The global LNG Bunkering Market is estimated to be valued at US$ 1084.62 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The LNG bunkering market deals with the supply of liquefied natural gas as fuel for ships and vessels. LNG helps reduce emission of sulfur oxides, nitrogen oxides and particulate matters from ships.

Market key trends:
One of the key drivers for the LNG bunkering market is the stringent emission norms for ships by International Maritime Organization (IMO). Under IMO, the sulfur limit in fuel oil used on board ships trading outside designated emission control areas has been reduced from 3.5% to 0.5% from January 2020. Since LNG contains almost zero sulfur, it is considered an ideal alternative fuel to comply with these sulfur emission standards. The use of cleaner LNG fuel is expected to gain traction going forward due to such stringent regulations, thereby driving the demand for LNG bunkering services and infrastructure.
Market key trends:
The LNG bunkering market is witnessing significant growth owing to the rising global energy demand and strict environmental regulations to reduce emissions. Shipping companies are increasingly adopting LNG as a marine fuel owing to its economic viability and cleaner emissions profile compared to conventional fuels. The International Maritime Organization’s stricter emission norms are further propelling the demand for LNG bunkering solutions worldwide. Additionally, the growing seaborne trade and expansion of international vessel fleets require reliable LNG bunkering infrastructure, which is another key trend boosting the market.

SWOT Analysis
Strengths: LNG provides 25-30% lower emissions than conventional marine fuels. It is also economical compared to other clean alternatives like biofuels.
Weaknesses: Lack of universally accepted bunkering standards and insufficient global LNG bunkering infrastructure are hindering wider adoption.
Opportunities: Growing focus on establishing regional and national LNG bunkering hubs presents significant opportunities. Increasing construction of dual-fuel vessels suited for LNG propulsion is another opportunity.
Threats: Low crude oil prices can reduce the cost benefits of LNG and affect demand. Technology advancements in batteries or fuel cells pose threats in the long-run.

Key Takeaways
The global LNG Bunkering Market Share is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing global maritime trade and stringent emissions norms. The market size for 2023 is estimated to reach US$ 1084.62 Mn.

Regional analysis: The Asia Pacific region currently dominates the global LNG bunkering market and is expected to grow at the fastest pace during the forecast period. This can be attributed to strong government support and initiatives to establish LNG bunkering infrastructure in countries such as China, Japan, and South Korea. Countries in Northern Europe such as Norway and Netherlands are also emerging as prominent regional markets.

Key players operating in the LNG bunkering market are Royal Dutch Shell Plc., Skangas, ENN Energy, Korea Gas Corporation, Prima LNG, Harvey Gulf International Marine LLC, Bomin Linde LNG GmbH & Co KG, Fjord Line, Crowley Maritime Corporation, and Polskie LNG. They are focusing on capacity expansions and partnerships to tap the increasing LNG bunkering demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it