LNG Bunkering Market Pegged for Robust Expansion by 2028

Stratview Research, a global market research firm announces the release of the report titled – LNG Bunkering Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.

According to this report, the LNG bunkering market was estimated at USD 4.5 billion in 2021 and is likely to grow at a CAGR of 42% during 2022-2028 to reach USD 52.43 billion in 2028.

Stratview Research has segmented the market by Product Type (Truck-to-Ship, Port-to-Ship, Ship-to-Ship, and Portable Tanks), by End-Use Type (Container Vessels, Cruise-ships, Bulk Carriers, Ferries, and Offshore Support Vessels), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

What is LNG Bunkering?

Liquid natural gas (LNG) Bunkering is the method of transferring liquefied natural gas fuel from storage to a ship’s fuel tank for consumption. The stored LNG is transported at cryogenic temperatures allowing it to be condensed into a liquid state. These kinds of operations are conducted widely at ports, onboard vessels, etc. using various methods such as truck-to-ship, shore-to-ship, etc.

COVID-19 Impact

The LNG bunkering market has suffered due to the Covid-19 Pandemic. This is attributed to the temporary prohibition on maritime trade and transportation activities. This also affected the supply chain and the demand for gasoline from the shipping industries.

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Segment Analysis

The market is segmented as truck-to-ship, port-to-ship, ship-to-ship, and portable tanks. The ship-to-ship LNG bunkering market is expected to observe an expansion of over 60% by 2024, owing to its quick transfer operations and high capacity. Capacity to allow the movement of cargo and bunkering operations to occur simultaneously, which will further glorify the industry landscape during the forecast period. On the other hand, the availability of pipelines on ports along with larger hoses to elevate the bunkering rate; will positively influence the port-to-ship market size. Low cost and quick transfer operations will go a long way in promoting the acceptance of truck-to-ship operations.

The market is segmented into container vessels, cruise ships, bulk carriers, ferries, and offshore support vessels. The RO-Pax LNG bunkering market is likely to experience strong growth over the forecast period on account of its high fuel consumption. The segment consists of cruise ships, ferries, and Roll-On and Roll-Off car carriers. Sanguine outlook towards international maritime trade coupled with stringent environmental regulations to steer the market with lucrative returns.

North America led the market for LNG bunkering in 2021 and is expected to maintain its indubitable lead during the forecast period. The growth of the region can be attributed to the current shale production with stringent emission norms, which will flourish business growth. Furthermore, increasing focus to maintain fossil fuel sustainability along with rising concern to reduce environmental impact will lead the market growth. Also, growing investments towards the upgradation and rebuilding of LNG infrastructure to further augment the industry outlook. Europe and Asia-Pacific are also expected to have substantial growth opportunities over the forecast period.

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