LNG bunkering is a framework in which biomass is utilized optimally to produce multiple products and tries to be self-sustaining and not harmful to the environment. In 2022, global LNG bunkering activity experienced a decline due to the significant discounts of oil-based fuels compared to global LNG prices. Dual-fuel vessels that could switch to fuel oil opted for this alternative. However, by early 2023, LNG prices have once again become competitive with fuel oil, and the long-term prospects, marked by a rapidly expanding LNG-fueled order book and accelerated decarbonization measures, remain robust. Consequently, 2023 is widely anticipated to be a year of revival for the LNG bunkering market. With the global shipping fleet increasingly turning to LNG for decarbonization and compliance with stricter environmental regulations, the rationale for LNG bunkering remains strong.
Get Free Sample link @ https://www.omrglobal.com/request-sample/lng-bunkering-market
The increasing focus on sustainability is a significant factor driving the growth of the LNG bunkering market. With the maritime industry pursuing cleaner fuel alternatives, LNG has gained importance for its lower greenhouse gas emissions and reduced air pollutants compared to traditional marine fuels.According to the 2023IGU World LNG report, in 2022, global LNG bunkering activity declined due to the substantial discounts of oil-based fuels compared to global LNG prices, leading dual-fuel vessels to switch to fuel oil. However, in early 2023, LNG prices have once again become competitive with fuel oil, supported by the rapidly expanding LNG-fueled order book and increased decarbonization efforts. With growing demand, the LNG bunkering market is witnessing increased investment and infrastructure development, including the establishment of bunkering facilities and retrofitting of existing vessels for LNG fuel systems.The global shipping fleet’s turn towards LNG for decarbonization, coupled with stricter environmental regulations, continues to strengthen the case for LNG bunkering. By the end of April 2023, the global operational LNG bunkering and bunkering-capable small-scale vessel fleet has reached 35 units, containing both self-propelled and tug-propelled vessels and barges.This shift towards sustainability indicates both regulatory compliance and the industry’s efforts to reduce its environmental impact, contributing to the accelerated growth of the LNG bunkering market.
full report of LNG bunkering Market available @ https://www.omrglobal.com/industry-reports/lng-bunkering-market
- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global LNG Bunkering Market by Technique
- Gas Injection
- Thermal Injection
- Chemical Injection
- Other (Microbial Injection)
Global LNG Bunkering Market by Application
- Offshore
- Onshore
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Baker Hughes Company
- Cenovus Energy Inc.
- Chevron Corp.
- China National Petroleum Corp.
- ConocoPhillips
- Ecopetrol S.A.
- Gazprom Neft
- Halliburton Company
- Kinder Morgan, Inc.
- Lukoil Oil Company
- Occidental Petroleum Corp.
- PetroChina Company Ltd.
- Petroleo Brasileiro S.A. (Petrobras)
- Praxair Technology Inc.
- Royal Dutch Shell plc
- Schlumberger Ltd.
- Suncor Energy Inc.
- Weatherford International PLC
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global LNG bunkering market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/lng-bunkering-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404
