The LNG as a Bunker Fuel Market - Size, Share, Outlook, and Opportunity Analysis, 2021

LNG as a fuel results in the vast reduction in pollutant caused by the more traditional method of fuelling ships including marine diesel fuel (MDO), heavy fuel oil, and marine gas oil (MGO). The LNG bunkering between ship to ship or shore to ship is done by using a QC (Quick Connect Disconnect) coupling.

Market Dynamics

Various advantages offered by LNG is driving the target market growth. Various end users are expected to focus on replacing conventional fuels such as marine diesel oil (MDO) and heavy fuel oils (HFO) with LNG. LNG has high combustion efficiency, lower volume compared to natural gas, emits 90% less nitrogen oxides (NOx) than MDO and HFO, and has virtually no particulate matter and sulphur oxides emissions. This has led to rampant adoption of LNG as a fuel across the marine industry.
For instance, according to the World Ports Climate Initiative, regulations regarding sulfur content in fuel and nitrogen oxide (NOx) emissions are becoming stricter in the marine industry. Moreover, in April 2018, International Maritime Organization, operates as an agency within the United Nations, had set targets to cut the shipping sector's overall CO2 output by 50% by 2050. By using LNG as a fuel, CO2 emissions can be reduced as emission factor of LNG is only 2.75 (g/g of fuel), whereas emission factors of other conventional fuels such as HFO and MDO are 3.114 and 3.206 respectively.
Key players in the market are focusing on various strategies such as collaborations. For instance, in September 2019, Gazprom, Gazpromneft Marine Bunker (subsidiary of Gazprom), and United Shipbuilding Corporation (shipbuilding company in Russia) entered into a partnership to expand use of LNG as a fuel for marine transport in Russia. The parties cooperated to develop LNG powered ships and building infrastructure for LNG bunkering.

Key features of the study:

This report provides in-depth analysis of global LNG as a bunker fuel market, and provides market size (US$ Million & KT) and compound annual growth rate (CAGR %) for the forecast period (2021-2028), considering 2020 as the base year
It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global LNG as a bunker fuel market based on the following parameters - company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
Key companies covered as a part of this study include BP P.L.C., Conocophillips Corporation, Chevron Corporation, China National Petroleum Corporation, ENI S.P.A., Equinor ASA, Exxon Mobil Corporation, PJSC GAZPROM, Petronas, Rosneft Oil Company, Royal Dutch Shell PLC, and Total S.A.
Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future products launches, technology up gradation, market expansion, and marketing tactics
The global LNG as a bunker fuel market report caters to various stakeholders in this industry including investors, suppliers, LNG as a bunker fuel manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global LNG as a bunker fuel market

Detailed Segmentation:

Global LNG as a Bunker Fuel Market, By Vessel Type:

Offshore Tugs & Services
Ferries
Oil & Chemical Tankers
Container Ships
Gas Carriers
General Cargo
Others

Global LNG as a Bunker Fuel Market, By Region:

North America
By Country
U.S.
Canada
Latin America
By Country:
Brazil
Argentina
Mexico
Rest of Latin America
Europe
By Country
Norway
Sweden
Belgium
Netherlands
Spain
Germany
France
U.K.
Rest of Europe
Asia Pacific
By Country
China
India
Japan
ASEAN
South Korea
Australia
Rest of Asia Pacific
Middle East & Africa
By Sub-Region
Middle East
Africa
Company Profiles
BP P.L.C.*
Company Overview
Product Portfolio
Financial Performance
Key Strategies
Recent Developments
Future Plans
Conocophillips Corporation
Chevron Corporation
China National Petroleum Corporation
ENI S.P.A.
Equinor ASA
Exxon Mobil Corporation
PJSC GAZPROM
Petronas
Rosneft Oil Company
Royal Dutch Shell PLC
Total S.A

Frequently Asked Questions about the LNG as a Bunker Fuel Market

What is the estimated value of the LNG as a Bunker Fuel Market?

The LNG as a Bunker Fuel Market was estimated to be valued at US$94.7 Million in 2020.

What is the growth rate of the LNG as a Bunker Fuel Market?

The growth rate of the LNG as a Bunker Fuel Market is 26.7%, with an estimated value of US$627.53 Million by 2028.

What is the forecasted size of the LNG as a Bunker Fuel Market?

The LNG as a Bunker Fuel Market is estimated to be worth US$627.53 Million by 2028.

Who are the key companies in the LNG as a Bunker Fuel Market?

Key companies in the LNG as a Bunker Fuel Market include BP P.L.C., Conocophillips Corporation, Chevron Corporation, China National Petroleum Corporation, ENI S.P.A., Equinor ASA, Exxon Mobil Corporation, PJSC GAZPROM, Petronas and Rosneft Oil Company.

Report Attribute	Details
No. of Pages	120
Published	December 2021
Forecast Period	2020 - 2028
Estimated Market Value ( US$ ) in 2020	US$ 94.7 Million
Forecasted Market Value ( US$ ) by 2028	US$ 627.53 Million
Compound Annual Growth Rate	26.7%
Regions Covered	Global