Global LNG Bunkering Market Outlook to 2028

Global LNG Bunkering Market Outlook to 2028

The growing need to comply with IMO regulations, fall in natural gas prices, rise in the fleet of LNG powered ships, expanding LNG bunkering infrastructure to support LNG as a marine fuel across Europe and South East Asia, and supportive government initiatives are some of the factors contributing to the growth of LNG Bunkering Market.

The International Maritime Organization's (IMO) new regulations came into effect from January 1, 2020, cutting the sulfur content in fuels to 0.5% by mass for the ocean-going vessels from the previous limit of 3.5% established in 2012. The IMO 2020 regulation seeks to control airborne emissions from ships and their contribution to local and global air pollution, human health issues, and environmental problems.

To comply with the IMO regulations, fleet owners are continuing to use high sulfur fuel oil (HSFO) by retrofitting vessels with scrubbers (lowest cost solution) or switching to the use of low-sulfur fuel oils (VLSFO) or using fuels, such as LNG among others.

Global Crisis due to COVID-19 does not seem to affect LNG bunkering infrastructure activities as various MoU and partnerships are seen in order to strengthen the LNG infrastructure at ports in the US, Sweden, Germany, Canada, China, Japan, among others.

Recently, as part of the LNGhive2 initiative, the European Commission has allocated funding to the tune of EUR 27 million (USD 31.7 million) for two LNG bunkering projects in Spain.

The number of deals for LNG bunkering infrastructure development for various ports, signing of MoUs to promote LNG as a marine fuel, and license distribution for LNG bunkering supplier even in these critical situations shows a promising growth of the LNG bunkering market in the upcoming years.

Blackridge Research's Global LNG Bunkering Market report provides deep insights into the current and future growth outlook of different regions. The study offers a detailed analysis of various factors instrumental in affecting the growth of the LNG bunkering market.

The report also addresses present and future market opportunities, market trends, developments, analysis of LNG fleet & infrastructure, important commercial developments, regions, and segments poised for the fastest-growth, competitive landscape, and impact of Covid-19 on the LNG Bunkering market. Further, the LNG Bunkering market size, and demand forecast, growth rates, will also be provided in the report.
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