BANGALORE, India, June 8, 2022 /PRNewswire/ — The Global LNG Bunkering Market is Segmented by Type (Truck-to-Ship, Port-to-Ship, Ship-to-Ship, Portable Tanks), by Application (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Oil & Gas Category.
The global LNG bunkering market size was valued at USD 0.38 Billion in 2019 and is projected to reach USD 5.14 Billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027.
Major factors driving the growth of the LNG Bunkering market
IMO regulation on sulfur content in the marine fuel and increase in gas exploration and production activities are the key driving factors in the growth of the global LNG bunkering market.
Stringent environmental regulation of pollution caused by ship transportation is expected to be the primary growth factor in the LNG bunkering market. In the last five years, LNG has become a popular fuel in the shipping industry. In addition, the focus on strengthening the distribution infrastructure of LNG and the number of LNG driven ships are also increasing, which in turn is expected to fuel the market growth during the forecast period.
The advantages of using LNG as a marine fuel in the shipping industry include less shipping emissions, lower operating & shipment costs, safety, non-toxic, and others.
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TRENDS INFLUENCING THE GROWTH OF LNG MARKET
The International Maritime Organization’s impending regulation will cut the sulfur cap limit on marine gasoline from 3.5 percent to 0.5 percent, having far-reaching implications for the global shipping sector, commodity markets, and economy. Thus, the new International Maritime Organization (IMO) regulations will increase the LNG bunkering fuel market. This factor is expected to drive the growth of the LNG bunkering market.
The high capital expenditure (CAPEX) for LNG engines and fuel tanks has historically been a deterrent to adoption. Recent shipyard costs, on the other hand, show significantly lower LNG premiums above traditional boats. This is due to substantial LNG newbuilding experience, technological advancements that contribute to increased shipyard efficiency, and current market conditions that favor newbuilding purchasers. These factors result in a lower CAPEX barrier for LNG as a maritime fuel, as well as higher returns on investment. Thus the diminishing Capex of LNG is expected to drive the growth of the LNG bunkering market.
Traditional fuel purchases are made on a dollar-per-ton basis, but the transaction is truly about purchasing energy. Because it contains more energy for a given mass, LNG has a cheaper energy cost per tonne when compared to Heavy Fuel Oil (HFO) by roughly 24%. The energy content of LNG as a maritime fuel is 50 GJ per tonne, but HFO is just 40.5 GJ per tonne. This emphasizes the favorable impact that increased LNG energy availability has on investment. This is expected to further fuel the LNG bunkering market.
Furthermore, LNG is generally immune to price fluctuations. This relationship directly contrasts with HFO or diesel where the underlying commodity oil dominates costs. As a consequence, the cost of LNG marine fuel bunkers continues to remain less volatile than traditional oil-based marine fuels.
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LNG MARKET SHARE
Based on type, in 2019, the ship-to-ship category had the biggest market share of roughly 60.5 percent, and this dominance is likely to continue throughout the forecast period. This is owing to an increase in the number of ships using LNG as a cleaner fuel to comply with tough government laws aimed at reducing air pollution and preserving the environment.
Based on application, the cargo fleet category will hold the highest share in 2019 and is predicted to increase at a CAGR of 45.4 percent. This is due to an increase in demand for cargo transportation by ship and an increase in trade agreements.
Based on region, Europe dominated the LNG bunkering market in 2019, and it is expected to continue to do so throughout the forecast period. This is due to a variety of causes, including a large customer base and an expansion in maritime commercial operations in the region. Furthermore, the increased development of LNG bunkering infrastructure in the European region is expected to add to the market’s growth in Europe.
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Key Companies:
- Broadview Energy Solutions B.V.,
- Crowley Maritime Corporation,
- Gasum Oy,
- Harvey Gulf International Marine,
- Klaw LNG,
- Korea Gas Corporation,
- Polskie LNG S.A.,
- Royal Dutch Shell Plc,
- SHV Energy,
- Total SE,
- PETRONAS,
- Exxon Mobil Corporation.
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SIMILAR REPORTS:
– Due to the COVID-19 pandemic, the global LNG As A Bunker Fuel market size is estimated to be worth USD 9410.2 Million in 2022 and is forecast to a readjusted size of USD 64990 Million by 2028 with a CAGR of 38.0% during the review period.
– In 2020, the global Liquefied Natural Gas (LNG) market size was USD 135420 Million and it is expected to reach USD 205280 Million by the end of 2027, with a CAGR of 5.7% during 2021-2027.
– The global Small-Scale LNG market size is projected to reach USD 67 Million by 2027, from USD 48 Million in 2020, at a CAGR of 5.6% during 2021-2027.
– The global Oil and Gas Analytics market size is projected to reach USD 48130 Million by 2027, from USD 13220 Million in 2020, at a CAGR of 20.1% during 2021-2027.
– Due to the COVID-19 pandemic, the global Compressed Natural Gas (CNG) Tanks market size is estimated to be worth USD 1896.2 Million in 2022 and is forecast to a readjusted size of USD 3085 Million by 2028 with a CAGR of 8.5% during the review period.
– Due to the COVID-19 pandemic, the global Compressed Natural Gas (CNG) market size is estimated to be worth USD 196250 Million in 2022 and is forecast to a readjusted size of USD 276180 Million by 2028 with a CAGR of 5.9% during the review period.
– The global Container Fleet market size is projected to reach USD 12680 Million by 2028, from USD 9566.3 Million in 2021, at a CAGR of 4.0% during 2022-2028.
– Due to the COVID-19 pandemic, the global Cryogenic Equipment market size is estimated to be worth USD 16800 Million in 2022 and is forecast to a readjusted size of USD 21040 Million by 2028 with a CAGR of 3.8% during the review period.
– The global Inland Waterways Vessels market size is projected to reach USD 1777140 Million by 2028, from USD 1428740 Million in 2021, at a CAGR of 2.7% during 2022-2028.
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