Application Insights

Container vessels: These are cargo ships that carry goods in large containers. They are commonly used in international trade and transportation of goods.

Tanker vessels: These are ships that are specifically designed for the transportation of liquid cargo, such as oil, chemicals, and liquefied natural gas.

Bulk and general cargo vessels: These are cargo ships that transport large quantities of unpackaged goods, such as grains, coal, and ore.

The LNG Carrier Bunkering market is primarily driven by the growing demand for liquefied natural gas as a cleaner alternative to conventional fuels. The adoption of LNG as a marine fuel is gaining traction due to the International Maritime Organization's (IMO) regulations to reduce emissions from ships. The use of LNG as a fuel also offers economic benefits such as lower fuel costs and reduced maintenance costs. The market is expected to witness significant growth in the coming years, as more and more ships are being retrofitted to run on LNG and new LNG-powered ships are being built.

Regional Insights

North America: The North America market is driven by the increasing demand for LNG as a fuel for marine vessels, supported by government initiatives and regulations promoting the adoption of cleaner fuels. The United States and Canada are the major contributors to the growth of the LNG carrier bunkering market in the region.

Europe: Europe is expected to hold a significant share in the LNG carrier bunkering market owing to the stringent regulations for reducing greenhouse gas emissions from marine transport. The region has witnessed significant investments in infrastructure development for the supply of LNG as a fuel for marine vessels.

Asia Pacific: The Asia Pacific region is expected to witness significant growth in the LNG carrier bunkering market owing to the increasing demand for cleaner fuels and stringent regulations for reducing greenhouse gas emissions from marine transport in countries such as China, Japan, and South Korea.

Middle East and Africa (MEA): The MEA region is expected to witness significant growth in the LNG carrier bunkering market, driven by the increasing demand for LNG as a fuel for marine vessels and investments in infrastructure development for the supply of LNG as a fuel for marine vessels in countries such as Qatar and the United Arab Emirates.

South America: The South America market is expected to witness significant growth in the LNG carrier bunkering market owing to the increasing demand for cleaner fuels and investments in infrastructure development for the supply of LNG as a fuel for marine vessels in countries such as Brazil and Argentina.

Competitive Analysis

Some of the major companies operating within the market are Gasum, Shell (Gasnor), Equinor, Barents Naturgass, Engie, Bomin and Linde, Eni Norge, Harvey Gulf, Polskie LNG, Korea Gas Corp, Gaz Metro, and others. These players are focusing on product innovation, expansion, and partnerships to strengthen their market position and meet the growing demand for LNG Carrier Bunkering globally.

By Type

·         Tanker to ship (TTS)

·         Port to ship (PTS)

·         Ship to ship (STS)

·         Others

By Application

·         Container vessels

·         Tanker vessels

·         Bulk and general cargo vessels

·         others

Why to buy this Report?

The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.

The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.

The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:

§  Business Model

§  Production Capacity, Revenue, Sales, Gross Margin

§  Key Business Strategy

§  SWOT Analysis

In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:

§  Company Share Analysis from 2018-2022

§  Company Analysis by Revenue and Sales

§  Company Production Capacity, Gross Margin

§  Company Share Analysis by Application/End Use

§  Company Share Analysis by Product/Specification

Frequently Asked Questions

·         What is the market size and growth projections?

·         What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?

·         What are the top performing segments, and countries / regions of each of the markets?

·         What is the market size and growth rate across key countries / regions?

·         How big is the global & regional market in terms of revenue and volume?

·         How far market will grow in forecast period in terms of revenue and volume?

·         What factors will influence demand and supply trends across each markets during the forecast period?

·         What are the technology trends shaping various markets?

·         Which country / region has more opportunities?

·         What is the COVID-19 impact on the market and how long will it take to recover?

·         Who are the key competitors of market Players?

·         What are the market share (%) of Key Players?

·         What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?

·         What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?

 

 

 


Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


CHOOSE LICENSE TYPE
QLOUD
Pricing

Select a license type that suits your business needs

Single User Access

US $4750

Only Four Thousand Seven Hundred Fifty US dollar

  • 1 User access
  • 15% Additional Free Customization
  • Free Unlimited post-sale support
  • 100% Service Guarantee until achievement of ROI
Multi User Cost

US $5750

Only Five Thousand Seven Hundred Fifty US dollar

  • 5 Users access
  • 25% Additional Free Customization
  • Access Report summaries for Free
  • Guaranteed service
  • Dedicated Account Manager
  • Discount of 20% on next purchase
  • Get personalized market brief from Lead Author
  • Printing of Report permitted
  • Discount of 20% on next purchase
  • 100% Service Guarantee until achievement of ROI
Enterprise User Cost

US $7750

Only Seven Thousand Seven Hundred Fifty US dollar

  • Unlimited User Access
  • 30% Additional Free Customization
  • Exclusive Previews to latest or upcoming reports
  • Discount of 30% on next purchase
  • 100% Service Guarantee until achievement of ROI