LNG bunkering Market is anticipated to grow at an exponential CAGR of 32.5% during the forecast period (2024-2031). LNG bunkering Market is a framework in which biomass is utilized optimally to produce multiple products and tries to be self-sustaining and not harmful to the environment. In 2022, global LNG bunkering Market activity experienced a decline due to the significant discounts of oil-based fuels compared to global LNG prices. Dual-fuel vessels that could switch to fuel oil opted for this alternative. However, by early 2023, LNG prices have once again become competitive with fuel oil, and the long-term prospects, marked by a rapidly expanding LNG-fueled order book and accelerated decarbonization measures, remain robust. Consequently, 2023 is widely anticipated to be a year of revival for the LNG bunkering Market market. With the global shipping fleet increasingly turning to LNG for decarbonization and compliance with stricter environmental regulations, the rationale for LNG bunkering Market remains strong.
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According to the 2023IGU World LNG report, as of the end of April 2023, the global operational LNG bunkering Market and bunkering-capable small-scale vessel fleet has reached 35 units, containing both self-propelled and tug-propelled vessels and barges. An additional 14 vessels are in the order book, scheduled for delivery across the globe. The average size of these vessels is also growing, with the active fleet’s average capacity reaching 7,700 cubic meters by the end of 2022, up from 6,900 cubic meters in 2021. The order book reflects an average capacity of 9,800 cubic meters.
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- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global LNG bunkering Market Market Report Segment
By Type
- Gas Injection
- Thermal Injection
- Chemical Injection
- Other (Microbial Injection)
By Application
- Offshore
- Onshore
Global LNG bunkering Market Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global LNG bunkering Market market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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