IMO regulations on sulfur content in the marine fuel and surge in gas exploration and production activities drive the growth of the global LNG bunkering market. By product type, the ship-to-ship segment held the highest market share in 2019. Moreover, by region, the market across Europe dominated the market in 2019, and is expected to maintain its dominance by 2027.
Portland, OR, April 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global LNG bunkering industry was pegged at $0.38 billion in 2019, and is expected to garner $5.14 billion by 2027, registering a CAGR of 45.2% from 2020 to 2027.
IMO regulations on sulfur content in the marine fuel and surge in gas exploration and production activities drive the growth of the global LNG bunkering market. However, demand–supply gap for LNG bunkering impedes the market growth. Moreover, focus toward strengthening distribution infrastructure of LNG and rise in number of LNG driven ships offers an array of opportunities in the coming years.
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The prolonged lockdown imposed by the government to curb the spread of coronavirus has impacted the import and export activities, thereby disrupting the supply chain.
Several maritime and shipment activities have also been stopped owing to the restrictions imposed by governments. Nevertheless, the demand for LNG bunkering is expected to boost post the pandemic.
The global market is segmented on the basis of product type, application, and region. Based on product type, the ship-to-ship segment held the highest share in 2019, with around three-fifths of the global market. Furthermore, it is estimated to maintain its lead status throughout the forecast period. On the other hand, the port-to-ship segment is anticipated to manifest the highest CAGR of 45.5% from 2020 to 2027.
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Based on application, the cargo fleet segment dominated the market with lion’s share, holding around one-fourths of the global market in 2019. At the same time, the container fleet segment is expected to portray the largest CAGR of 45.5% from 2020 to 2027.
Based on region, the market is studied across regions including Asia-Pacific, North America, LAMEA, and Europe. The Europe regions accounted for the largest revenue share in 2019 with around two-fifths of the global market, and will maintain its lead position by 2027. On the other hand, the market across Asia-Pacific is expected to register the fastest CAGR of 45.9% during the forecast period.
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The key market players profiled in the global LNG bunkering market report include Broadview Energy Solutions B.V., Crowley Maritime Corporation, Gasum Oy, Harvey Gulf International Marine, Klaw LNG, Korea Gas Corporation, Polskie LNG S.A., Royal Dutch Shell Plc, SHV Energy, Total SE, PETRONAS, and Exxon Mobil Corporation.
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