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
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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:
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§ Company Analysis by Revenue and Sales
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§ Company Share Analysis by Application/End Use
§ Company Share Analysis by Product/Specification
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