Truck shipping

The widespread use of LNG as a bunker fuel in maritime industries is generating a new source of revenue

LNG is used as a fuel in large-scale marine industries because it helps maintain an emission-free atmosphere due to its characteristic property of reducing sulfur oxide emissions., The benefits to human health and environment through the use of LNG have created immense growth opportunities for the LNG bunkering market over the forecast period 2022-2031. In 2020, the implementation of a new limit on the sulfur content of fuel oil used in ships was set by the International Maritime Organization (IMO) in 2020. Thus, the demand for LNG increased and ultimately stimulated market growth.

Research and development activities are crucial for the growth of the LNG fueling market. LNG bunkering market players are investing heavily in research and development activities. These activities help address consumer concerns and enable players to find solutions that eliminate inefficiencies, potentially strengthening the growth trajectory. Strategic collaborations play a key role in the growth of the LNG fueling market. Players engage in partnerships, joint ventures, mergers and acquisitions to expand their influence into untapped regions. These activities add value to the growth trajectory of the LNG bunkering market.

The COVID-19 pandemic has impacted growth projections for many industries and sectors. The LNG refueling market is one of them. The emergence of the pandemic has forced many countries to put in place strict lockdown restrictions. These restrictions have resulted in the closure of manufacturing units and production facilities, further reducing production and demand in the LNG bunkering market. However, the gradual reopening of economies and mass vaccination campaigns are all glimmers of hope for stabilizing the growth of the LNG fueling market.

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Use of LNG in New Build Vessels to Drive Growth Prospects in Global Market

Newly built ships are also increasingly using LNG as a fuel in newly built ships. LNG bunkering infrastructure has developed faster and fuel availability has been made possible at major shipping hubs. The potential benefits of LNG bunker fuel should reinforce the preference for LNG to replace oil as a marine fuel. Subsequently, LNG-powered ships have proven their efficiency compared to other ships running on other marine fuels.

The substantial demand for LNG fuel among end users such as yachts, defense vessels, cruise ships, OSVs, bulk ferries and cargo fleets. LNG has proven to be an ideal fuel due to the lack of sulfur content, resulting in minimal sulfur oxide production.

Adoption of stringent environmental regulations to drive the growth of LNG bunkering market

Growing environmental concerns around the world have led to the adoption of strict regulations by several countries around the world. Organizations such as the International Maritime Organization (IMO) have also introduced a plethora of regulations and standards to prevent pollution from ships. This aspect has resulted in considerable demand for LNG, ultimately contributing to the growth of the global market.

Some of the major players in the LNG bunkering market are Shell Plc., Carnival Corporation, & Plc., Harvey Gulf International Marine, Total Energies, Eagle LNG Partners, Korea Gas Corporation, Van Ameyde Marine, and Mitsui OSK Lines.

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Global LNG bunkering market: segmentation

Type

? ship to ship

? Terminal to ship

? Truck to ship

Final user

?Defence ships

?Yachts

?Cruise ships

?Ferries & OSV

? Bulk and general cargo fleets

?Others

Regions covered

?North America

?Latin America

?Europe

?Asia Pacific

?Middle East and Africa

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