LNG Bunkering Market to Advance at CAGR of 63.6% During 2021-2031, Finds TMR Study

• Imposition of International Marine Organization (IMO) standards for shipping industry bolstering demand; widespread demand for LNG as bunker fuel in ferries and offshore support vessels (OSVs) poised to generate massive profitable avenues
• Revenues in North America LNG bunkering market to expand considerably; advances in LNG refueling infrastructure catalyzing uptake in tankers and container ships

ALBANY, N.Y., April 18, 2022 /PRNewswire/ -- Transparency Market Research: Stricter implementation of environmental regulations and standards for marine vessels particularly on its emission to air are shaping the revenue potential of the LNG bunkering market. LNG as a fuel is being preferred in shipping transportation, notably in ferries & OSVs, thus offering vast lucrative avenues. The global LNG bunkering market is projected to rise at CAGR of 63.6% during the forecast period (2021–2031), and reach volume worth of 432.16 Million Tons by 2031.

A number of ongoing projects on LNG bunkering system design will boost the prospects of LNG as a fuel for various containers. The adoption of the fuel oil has risen, finds the TMR study, when the ships are within Emission Control Areas (EMA).

Steadily growing demand for marine diesel oils in the maritime industry is poised to expand frontiers for market players to capitalize on during the forecast period. The adoption of these fuels is underpinned by continuing shift toward low-sulfur fuel oils. Attractive pricing of LNG has also helped catalyze the demand for fuels in the LNG bunkering market.

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Key Findings of LNG Bunkering Market Study

• Compliance with Sulfur Emission Norms Propel Adption: Various regulations and standards on the emission control by the maritime industry have enriched the LNG bunkering market landscape. IMO 2020 in particular has spearheaded the initiatives toward promoting very low sulfur fuel oil (VLSFO) in marine vessels. Stricter imposition of these regulations in North America have catalyzed revenue generation in the LNG bunkering market. Some other agencies supporting the shift toward low-sulfur fuel oils are Oil Companies International Marine Forum and Society of International Gas Tanker and Terminal Operators.
• Massive Demand in Ferries and Offshore Support Vessels (OSVs) to Create Revenue Growth: LNG bunkering has witnessed significant adoption in Europe, with inland ferries and offshore support vessels being the early adopters. Massive demand from the ferries and OSVs is expected to propel massive revenue gains, find the authors of an in-depth TMR study on the LNG bunkering market. The use of LNG as a marine bunkering fuel has increased in other vessels in recent years increasingly in the U.S. The adoption of LNG bunkering in China and South Korea is expected to spur revenue growth. Advancements in LNG bunkering facilities will further lead to uptick in demand for marine diesel oil, thus generating vast growth opportunities for firms in the market.

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LNG Bunkering Market: Key Drivers

• Continuously growing demand for maritime industry coupled with environmental pressures on the emission control of SOx has spurred the number of LNG-fuelled vessels. This is a key accelerant for the growth potential of the LNG bunkering market.
• Advancements in infrastructure of refueling of LNG powered ships at ports have extended the canvas for stakeholders in the LNG bunkering market, assert the analysts in the TMR study. A case in point is investment on developing LNG bunkering terminals in Norway.

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LNG Bunkering Market: Regional Growth Dynamics

• North America is expected to witness substantial profitable avenues during the forecast period of 2021–2031. The maritime industry in the region is keen on complying with sulfur emission norms for vessels. Updates in regulations by International Marine Organization (IMO) are significantly catalyzing the prospects of the regional market.
• Asia Pacific is projected to be an emerging LNG bunkering market. The revenue growth has been driven by rise in adoption of LNG fuel in tankers and container ships. Furthermore, the imposition of maritime emission regulations is spurring the shift from high sulfur-content fuel toward LNG.

LNG Bunkering Market: Key Players

Some of the prominent companies in the LNG bunkering market are Gazpromneft Marine Bunker LLC., Royal Dutch Shell plc., Gasnor AS, Korea Gas Corporation, and Harvey Gulf International Marine LLC. The study by TMR has extensively profiled these companies with in-depth assessment of the key financial and their growth strategies.

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Global LNG Bunkering Market: Segmentation

LNG Bunkering Market by End-use

• Container Vessels
• Tanker Vessels
• Bulk & General Cargo Vessels
• Ferries & OSVs

LNG Bunkering Market by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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