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LNG Bunkering Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by End-user (Tanker Fleet, Container Fleet, Bulk & General Cargo Fleet, Ferries & OSV, and Others), and Geography (North America (United States, Canada, Rest of North America), Europe (Norway, Spain, The Netherlands, United Kingdom, Rest of Europe), Asia-Pacific (China, Singapore, India, Rest of Asia-Pacific), Middle-East and Africa (United Arab Emirates, Rest of Middle-East and Africa), and South America

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

Fastest Growing Market:

North America

Largest Market:

Asia Pacific

CAGR:

15 %

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Market Overview

The market for LNG Bunkering is expected to grow at a CAGR of approximately 15% during 2020-2025. The strict norms to restrict the sulfur content produced by conventional fuels are driving the demand for LNG bunkering infrastructure, as the ships across various regions are slowly starting to adopt LNG as a fuel for propulsion. Moreover, reducing the sulfur content from conventional fuel requires high cost, which is likely to hamper the economic viability of the same.

  • As of 2018, tanker fleet has registered the largest market. The total market for 2018 was around USD ~700 million.
  • The order and delivery of LNG-powered vessels are increasing, and the reduced natural gas prices in 2014 had marked the beginning of expanding opportunities for such vessels in the coming years.
  • North America to dominate the market across the globe in the future, with majority of the demand coming from the United States and Canada.

Scope of the Report

The LNG bunkering market report include:

End-User
Tanker Fleet
Container Fleet
Bulk & General Cargo Fleet
Ferries & OSV
Others
Geography
North America
United States
Canada
Rest of North America
Europe
Norway
Spain
The Netherlands
United Kingdom
Rest of Europe
Asia-Pacific
China
Singapore
India
Rest of Asia-Pacific
Middle East & Africa
United Arab Emirates
Rest of Middle East & Africa
South America

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Key Market Trends

Tanker Fleet Dominated the Market

  • The tanker fleets include small tanker, intermediate tanker, medium range 1 (MR1), medium range 2 (MR2), Large Range 1 (LR1), Large Range 2 (LR2), Very Large Crude Carrier (VLCC) and Ultra Large Crude Carrier (ULCC), which differ on the basis of tanker capacity.
  • Tanker fleets are used to store or transport gases or liquids in bulk amount. These are used to store and carry oil, gas, chemicals, and other products, like vegetable oil, fresh water, wine, molasses, etc.
  • As of 2018, 548.8 million deadweight tons (dwt) of tanker fleets were in operation. These tankers majorly use low sulfur oil and marine gas oil for which it holds a wing or double bottom tank outside the engine room.
  • However, with the regulations related to sulfur content in the fuel, LNG is projected to become a reliant fuel for tankers in the coming years. As compared to other vessels, the number of LNG fuelled tanker fleets is more.

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North America to Dominate the Market

  • Among the key factors driving the LNG bunkering market is the increase in LNG demand to reduce the carbon footprint in the shipping industry. Furthermore, LNG is a better alternative fuel, and the government has been taking initiatives for LNG adaptation.
  • In 2016, International Maritime Organization (IMO) decreased the permissible sulfur content in marine fuels to a 0.5% from a previous 3.5% to curb greenhouse gas emission; the date of implementation was announced to be 2020. Owing to the above factor, the United States LNG bunkering market is expected to witness growth in the years to come, as LNG is likely to be an economic alternative for a marine fuel after IMO’s regulation.
  • The Canadian government has made commitments for a significant reduction in greenhouse gases emissions, and the country has an abundant supply of natural gas. Moreover, natural gas on combustion produces less amount of greenhouse gases, making LNG a better alternative marine fuel for Canadian shipping industry.
  • Although as the initial installation cost of LNG-based vessels is high, the operation cost is lower when compared to running old ships with installed scrubbers. After 2020, the region is expected to witness an increase in demand for LNG bunkering services.

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Competitive Landscape

The global LNG bunkering market is consolidated. The major companies include Royal Dutch Shell PL,Nauticor GmbH & Co. KG, ENN Energy, Korea Gas Corporation, and Harvey Gulf International Marine LLC.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD million, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 End-User

      1. 5.1.1 Tanker Fleet

      2. 5.1.2 Container Fleet

      3. 5.1.3 Bulk & General Cargo Fleet

      4. 5.1.4 Ferries & OSV

      5. 5.1.5 Others

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Rest of North America

      2. 5.2.2 Europe

        1. 5.2.2.1 Norway

        2. 5.2.2.2 Spain

        3. 5.2.2.3 The Netherlands

        4. 5.2.2.4 United Kingdom

        5. 5.2.2.5 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Singapore

        3. 5.2.3.3 India

        4. 5.2.3.4 Rest of Asia-Pacific

      4. 5.2.4 Middle East & Africa

        1. 5.2.4.1 United Arab Emirates

        2. 5.2.4.2 Rest of Middle East & Africa

      5. 5.2.5 South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Royal Dutch Shell PLC

      2. 6.4.2 Skangas AS

      3. 6.4.3 ENN Energy Holdings Ltd

      4. 6.4.4 Korea Gas Corporation

      5. 6.4.5 Harvey Gulf International Marine LLC

      6. 6.4.6 Bomin Linde LNG GmbH & Co. KG

      7. 6.4.7 Engie SA

      8. 6.4.8 Gazpromneft Marine Bunker LLC

      9. 6.4.9 Total SA

      10. 6.4.10 Gas Natural Fenosa

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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