Latest News- Liquefied Natural Gas (Lng) Bunkering Market: Tanker is expected to lead the Application segment during 2024-2028

The Liquefied Natural Gas (Lng) Bunkering Market is being driven by Increase in supply of LNG

The Liquefied Natural Gas (Lng) Bunkering Market is expected to grow at a CAGR of 21.48% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1323.6 million. The transportation sector, encompassing roadways, shipping, and aviation, plays a crucial role in facilitating the global movement of goods and people. Maritime transport, a significant contributor to world trade and economic growth, relies heavily on the consumption of fuel for powering vessels. Unfortunately, this fuel consumption results in the emission of greenhouse gases (GHG), primarily carbon dioxide (CO2), from the combustion of petroleum-based products. As maritime transport continues to expand, so too will the demand for fuel and the subsequent environmental impact. The Liquefied Natural Gas (LNG) bunkering market emerges as a potential solution to mitigate these emissions, offering a cleaner and more sustainable alternative to traditional fossil fuels. This transition not only benefits the environment but also positions businesses at the forefront of sustainable innovation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Tanker
  • Ferry and ro-ro
  • Container
  • Others
• End-user
  • Commercial
  • Defense
• Geography
  • Europe
    • Norway
    • Denmark
  • APAC
    • Singapore
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in supply of LNG
• Growing marine logistics business
• Stringent government regulations pertaining to marine transport emissions

However, the market also witnesses some limitations, which are as follows:

• High capital requirements for using LNG as a marine fuel
• Fluctuation in oil and gas prices
• Infrastructural challenges in using LNG as a marine fuel

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Market Scope in Liquefied Natural Gas (Lng) Bunkering Market Research Report

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Research Analysis Overview

The LNG bunkering market encompasses the supply and use of LNG as an alternative marine fuel. Key components include LNG fuel, LNG infrastructure such as bunkering facilities and LNG vessels, and the LNG supply chain. LNG adoption is driven by maritime regulations favoring low sulfur fuels, and the growth of eco-friendly and sustainable shipping. LNG bunkering technology enables LNG refueling at sea via LNG tankers, floating storage, and bunkering stations. LNG transport and storage solutions are essential for the LNG maritime industry's expansion. LNG emissions are significantly lower than those of traditional marine fuels, making LNG a preferred choice for reducing the carbon footprint of shipping. LNG conversion of existing vessels is also an option for those seeking to transition to cleaner fuel sources. The cost-effectiveness and availability of LNG fuel continue to be important factors in the market's growth.

Market Research Overview

The LNG bunkering market is a significant segment of the larger oil and gas storage and transportation industry. This sector caters to the transfer of liquefied natural gas (LNG) from storage facilities or carrier vessels to marine vessels, offering eco-friendly shipping alternatives to heavy fuel oil, MGO, and MDO. Shipbuilders are increasingly focusing on portable tanks and innovative port-to-ship and truck-to-ship LNG bunkering solutions to cater to the growing demand for cleaner fuel options. The global oil and gas storage and transportation market, which encompasses companies dealing with the transportation and/or storage of gas, oil, and refined products, is expected to experience substantial growth due to escalating energy demand, dwindling fossil fuel reserves, volatile fuel prices, and environmental concerns. Technavio projects the market's expansion based on the consolidated revenues generated by providers of equipment, supplies, and services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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