Global LNG Bunkering Market to Reach USD 8.19bln by 2023
Global LNG Bunkering market is expected to grow from $248.64 million in 2016 to reach $8187.35 million by 2023 with a CAGR of 64.7%.
According to Stratistics MRC, growing marine logistic business, cost efficient LNG products, and imposing environmental regulations on chemical emissions are some of the factors bolstering the market growth.
In addition, easy deployment facility is another factor fuelling the market growth. However, higher capital investments, poor bunkering infrastructure are the factors inhibiting the market growth.
Offshore Support Vessels (OSVs) segment is anticipated to be the largest market for the global LNG Bunkering market during the forecast period. The growth is attributed to feasible operations during shipping and loading.
Moreover bulk and general cargo fleet segment is anticipated to register higher CAGR during the forecast period. Asia Pacific is expected to witness remarkable growth driven by increasing marine trade business.
Some of the key players in global LNG bunkering market include Bomin Linde LNG GmbH & Co. KG (Nauticor), Crowley Maritime, Eagle LNG, ENN Energy, EVOL LNG, Fjord Line, Gasnor AS, Gazpromneft Marine Bunker LLC, GDF SUEZ SA, Harvey Gulf International Marine LLC, Korea Gas Corporation, Polskie LNG, Prima LNG, Royal Dutch Shell Plc, and Skangass AS.