According to a research report “ Liquefied Natural Gas (Lng) Bunkering Market” by Application (Tanker, Ferry and ro-ro, Container, Others) End-user (Commercial, Defense) Geography (Europe, APAC, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1323.6 million, at a CAGR of 21.48% during the forecast period. The global natural gas market is experiencing significant growth due to the increasing supply of unconventional resources such as coalbed methane, shale gas, and tight gas. According to the International Energy Agency (IEA), the US is expected to account for 40% of the global increase in natural gas production by 2023, with shale gas production in the Permian Basin alone projected to double during this period. By 2023, the US is anticipated to produce approximately 890 billion cubic meters (bcm) or 22% of the global natural gas output. This surge in US production underscores the growing importance of unconventional resources in the global oil and gas industry..
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By Application, the Tanker segment is projected to dominate the market size in 2024
The oil and chemical tanker segment encompasses vessels carrying various commodities, including crude oil, chemicals, oil products, and gases like LNG and LPG. This sector holds substantial potential for the implementation of LNG as a marine fuel due to the increasing demand for cleaner energy sources. Notably, shuttle tankers, which facilitate the transportation of crude oil from offshore installations to onshore refineries, are extensively utilized in the North Sea. Recent additions to this segment consist primarily of Aframax and Suezmax oil tankers, boasting over 100,000 deadweight tonnage (DWT). Furthermore, the construction of 114,000 DWT ice-class 1A tankers is underway, enabling year-round operation in the Baltic Sea and Northern Europe for the transport of crude oil and petroleum products.
By End-user, Commercial segment is expected to hold the largest market size for the year 2024
The commercial sector of the global LNG bunkering market is experiencing significant growth due to the increasing demand for cargo transportation via ships and the surge in international trade agreements. Furthermore, the expansion of manufacturing units and factories, particularly in the Asia Pacific region, is driving the need for cargo shipping to meet supply chain requirements, thereby fueling the growth of the global LNG bunkering market. In response to this increased demand for shipping services, vendors have started supplying LNG to commercial clients for bunkering purposes. This trend is aimed at promoting a carbon-neutral society by reducing greenhouse gas emissions, making LNG a preferred choice for sustainable shipping fuel.
Europe is forecasted to hold the largest market size by region in 2024
The International Energy Agency (IEA) reports that Russia, the world's second-largest natural gas producer, holds substantial underutilized production capacity in the Yamal Peninsula. With a focus on diversifying export outlets beyond pipelines, Russia is anticipated to contribute approximately 15 billion cubic meters (bcm) to the global liquefied natural gas (LNG) market's projected 140 bcm capacity by 2023. Meanwhile, Hammerfest in Norway, also known as Polarbase, boasts the largest LNG bunkering facility in the country, featuring a storage capacity of 1,250 m3 and a pumping capacity of 90 tons per hour.
The Liquefied Natural Gas (Lng) Bunkering Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Title: LNG Bunkering Market: MOL, BP, Gasum Oy, Gazprom Neft PJSC, TotalEnergies, Shell PLC Lead the Way in LNG Bunkering The Liquefied Natural Gas (LNG) bunkering market is witnessing significant growth as maritime industries seek eco-friendly alternatives to traditional fuels like Heavy Fuel Oil (HFO). Key players in this market include MOL, BP, Gasum Oy, Gazprom Neft PJSC, TotalEnergies, and Shell PLC. MOL, BP, and Gasum Oy have already started LNG bunkering operations, with MOL's first LNG bunkering vessel serving the Baltic Sea. Gasum Oy, a Finnish energy company, has established a network of LNG bunkering stations in Finland and Germany. Gazprom Neft PJSC, TotalEnergies, and Shell PLC are also investing in LNG bunkering infrastructure. Gazprom Neft PJSC has announced plans to build an LNG bunkering terminal in the Baltic Sea, while TotalEnergies and Shell PLC are exploring opportunities in Europe and Asia. The IMO's sulfur emissions limits have accelerated the adoption of LNG as a marine fuel. The cargo fleet, bulk tanker fleet, container fleet, tanker fleet, cruise-ships, offshore support vessels, general cargo fleet, ferries, and even truck-to-ship and port-to-ship bunkering are transitioning to LNG. Shipbuilders are also responding to this trend by building new LNG-powered vessels and retrofitting existing ones. LNG bunkering options include ship-to-ship, truck-to-ship, and port-to-ship, as well as the use of portable tanks. MDO (Marine Diesel Oil) and MGO (Marine Gas Oil) are being replaced by LNG as the preferred marine fuel, offering significant environmental benefits. As the demand for LNG as a marine fuel continues to grow, these companies are poised to lead the way in this exciting and dynamic market.
Market Research Overview
The LNG bunkering market is experiencing significant business expansion with key players such as Fjord Line, EVOL LNG, Eagle LNG, Gas Natural Fenosa, Statoil ASA, PETRONAS, Total SE, SHV Energy, Crowley Maritime Corporation, and others forming partnerships and launching new products to cater to the growing demand for LNG as an alternative marine fuel. The construction and building of port infrastructure, including Gate LNG terminal, reload services, storage, and vehicle fueling stations, are underway in various regions, including the Mediterranean, the Strait of Gibraltar, and Guangzhou Port. These projects aim to address the demandsupply gap in the shipping industry and reduce pollution and environmental regulation compliance costs. The market is witnessing the production and exploration of untapped reserves of natural gas, leading to an increase in LNG shipping vessels, including tankers and hydrocarbon resource sites, to meet the energy demand. Bunker fuel suppliers are expanding their offerings to offshore destinations, and exploration and production activities are driving the need for alternative marine fuels. The digitization of the industry is also influencing the market, with technological barriers being addressed through the use of standard shipping containers, structural steel rolls and reels, and portable tanks for shipping options. The IMO's sulfur emissions limits and the shift towards eco-friendly and non-toxic fuels are further boosting the market's growth. Major shipping companies, including MDO, MGO, Heavy fuel oil, and LNG, are investing in new-build vessels to reduce fuel costs and comply with low sulfur fuels regulations. The market is also seeing the launch of LNG-driven ships, including cruise-ships, ferries, offshore support vessels, and general cargo fleet, to meet the increasing energy demand and reduce shipping emissions. The market is expected to continue growing, with major players such as NYK Line, Carnival Corporation, MOL, BP, Gasum Oy, Gazprom Neft PJSC, TotalEnergies, and Shell PLC investing in LNG bunkering infrastructure and partnerships to expand their offerings and meet the demands of the shipping industry.
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