LNG Bunkering Market Report 2024 (Global Edition)

Global LNG Bunkering Market Report 2024 Market Size Split by Product Type (Truck-to-Ship, Port-to-Ship, Ship-to-Ship, Portable Tanks), by Application (Container Fleet, Tanker Fleet, Cargo Fleet, Ferri...

LNG Bunkering Market Report Description

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LNG Bunkering Market Insights Video

Competitive Landscape of the LNG Bunkering Market

The LNG bunkering market's competitive landscape is shaped by technological advancements, strategic partnerships, and increasing investment in infrastructure. Companies are focusing on enhancing LNG storage and handling capabilities, expanding global bunkering facilities, and offering cost-effective and environmentally friendly solutions to gain a competitive edge in the growing market.

In January 2024, Chinese shipbuilder Hudong-Zhonghua, a subsidiary of China State Shipbuilding Corporation (CSSC), launched an LNG bunkering vessel ordered by Anhui Changjiang LNG, the operator of the Wuhu LNG Terminal in Anhui Province.

(Source: https://www.offshore-energy.biz/hudong-zhonghua-launches-14000-cbm-china-made-lng-bunkering-ship/)

Top Companies Market Share in LNG Bunkering Industry: (In no particular order of Rank)

• Bomin Linde LNG GmbH & Co. KG
• Eagle LNG Partners.
• Engie SA
• ENN Energy Holdings Limited.
• Gasnor AS
• Harvey Gulf International Marine LLC.
• Korea Gas Corporation
• Polskie LNG
• Royal Dutch Shell plc.
• Skangass AS.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the LNG Bunkering Market

Which Region Dominates the LNG Bunkering Market in 2024?

According to Cognitive Market Research, North America ruled the market in 2024 and accounted for around 40% of the global revenue. North America held a major share in the LNG bunkering market due to its advanced infrastructure, substantial natural gas reserves, and strong regulatory support for cleaner marine fuel alternatives. Increased investments in LNG facilities and a growing focus on reducing emissions further bolstered the region's dominance in the market.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the LNG bunkering market due to the increasing adoption of LNG as a marine fuel driven by stringent emissions regulations and environmental concerns. Countries like Japan, China, and South Korea are investing heavily in LNG infrastructure, fostering a supportive ecosystem for LNG bunkering. The region's strategic location for maritime trade also contributes to its rapid growth in LNG bunkering activities.

 

The current report Scope analyzes LNG Bunkering Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America LNG Bunkering Market

According to Cognitive Market Research, the global LNG bunkering market size was estimated at USD 4851.9 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 1940.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 41.4% from 2024 to 2031

• According to Cognitive Market Research, the US had a major share in the LNG bunkering market with a market size of USD 1531.26 million in 2024 and is projected to grow at a CAGR of 41.2% during the forecast period. The US commands a major share in the LNG bunkering market due to robust infrastructure, regulatory incentives, and increasing adoption of cleaner marine fuel solutions.
• The Canadian LNG bunkering market had a market share of USD 232.89 million in 2024 and is projected to grow at a CAGR of 42.2% during the forecast period. Canada's expanding LNG infrastructure and regulatory incentives drive growth in the LNG bunkering market.
• The Mexico LNG bunkering market is projected to witness growth at a CAGR of 41.9% during the forecast period, with a market size of USD 176.61 million in 2024.

Europe LNG Bunkering Market

According to Cognitive Market Research, the global LNG bunkering market size was estimated at USD 4851.9 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 1455.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 41.7% from 2024 to 2031.

• The United Kingdom's LNG bunkering market had a market share of USD 244.54 million in 2024 and is projected to grow at a CAGR of 42.5% during the forecast period. The UK holds a prominent share in the LNG bunkering market due to robust infrastructure and regulatory support.
• The France LNG bunkering market is projected to witness growth at a CAGR of 40.9% during the forecast period, with a market size of USD 133.91 million in 2024.
• According to Cognitive Market Research, the German LNG bunkering market size was valued at USD 288.20 million in 2024 and is projected to grow at a CAGR of 41.9% during the forecast period. Germany has experienced significant growth in the LNG bunkering market, driven by regulatory support and increasing adoption of cleaner fuels.
• The Italy LNG bunkering market is projected to witness growth at a CAGR of 41.1% during the forecast period, with a market size of USD 125.18 million in 2024.
• The Russian LNG bunkering market is projected to witness growth at a CAGR of 40.7% during the forecast period, with a market size of USD 225.61 million in 2024.
• The Spain LNG bunkering market is projected to witness growth at a CAGR of 40.8% during the forecast period with a market size of USD 119.36 million in 2024
• The Luxembourg LNG bunkering market is projected to witness growth at a CAGR of 41.8% over the forecast period, with a market size of USD 45.12 million in 2024.
• The Portugal LNG bunkering market is projected to witness growth at a CAGR of 41.5% during the forecast period, with a market size of USD 30.57 million in 2024.
• The Greece LNG bunkering market is projected to witness growth at a CAGR of 42.0% during the forecast period, with a market size of USD 17.47 million in 2024.
• Rest of Europe's LNG bunkering market is projected to witness growth at a CAGR of 40.4% during the forecast period, with a market size of USD 225.61 million in 2024.

Asia Pacific LNG Bunkering Market

According to Cognitive Market Research, the global LNG bunkering market size was estimated at USD 4851.9 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1115.94 million in 2024 and will grow at a compound annual growth rate (CAGR) of 45.2% from 2024 to 2031.

• According to Cognitive Market Research, the China LNG bunkering market size was valued at USD 502.17 million in 2024 and is projected to grow at a CAGR of 44.7% during the forecast period. China holds the largest share in the LNG bunkering market due to extensive infrastructure development and increasing demand.
• The Japan LNG bunkering market is projected to witness growth at a CAGR of 43.7% during the forecast period, with a market size of USD 154.00 million in 2024.
• The India LNG bunkering market had a market share of USD 133.91 million in 2024 and is projected to grow at a CAGR of 47.0% during the forecast period. India's rapid expansion in the LNG bunkering market is driven by increasing infrastructure development and regulatory support.
• The South Korean LNG bunkering market is projected to witness growth at a CAGR of 44.3% during the forecast period, with a market size of USD 111.59 million in 2024.
• The Australian LNG bunkering market is projected to witness growth at a CAGR of 44.9% over the prediction period, with a market size of USD 58.03 million in 2024.
• The South East Asia LNG bunkering market is projected to witness growth at a CAGR of 46.2% during the forecast period, with a market size of USD 77.00 million in 2024.
• The Rest of the Asia Pacific LNG bunkering market is projected to witness growth at a CAGR of 45.0% during the forecast period, with a market size of USD 79.23 million in 2024.

South America LNG Bunkering Market

According to Cognitive Market Research, the global LNG bunkering market size was estimated at USD 4851.9 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 242.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 42.6% from 2024 to 2031. L

• According to Cognitive Market Research, the Brazil LNG bunkering market size was valued at USD 103.83 million in 2024 and is projected to grow at a CAGR of 43.2% during the forecast period. Brazil is emerging as a dominant player in the LNG bunkering market due to strategic investments and regulatory initiatives.
• Argentina's LNG bunkering market had a market share of USD 40.76 million in 2024 and is projected to grow at a CAGR of 43.5% during the forecast period. Argentina is experiencing growing sales in the LNG bunkering market, driven by the increasing adoption of cleaner marine fuels.
• Colombia's LNG bunkering market is projected to witness growth at a CAGR of 42.4% during the forecast period, with a market size of USD 21.59 million in 2024.
• Peru's LNG bunkering market is projected to witness growth at a CAGR of 42.8% during the forecast period, with a market size of USD 19.89 million in 2024.
• Chile's LNG bunkering market is projected to witness growth at a CAGR of 42.9% over the projection period, with a market size of USD 17.47 million in 2024.
• The Rest of Latin America's LNG bunkering market is projected to witness growth at a CAGR of 41.7% during the forecast period, with a market size of USD 39.06 million in 2024.

Middle East and Africa LNG Bunkering Market

According to Cognitive Market Research, the global LNG bunkering market size was estimated at USD 4851.9 Million, out of which the Middle East and Africa secured the significant market of around 2% of the global revenue with a market size of USD 97.04 million in 2024. It will evolve at a compound annual growth rate (CAGR) of 42.9% from 2024 to 2031.

• The GCC Countries' LNG bunkering market is projected to witness growth at a CAGR of 43.7% during the forecast period, with a market size of USD 41.53 million in 2024. GCC countries are experiencing increased demand in the LNG bunkering market due to strategic geographical advantages and economic growth.
• Egypt's LNG bunkering market is projected to witness growth at a CAGR of 43.2% during the projection period, with a market size of USD 10.19 million in 2024.
• The South African LNG bunkering market is projected to witness growth at a CAGR of 43.9% during the forecast period, with a market size of USD 15.33 million in 2024. South Africa is experiencing flourishing sales in the LNG bunkering market, driven by increasing maritime traffic and environmental regulations.
• The Turkey LNG bunkering market is projected to witness growth at a CAGR of 42.4% during the projection period, with a market size of USD 8.35 million in 2024.
• The Nigeria LNG bunkering market is projected to witness growth at a CAGR of 42.0% over the prediction period, with a market size of USD 10.19 million in 2024.
• The Rest of the MEA LNG bunkering market is projected to witness growth at a CAGR of 41.9% during the forecast period, with a market size of USD 11.45 million in 2024.

LNG Bunkering Market Analysis

LNG Bunkering Market Product Type Segment Analysis

According to Cognitive Market Research, the truck-to-ship (TTS) segment has dominated the LNG bunkering market due to its operational flexibility and cost efficiency. This method involves using trucks equipped with LNG tanks to directly supply fuel to ships at ports, making it particularly viable in locations lacking fixed LNG infrastructure. TTS bunkering has been pivotal in expanding LNG adoption in maritime transport, offering a reliable and scalable solution for meeting stringent emissions regulations globally.

Port-to-Ship (PTS) bunkering stands out as the fastest-growing segment in the LNG bunkering market. This method involves using dedicated LNG bunkering vessels or port infrastructure to supply LNG directly to ships. It is gaining traction due to its efficiency, safety, and ability to handle larger volumes compared to truck-to-ship bunkering. PTS bunkering is crucial for meeting the increasing requirement for LNG as a marine fuel and complying with stringent environmental regulations in maritime transport.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of LNG Bunkering Industry. Request a Free Sample PDF!

Application Segment Analysis

According to Cognitive Market Research, the tanker fleet has dominated the LNG bunkering market due to its substantial fuel requirements and pivotal role in global maritime trade. Tankers, including LNG carriers and other types of vessels transporting oil and chemicals, have driven the demand for LNG bunkering services. The sector's adoption of LNG as a marine fuel aligns with stringent emissions regulations and environmental goals, solidifying its position as a key driver in the expansion of LNG bunkering infrastructure worldwide.

The container fleet is emerging as the fastest-growing segment in the LNG bunkering market. With increasing global trade volumes and a growing emphasis on sustainability, major shipping lines are transitioning their container ships to LNG as a cleaner fuel alternative. This shift is driven by stringent emissions regulations and the desire to reduce environmental impact. As infrastructure and technology for LNG bunkering continue to develop, the Container Fleet segment is poised for significant expansion in the coming years.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

David Fuller

Senior Analyst at Cognitive Market Research

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I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building.

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