The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 10, 2023 /PRNewswire/ — As per The Business Research Company’s LNG Bunkering Global Market Report 2023, the LNG bunkering market size is expected to grow from $0.7 billion in 2022 to $1 billion in 2023 at a compound annual growth rate (CAGR) of more than 50%. The LNG bunkering market size is then expected to grow to $5.1 billion in 2027 at a CAGR of more than 48%. The market is expected to grow due to drivers such as increase in number of vessels and ships, demand for LNG fuel, and marine decarbonization needs.
The global LNG bunkering market is concentrated, with a few large players in the market. The market concentration can be attributed to the high barriers to entry, in terms of high costs and the stringent regulations set up by the regulatory authorities. Gasum Ltd. was the largest competitor with a 6.84% of the market, followed by Korea Gas Corporation, Shell plc, TotalEnergies, Harvey Gulf International Marine LLC, World Fuel Services, Crowley Maritime Corporation, SHV Energy, Engie SA and Gaz-System.
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The development of environmentally friendly LNG bunkering vessels is becoming a key trend in the LNG bunkering market. Companies in the market are developing or using advanced LNG bunkering vessels that produce reduced greenhouse gas emissions, making them environmentally friendly. For example, in February 2022, Kyushu Electric Power Co., Inc., a Japan-based electric power distribution company, NYK Line, a Japan-based shipping company, Itochu Enex Co., Ltd., a Japan-based oil and gas company, and Saibu Gas Co., Ltd., a Japan-based gas business company, established a joint venture company, KEYS Bunkering West Japan Co., Ltd. (“KEYS”), with the goal of beginning the operation of the liquefied natural gas (LNG) fuel supply business for ships in Japan’s Kyushu and Setouchi regions in 2024. The parties concluded the shipbuilding contract for an LNG bunkering vessel between Mitsubishi Shipbuilding Co., Ltd., and KEYS. Through this alliance, the parties and KEYS, dealing with environmentally friendly LNG fuel, plan to contribute to reduced greenhouse gas emissions.
In addition, strategic partnerships between LNG bunkering market companies are on the rise, especially in low- and middle-income countries. These partnerships seek to improve LNG fuel systems and enhance access to LNG bunkering to enable the reduction of greenhouse gas emissions. Major companies in the LNG bunkering market are focusing on strategic partnerships to strengthen their capabilities in the market. For example, in June 2022, CMA CGM Group, a France-based shipping and logistics company, and Shell Plc, a UK-based oil and gas company, agreed to accelerate decarbonizing the marine sector.
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The global LNG bunkering market is segmented –
1) By Type: Ship To Ship, Terminal To Ship, Truck To Ship
2) By End-User: Defense Vessels, Yachts, Cruise Ships, Ferries And OSVs (Offshore Service Vessels), Bulk And General Cargo Fleets, Other End-Users
3) By Application: Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels, Other Applications
As per The Business Research Company’s LNG bunkering market overview, the top growth potential in the LNG bunkering market by end-user will arise in the bulk and general cargo fleets market, which will gain $3.2 billion of global annual sales by 2027.
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