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  • Published In : Apr 2024
  • Code : CMI1085
  • Pages :104
  • Formats :
      Excel and PDF
  • Industry : Energy

Market Size and Trends

The global LNG bunkering market is estimated to be valued at USD 1.24 Bn in 2024 and is expected to reach USD 7.91 Bn by 2031, growing at a compound annual growth rate (CAGR) of 30.3% from 2024 to 2031.

LNG Bunkering Market Key Factors

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Strict environmental norms by International Maritime Organization to reduce emissions from ships and increased usage of clean and green fuels is driving the growth of the LNG bunkering market. The market is expected to witness significant growth during the forecast period. The growing demand for cleaner marine fuels to curb emissions and focus toward developing infrastructure for LNG bunkering across major ports is anticipated to drive the demand. In addition, rising seaborne trade and expansion of shipping fleet size require cleaner fuels and future-proof ships ahead of the impending regulations, which is also likely to boost the LNG bunkering adoption. Strong focus of various governments in establishing bunkering facilities and focus of major ports toward becoming early adopters of LNG are other factors that are expected to propel the market.

Strict Regulations to Reduce Sulphur Emissions

The global shipping industry has come under increased scrutiny in recent years over the environmental impact of burning high sulphur fuel oil. The International Maritime Organization (IMO) imposed regulations mandating a reduction in sulphur emissions from ships in coastal waters and Emission Control Areas. With the new regulations limiting sulphur content to 0.1% from January 2020 compared to 3.5% previously, shipping companies are forced to switch to cleaner marine fuels like liquefied natural gas. LNG as a bunker fuel produces virtually zero sulphur oxide and particulate matter emissions compared to conventional fuels. Major ports and maritime authorities around the world are promoting the use of LNG as a viable and compliant option to meet the stringent emission norms. Ship owners realize investing in LNG-powered vessels and bunkering infrastructure will help future-proof their fleets against increasingly strict environmental policies. The phasing out of heavy fuel oil for marine applications is a key driver for the growth of the LNG bunkering market.

Increasing LNG Use in Shipping Trade Routes

A large majority of global trade is transported via maritime shipping routes connecting factories to markets across the world. Traditionally dependent on heavy fuel oil, shipping companies are assessing fuel options to reduce operational costs and meet decarbonization targets over the long run. LNG provides attractive properties as a marine fuel with significant environmental benefits and energy efficiency gains compared to other alternatives. Rising natural gas production has improved the economics of LNG as a marine fuel. Many major ports located on key global trade lanes have either started or are in the process of setting up LNG bunkering facilities. This includes ports in Northern Europe, Asia Pacific, and North America. As infrastructure develops to supply LNG along busy shipping routes, more vessels will convert to run on LNG or new ships will be built LNG-ready or dual-fuel. Major classification societies also support the use of LNG propulsion systems. With an increasing number of ships integrating LNG as a bunker fuel in their energy mix, the worldwide demand for LNG bunkering services can be expected to surge in the coming years.

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