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In recent times, the LNG bunkering market size has grown exponentially and this acceleration is anticipated to continue. The market size is predicted to leap from $1.05 billion in 2023 to $1.58 billion in 2024. This riveting expansion, with a compound annual growth rate CAGR of 50.5%, has been spurred on by factors such as an increase in gas exploration, a surge in maritime trade activities, solid economic growth in emerging markets, and rising import and export activities.
Where Is the LNG Bunkering Market Heading?
By the year 2028, the market size of the LNG bunkering market is expected to hit the heights of $7.49 billion driven by a compound annual growth rate CAGR of 47.6%. Some of the contributing factors driving this growth include an increasing number of vessels and ships, the rising demand for LNG fuel, and escalating marine decarbonization needs. Market trends in the forecast period are expected to include the development of ship-to-containership liquefied natural gas LNG bunkering operations, strategic collaborations among big players, and advances in technology resulting in product innovations.
What Factors Will Propel the Growth of the LNG Bunkering Market?
The burgeoning number of vessels and ships is expected to significantly boost the growth of the LNG bunkering market. A vessel has been defined as anything that can float and be guided or maneuvered, either by itself or through some kind of external means. Examples of such vessels include LNG bunkering vessels used for ship-to-ship bunkering. These vessels’ operations contribute to the growing use of LNG as a maritime fuel. The Baltic and International Maritime Council BIMCO, a non-government organization based in Denmark, forecasts that following a 4.0% increase in 2022, the container fleet is expected to increase by 6.3% in 2023 and 8.1% in 2024. Supply is predicted to rise by 11.3% in 2023 and 3.1% in 2024, leading to a substantial increase in fleet productivity.
Which Companies Are Leading the Way in the LNG Bunkering Market?
It’s worth noting the major businesses spearheading the LNG bunkering market. These include LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, and Ashland, Inc. Other industry leaders such as World Fuel Services, Crowley Maritime Corporation, SHV Energy, Engie SA, and Gaz-System, among others, are also making a significant impact on market trends and contributing to the sector’s overall growth.
Read the full details in the Global LNG Bunkering Market Report: https://www.thebusinessresearchcompany.com/report/lng-bunkering-global-market-report
What Innovations and Trends are Shaping the LNG Bunkering Market?
Innovation remains a key trend in the LNG bunkering market. Major market players are focusing on unveiling innovative operations to fortify their position in the market, such as presenting ship-to-containership liquefied natural gas LNG bunkering. An example of such an undertaking occurred in January 2022 when CMA CGM, a France-based shipping and logistics firm, partnered with TotalEnergies, a France-based integrated energy and petroleum company. The partnership gave rise to Marseilles’ first ship-to-containership liquefied natural gas LNG bunkering operation, truly a landmark in the industry.
How Is the LNG Bunkering Market Segmented?
1 By Type: Ship To Ship, Terminal To Ship, Truck To Ship
2 By End-User: Defense Vessels, Yachts, Cruise Ships, Ferries and OSVs, Bulk And General Cargo Fleets, Other End-Users
Which Region Has the Strongest Presence in the LNG Bunkering Market?
In 2023, Europe emerged as the largest region in the LNG bunkering market. The other significant regions covered in the LNG bunkering market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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