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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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Liquefied natural gas (LNG) bunkering is the provision of liquefied natural gas to ships for their own consumption. LNG is used as an alternative marine fuel as it is a cleaner fuel with lower emissions. It reduces nitrogen oxide and sulfur oxide emissions from vessels.

Market key trends:
One of the key trends fueling the growth of the LNG bunkering market is the stringent regulations regarding sulfur content in marine fuels. The International Maritime Organization has imposed regulations to reduce sulfur emissions from marine fuels by 85% by 2030 compared to 2008 levels. Currently, vessels can only use marine fuels containing 0.5% sulfur or less outside emission control areas. This is driving the adoption of LNG as a marine fuel since it contains practically zero sulfur. The cleaner burning properties of LNG make it an attractive option for ship owners and operators to comply with the stringent emission norms.

Segment Analysis
The global LNG bunkering market is segmented by vessel type, end user and geography. By vessel type, the market is divided into tankers, containers, bulk and general cargo vessels and others. The tankers segment dominated the market in 2022 due to high demand for LNG as bunker fuel and increase in number of LNG-powered tankers. By end user, the market is bifurcated into container fleet, bulk & general cargo fleet and tanker fleet. The container fleet segment accounted for the largest share in 2022 owing to increasing adoption of LNG as a bunker fuel in container vessels.

Key Takeaways
The Global LNG Bunkering Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing need to reduce emission from ships and transition towards cleaner fuels.

Regional analysis - Asia Pacific region is expected to grow at the fastest rate due to strong presence of shipping companies and ports promoting adoption of LNG as bunker fuel in countries such as China, Japan and South Korea. Northern Europe also captures significant share owing to stringent emission norms and presence of advanced bunkering infrastructure in countries like Norway and Netherlands.

Key players - Key players operating in the LNG bunkering market are Royal Dutch Shell Plc., Skangas, ENN Energy, Korea Gas Corporation, Prima LNG, Harvey Gulf International Marine LLC, Bomin Linde LNG GmbH & Co KG, Fjord Line, Crowley Maritime Corporation, and Polskie LNG. The market leaders are focusing on capacity expansion and partnerships to cater to increasing demand for LNG bunkering services across major ports.

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