Growing demand for LNG bunkering in shipping industry operators helps them reduce carbon emissions; massive adoption in bulk and general cargo fleets spurred by stringent regulations on emissions in industry
Wilmington, Delaware, United States, Oct. 25, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Rising availability and consumption of bunkering fuel in the shipping industry pivots on the adoption of low-sulfur fuel oil. The LNG bunkering market is projected to advance at a CAGR of 6.5% from 2022 to 2031. Demand of LNG bunkering market is strengthened by implementation of regulations on reducing the airborne emissions from ships and meet the latest IMO rules on bunker fuels.
LNGs are gathering steam as IMO 2020 compliant bunker fuels among small-scale LNG (SSLNG). A wide range of vessels have adopted LNG bunkering fuels, such as cruise ships, ferries, and bulk and cargo fleets, thereby expanding LNG bunkering market size. Furthermore, a global market study on LNG bunkering finds that rise in demand for LNG vessel bunkering services have generated sizable revenue streams.
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The study authors observed that Gas Exporting Countries Forum (GECF) are committed to promote LNG as a fuel of choice for new vessels, thereby boosting the LNG bunkering market outlook. Stridently, firms are collaborating with the GECF to comply with stricter environmental regulations in the coming years, which will spur the adoption of LNG bunkering fuels.
Key Findings of LNG Bunkering Market Study
Demand for Low-Sulfur Content Fuels in Shipping Industry Underpins Massive Revenue Potential: Demand for low sulfur oil fuel for a wide range of vessels is a key underpinning for abundant opportunities for firms in the LNG bunkering market. Advancements in refuelling infrastructure in ports in developing countries will spur the adoption of LNG bunkering fuel. The study found that truck-to-ship transfer (TTS) is the most popular bunker configuration.
Rising Demand Among Owners of Bulk and General Cargo Fleets: The bulk and general cargo fleets accounted for a major share amounting to 65.1% market share in 2021. The segment is anticipated to make substantial strides during the forecast period, propelled by the uptake of LNG fuels in maritime transport.
LNG Bunkering Market: Key Drivers
Evolving regulations on reducing the carbon footprint of the shipping industry and constant impetus toward adoption of low-sulfur marine fuels, supported by agencies such as International Maritime Organization (IMO), are key drivers of the LNG bunkering market.
Advancements made in LNG infrastructure of ports in numerous economies is a key pivot for the expansion of avenues in LNG bunkering market. Emphasis of economies on strengthening their operations in LNG bunkering terminals will boost the market.
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LNG Bunkering Market: Regional Growth Dynamics
Asia Pacific held a key share of the LNG bunkering market in 2021. Many Asian economies have grown their investments on LNG fuel supply businesses, such as Japan and Singapore. India is a lucrative market, found the study on the global LNG bunkering market. Increasing number of dedicated LNG bunkering facilities in Asia Pacific is creating new revenue sources and support future opportunities in key economies, such as in India.
Europe held a major share of the global market in 2021. The TMR study projects the Europe LNG bunkering market is projected to advance at a CAGR of 6.1% during the forecast period. The presence of a massive number of operational LNG bunkering terminals is steering tremendous demand.
LNG Bunkering Market: Competition Landscape
Relatively few vendors accounted for a majority of stakes in the LNG bunkering market in 2021, found the TMR study. Top players are making sizable investments in research and development activities.
Some of the prominent players in the LNG bunkering market are Van Ameyde Marine, Air Liquide, Cryostary, Titan LNG, SEA-LNG, Harvey Gulf International Marine, Probunkers, Gasum Ltd., ABS Group, Total Energies, and Shell plc.