LNG provides advantages such as lower emission of sulfur and particulate matter along with reduced greenhouse gas emission relative to conventional heavy fuel oil or diesel. With strict emission norms issued by International Maritime Organization to reduce the environmental impact of shipping, LNG bunkering is gaining traction. The global LNG Bunkering Market is estimated to be valued at US$ 1084.62 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of LNG bunkering market is the increased usage of LNG as a marine fuel by shipping companies and vessel owners. Oil majors such as Shell, BP, and Total are investing heavily in developing LNG bunkering infrastructure along major shipping routes. With stringent emission regulations and the need to reduce carbon footprint of shipping industry, ship owners are retrofitting their vessels to use LNG. Major companies operating tankers, bulk carriers and container vessels have placed orders to include LNG propulsion system in new builds as well as for converting some of their existing fleet. This is expected to boost the demand for LNG bunkering over the forecast period.
Segment Analysis
The Global LNG Bunkering Market Size is segmented by supply vessel, end-user and region. Based on supply vessel, the liquefied natural gas bunkering vessels segment accounted for highest market share in 2024. These vessels are specifically designed for delivering LNG to the ships and offer safe and efficient bunkering operations. Due to increasing demand from marine vessels, the segment is expected to continue its dominance over the forecast period.
Key Takeaways
The global LNG bunkering market is expected to witness high growth.
The Asia Pacific region accounted for highest share in 2024. Countries such as China, Japan and South Korea have emerged as major exporters and importers of LNG via sea. The increasing number of LNG powered vessels and adoption of stringent emission norms are promoting the growth of bunkering infrastructure in the region. This is augmenting the demand for LNG bunkering in Asia Pacific.
Key players operating in the LNG bunkering market are Medtronic, Becton Dickinson and Company (BD), Boston Scientific Corporation, Cook Medical, B. Braun Melsungen AG, Koninklijke Philips N.V., Opto Circuits (India) Limited, Terumo Corporation, Surmodics, Inc., and Biotronik. Medtronic dominates the market due to its diverse product portfolio and global presence. BD and Boston Scientific are other prominent players due to their strong focus on research and development of advanced LNG bunkering solutions.
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