North America LNG Bunkering Market Size

North America LNG Bunkering Market Analysis

The North America LNG bunkering market is expected to grow at a CAGR of approximately 27.74% during the forecast period. Factors such as growth in global LNG usage, clean energy demand, and its ability to reduce greenhouse gas emissions are expected to drive the market during the forecast period. Moreover, the adoption of stricter norms by the International Maritime Organization (IMO) restricted the sulfur oxide (SOx) emissions, which came into force from January 1, 2020, is further expected to bolster the LNG bunkering market in North America. However, the lack of LNG bunkering infrastructure and slow growth of the marine industry is likely to hinder the growth of the market being studied.

• The ferries and OSVs segment is expected to have the largest share in the market during the forecast period, owing to an increasing number of LNG fueled ferries and OSV on order and growth in the use of OSV for construction in offshore locations, in turn augmenting the market growth.
• The rise in international marine trade, leading to the development of sea trade routes is expected to offer ample opportunities for the LNG bunkering market. With the vast gas reserves and availability of technology, the United States and Canada are expected to be the major suppliers of LNG for ships in North Atlantic Ocean, which connects North America with Europe. This in turn, is expected to create opportunities the LNG bunkering market in North America.
• United States is likely to be the largest market in North America during the forecast period, with factors such as increase in the LNG demand to reduce carbon footprint in the shipping industry and government taking initiatives for LNG adaptation bolstering the market.