According to the recent study the LNG bunkering market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 6% to 8% from 2023 to 2028. Growth in this market is primarily driven by growing adoption of LNG as an alternative fuel considering low shipping and operating cost, stringent government regulation towards carbon emission, and growing demand for shipping in end use industry supported by increase in gas exploration and production activities.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in LNG bunkering market by product type (ship to ship, terminal to ship, truck to ship, portable tank, and others), application (container fleet, tanker fleet, cargo fleet, ferries, inland vessel, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Ship to ship market is expected to remain the largest segment during the forecast period.”
Based on product type, the LNG bunkering market is segmented into ship to ship, terminal to ship, truck to ship, portable tank, and others. Lucintel forecasts that the ship to ship market is expected to remain the largest segment due to the increasing usage of LNG fuel in ships as a result of the stringency in government regulation to minimize emission level leading towards consumption of cleaner fuel alternatives.
“Within the LNG bunkering market, the cargo fleet segment is expected to remain the largest application”
Based on application the cargo fleet segment is expected to witness the highest growth over the forecast period due to the post pandemic rise in trade related agreements globally fostering the demand for cargo transportation through ships and hence, leading towards growing usage of LNG in this segment.
“North America will dominate the LNG bunkering market in near future”
North America will remain the largest region due to abundant supply of natural gas and increased usage of LNG in order to reduce greenhouse gas emission considering stringency in government compliances and their initiative to foster LNG consumption. The International Maritime Organization’s (IMO) implemented the regulation to reduced sulfur content in bunker fuels in 2020 which will foster the consumption of LNG as an economical alternative for marine fuel in the coming years in the region.
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Major players of LNG bunkering market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Barents Naturgass AS, Bomin Linde LNG GmbH & Co. KG, ENI Norge AS, Gasnor AS, Harvey Gulf International Marine LLC, Korea Gas Corp, and Polskie LNG SA are among the major LNG bunkering providers.
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