IMO regulations on sulfur content in marine fuel and rise in gas exploration & production projects are factors that drive growth of the LNG bunkering market.
As per the report published by Allied Market Research, the global LNG bunkering market generated $0.38 billion in 2019, and is anticipated to reach $5.14 billion by 2027, manifesting a CAGR of 45.2% from 2020 to 2027. The report provides a detailed analysis of major drivers & opportunities, key segments, investment pockets, competitive landscape, and key players.
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Eswara Prasad, Manager, Energy & Power at Allied Market Research, “The LNG bunkering market is expected to witness significant growth during the forecast period due to rise in gas exploration & production projects and IMO regulation on the sulfur content in the marine fuel. On the other hand, the demand-supply gap for LNG bunkering hinders the growth of the market. On the contrary, rise in attention and application of LNG as bunker fuel offer profitable opportunities for the leading players in the LNG bunkering market.”
COVID-19 scenario:
• The extended lockdown restrictions imposed by the governments to control the spread of coronavirus have reshaped the import and export activities, which disrupted the supply chain across the globe.
• Several maritime and shipment exercises are also stopped due to the restraints imposed by governments. However, the demand for LNG bunkering is anticipated to increase during post-pandemic period.
The global LNG bunkering market is segmented on the basis of type, application, and region.
Based on product type, the ship-to-ship segment contributed to the highest market share in 2019, attributing to nearly three-fifths of the global market, and is estimated to maintain the leadership position throughout the forecast period. On the other hand, the port-to-ship segment is expected to demonstrate the highest CAGR of 45.5% from 2020 to 2027.
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Based on application, the cargo fleet segment dominated the holding the largest share that attributed to nearly one-fourth of the global LNG bunkering market in 2019. On the other hand, the container fleet segment is anticipated to manifest the largest CAGR of 45.5% from 2020 to 2027.
Based on region, the market is analyzed across Asia-Pacific, North America, LAMEA, and Europe. The Europe region accounted for the largest revenue share in 2019, contributing to nearly two-fifths of the global market and will maintain its lead position during the forecast period. On the other hand, the market across Asia-Pacific is projected to register the fastest CAGR of 45.9% from 2020 to 2027.
Key leading players of the global LNG bunkering market include Crowley Maritime Corporation, Total SE, PETRONAS, Broadview Energy Solutions B.V., Harvey Gulf International Marine, Gasum Oy, Klaw LNG, Polskie LNG S.A., Royal Dutch Shell Plc, Korea Gas Corporation, SHV Energy, and Exxon Mobil Corporation.
About Allied Market Research:
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