LNG Bunkering Global Market Opportunities and Strategies to 2032

This report describes and explains the LNG bunkering market and covers 2017-2022, termed the historic period and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and the major economies within each region.

The global LNG bunkering market reached a value of nearly $0.7 billion in 2022, having increased at a compound annual growth rate (CAGR) of 36.1% since 2017. The market is expected to grow from $0.7 Billion in 2022 to $5.130 billion in 2027 at a rate of 48.9%. The market is then expected to grow at a CAGR of 45.4% from 2027 and reach $33.350 billion in 2032.

Growth in the historic period resulted from an increase in gas exploration, an increase in maritime trade activities, a strong economic growth in emerging markets, and a growing imports and exports. Factors that negatively affected growth in the historic period were the COVID-19 impact, and the safety issues in the transportation process.

Going forward, an increasing number of vessels and ships, an increase in demand for LNG fuel, and the increasing marine decarbonization needs will drive the market. Factors that could hinder the growth of the LNG bunkering market in the future include the rising interest rates, the high transportation cost, and the Russia-Ukraine war impact.

The LNG bunkering market is segmented by type into ship to ship, terminal to ship, and truck to ship. The ship to ship was the largest segment of the LNG bunkering market by type, accounting for $420.9 million or 60.1% of the total market in 2022. The ship to ship market is expected to be the fastest-growing segment going forward at a CAGR of 50.3%.

The LNG bunkering market is segmented by end-user into defense vessels, yachts, cruise ships, ferries and OSVs, bulk and general cargo fleets, and other end-users. The bulk and general cargo fleets market was the largest segment of the LNG bunkering market by end-user, accounting for $495.6 million or 70.8% of the total market in 2022. The bulk and general cargo fleets market is expected to be the fastest-growing segment going forward at a CAGR of 49.9%.

Asia-Pacific was the largest region in the LNG bunkering market, accounting for 30.1% of the global market in 2022. It was followed by Western Europe, North America, and other regions. Going forward, the fastest growing regions in the LNG bunkering market will be North America and Western Europe, where growth will be at CAGRs of 51.9% and 50.2% respectively from 2022-2027.
The global LNG bunkering market is concentrated, with a few large players in the market. The top ten competitors in the market made up to 43.61% of the total market in 2022. The market concentration can be attributed to the high barriers to entry, in terms of high costs and the stringent regulations set up by the regulatory authorities. Gasum Ltd was the largest competitor with a 6.84% of the market, followed by Korea Gas Corporation with 6.80%, Shell plc with 6.35%, TotalEnergies with 4.34%, Harvey Gulf International Marine LLC with 3.64%, World Fuel Services with 3.33%, Crowley Maritime Corporation with 3.32%, SHV Energy with 3.29%, Engie SA with 3.20% and Gaz-System with 2.50%.

The top opportunities in the LNG bunkering market by type will arise in the ship to ship market, which will gain $2,809.7 million of global annual sales by 2027. The top opportunities in the LNG bunkering market by end-user will arise in the bulk and general cargo fleets market, which will gain $3,254.2 million of global annual sales by 2027. The LNG bunkering market size will gain the most in the USA at $950.3 million.

Market-trend-based strategies for the LNG bunkering market include the development of ship-to-containership liquefied natural gas (LNG) bunkering operations, strategic partnerships, technology advancements, product innovations, LNG bunkering of pure car and truck carriers (PCTCs), the development or use of environment friendly LNG bunkering vessels, and a focus on artificial intelligence-based LNG bunkering.

Player-adopted strategies in the LNG bunkering industry include a focus on increasing collaborations and partnership agreements with different stakeholders to increase market presence, a focus on increasing supply agreements with international and local companies, a focus on expanding marine fuel capacities to cater to the growing sustainability trends, a focus on increasing the supply network to cater to the growing demand for LNG and sustainable marine fuels and a focus on expanding the operational capabilities through the launch of new bunkering stations.

To take advantage of the opportunities, the analyst recommends the LNG bunkering companies to focus on technology advancements, focus on product innovations, focus on artificial intelligence-based LNG bunkering, focus on development of environment friendly LNG bunkering vessel, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-users