This report describes and explains the LNG bunkering market and covers 2017-2022, termed the historic period and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and the major economies within each region.
The global LNG bunkering market reached a value of nearly $0.7 billion in 2022, having increased at a compound annual growth rate (CAGR) of 36.1% since 2017. The market is expected to grow from $0.7 Billion in 2022 to $5.130 billion in 2027 at a rate of 48.9%. The market is then expected to grow at a CAGR of 45.4% from 2027 and reach $33.350 billion in 2032.
Growth in the historic period resulted from an increase in gas exploration, an increase in maritime trade activities, a strong economic growth in emerging markets, and a growing imports and exports. Factors that negatively affected growth in the historic period were the COVID-19 impact, and the safety issues in the transportation process.
Going forward, an increasing number of vessels and ships, an increase in demand for LNG fuel, and the increasing marine decarbonization needs will drive the market. Factors that could hinder the growth of the LNG bunkering market in the future include the rising interest rates, the high transportation cost, and the Russia-Ukraine war impact.
The LNG bunkering market is segmented by type into ship to ship, terminal to ship, and truck to ship. The ship to ship was the largest segment of the LNG bunkering market by type, accounting for $420.9 million or 60.1% of the total market in 2022. The ship to ship market is expected to be the fastest-growing segment going forward at a CAGR of 50.3%.
The LNG bunkering market is segmented by end-user into defense vessels, yachts, cruise ships, ferries and OSVs, bulk and general cargo fleets, and other end-users. The bulk and general cargo fleets market was the largest segment of the LNG bunkering market by end-user, accounting for $495.6 million or 70.8% of the total market in 2022. The bulk and general cargo fleets market is expected to be the fastest-growing segment going forward at a CAGR of 49.9%.
Asia-Pacific was the largest region in the LNG bunkering market, accounting for 30.1% of the global market in 2022. It was followed by Western Europe, North America, and other regions. Going forward, the fastest growing regions in the LNG bunkering market will be North America and Western Europe, where growth will be at CAGRs of 51.9% and 50.2% respectively from 2022-2027.
The global LNG bunkering market is concentrated, with a few large players in the market. The top ten competitors in the market made up to 43.61% of the total market in 2022. The market concentration can be attributed to the high barriers to entry, in terms of high costs and the stringent regulations set up by the regulatory authorities. Gasum Ltd was the largest competitor with a 6.84% of the market, followed by Korea Gas Corporation with 6.80%, Shell plc with 6.35%, TotalEnergies with 4.34%, Harvey Gulf International Marine LLC with 3.64%, World Fuel Services with 3.33%, Crowley Maritime Corporation with 3.32%, SHV Energy with 3.29%, Engie SA with 3.20% and Gaz-System with 2.50%.
The top opportunities in the LNG bunkering market by type will arise in the ship to ship market, which will gain $2,809.7 million of global annual sales by 2027. The top opportunities in the LNG bunkering market by end-user will arise in the bulk and general cargo fleets market, which will gain $3,254.2 million of global annual sales by 2027. The LNG bunkering market size will gain the most in the USA at $950.3 million.
Market-trend-based strategies for the LNG bunkering market include the development of ship-to-containership liquefied natural gas (LNG) bunkering operations, strategic partnerships, technology advancements, product innovations, LNG bunkering of pure car and truck carriers (PCTCs), the development or use of environment friendly LNG bunkering vessels, and a focus on artificial intelligence-based LNG bunkering.
Player-adopted strategies in the LNG bunkering industry include a focus on increasing collaborations and partnership agreements with different stakeholders to increase market presence, a focus on increasing supply agreements with international and local companies, a focus on expanding marine fuel capacities to cater to the growing sustainability trends, a focus on increasing the supply network to cater to the growing demand for LNG and sustainable marine fuels and a focus on expanding the operational capabilities through the launch of new bunkering stations.
To take advantage of the opportunities, the analyst recommends the LNG bunkering companies to focus on technology advancements, focus on product innovations, focus on artificial intelligence-based LNG bunkering, focus on development of environment friendly LNG bunkering vessel, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-users
The global LNG bunkering market reached a value of nearly $0.7 billion in 2022, having increased at a compound annual growth rate (CAGR) of 36.1% since 2017. The market is expected to grow from $0.7 Billion in 2022 to $5.130 billion in 2027 at a rate of 48.9%. The market is then expected to grow at a CAGR of 45.4% from 2027 and reach $33.350 billion in 2032.
Growth in the historic period resulted from an increase in gas exploration, an increase in maritime trade activities, a strong economic growth in emerging markets, and a growing imports and exports. Factors that negatively affected growth in the historic period were the COVID-19 impact, and the safety issues in the transportation process.
Going forward, an increasing number of vessels and ships, an increase in demand for LNG fuel, and the increasing marine decarbonization needs will drive the market. Factors that could hinder the growth of the LNG bunkering market in the future include the rising interest rates, the high transportation cost, and the Russia-Ukraine war impact.
The LNG bunkering market is segmented by type into ship to ship, terminal to ship, and truck to ship. The ship to ship was the largest segment of the LNG bunkering market by type, accounting for $420.9 million or 60.1% of the total market in 2022. The ship to ship market is expected to be the fastest-growing segment going forward at a CAGR of 50.3%.
The LNG bunkering market is segmented by end-user into defense vessels, yachts, cruise ships, ferries and OSVs, bulk and general cargo fleets, and other end-users. The bulk and general cargo fleets market was the largest segment of the LNG bunkering market by end-user, accounting for $495.6 million or 70.8% of the total market in 2022. The bulk and general cargo fleets market is expected to be the fastest-growing segment going forward at a CAGR of 49.9%.
Asia-Pacific was the largest region in the LNG bunkering market, accounting for 30.1% of the global market in 2022. It was followed by Western Europe, North America, and other regions. Going forward, the fastest growing regions in the LNG bunkering market will be North America and Western Europe, where growth will be at CAGRs of 51.9% and 50.2% respectively from 2022-2027.
The global LNG bunkering market is concentrated, with a few large players in the market. The top ten competitors in the market made up to 43.61% of the total market in 2022. The market concentration can be attributed to the high barriers to entry, in terms of high costs and the stringent regulations set up by the regulatory authorities. Gasum Ltd was the largest competitor with a 6.84% of the market, followed by Korea Gas Corporation with 6.80%, Shell plc with 6.35%, TotalEnergies with 4.34%, Harvey Gulf International Marine LLC with 3.64%, World Fuel Services with 3.33%, Crowley Maritime Corporation with 3.32%, SHV Energy with 3.29%, Engie SA with 3.20% and Gaz-System with 2.50%.
The top opportunities in the LNG bunkering market by type will arise in the ship to ship market, which will gain $2,809.7 million of global annual sales by 2027. The top opportunities in the LNG bunkering market by end-user will arise in the bulk and general cargo fleets market, which will gain $3,254.2 million of global annual sales by 2027. The LNG bunkering market size will gain the most in the USA at $950.3 million.
Market-trend-based strategies for the LNG bunkering market include the development of ship-to-containership liquefied natural gas (LNG) bunkering operations, strategic partnerships, technology advancements, product innovations, LNG bunkering of pure car and truck carriers (PCTCs), the development or use of environment friendly LNG bunkering vessels, and a focus on artificial intelligence-based LNG bunkering.
Player-adopted strategies in the LNG bunkering industry include a focus on increasing collaborations and partnership agreements with different stakeholders to increase market presence, a focus on increasing supply agreements with international and local companies, a focus on expanding marine fuel capacities to cater to the growing sustainability trends, a focus on increasing the supply network to cater to the growing demand for LNG and sustainable marine fuels and a focus on expanding the operational capabilities through the launch of new bunkering stations.
To take advantage of the opportunities, the analyst recommends the LNG bunkering companies to focus on technology advancements, focus on product innovations, focus on artificial intelligence-based LNG bunkering, focus on development of environment friendly LNG bunkering vessel, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-users
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure
6. Introduction and Market Characteristics
7. Major Market Trends
8. Global Market Size and Growth
9. Global LNG Bunkering Market Segmentation
10. LNG Bunkering Market, Regional and Country Analysis
11. Asia-Pacific Market
12.Western Euorpe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
Executive Summary
LNG Bunkering Global Market Opportunities And Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global LNG bunkering market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest-growing market for LNG bunkering? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The LNG bunkering market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider LNG bunkering market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions, and explanations about the LNG bunkering market.
- Key Trends - Highlights the major trends shaping the global LNG bunkering market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027,2032F), market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2017-2032) forecast (2022-2027, 2032) and analysis for each segment by type and by end-user in the market.
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027,2032F) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations - This section includes recommendations for LNG bunkering providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Type: Ship To Ship; Terminal To Ship; Truck To Ship2) By End-User: Defense Vessels; Yachts; Cruise Ships; Ferries and OSVs; Bulk And General Cargo Fleets; Other End-Users
Companies Mentioned: Gasum Ltd; Korea Gas Corporation; Shell plc; TotalEnergies; Harvey Gulf International Marine LLC
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; LNG bunkering indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Gasum Ltd
- Korea Gas Corporation
- Shell plc
- TotalEnergies
- Harvey Gulf International Marine LLC
- World Fuel Services
- Crowley Maritime Corporation
- SHV Energy
- Engie SA
- Gaz-System
- Petrochina
- ENN Energy Holdings Limited
- Sinopec
- Guanghui Energy Company Limited
- Woodside Energy
- Santos Ltd
- Nauticor GmbH & Co. KG
- Engas
- Edison S.p.A
- LNG Croatio LLC
- Klaipedos Nafta AB
- Blue Grid Gas & Power
- Polskie LNG S.A
- Eagle LNG Partners
- Pivotal LNG Inc
- FortisBC
- NorthStar Holdco Energy LLC
- Conrad Shipyards LLC
- TOTO Maritime
- Petrobras
- Golar Power
- YPF
- Qatar Petroleum
- ADNOC LNG
- Qatargas
- RasGas Company Limited
- The Spanish Egyptian Gas Company
- Damietta LNG Co
- Petroliam Nasional Berhad
- Sonatrach
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 238 |
Published | October 2023 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 0.7 Billion |
Forecasted Market Value ( USD | $ 33.35 Billion |
Compound Annual Growth Rate | 47.2% |
Regions Covered | Global |