LNG Bunkering Market Size, Share, Growth Analysis, By Product Type(Truck-to-ship, Port-to-ship, Ship-to-ship, Portable tanks), By Application(Defence Vessels, Yachts, Cruise Ships, Ferries & OSVs), By Region - Industry Forecast 2024-2031

LNG Bunkering Market Driver

• Implementation of regulations over sulphur content by the UN is expected to drive the market over the forecast year.

The International Maritime Organization (IMO), a UN organisation, reduced the sulphur content cap in marine fuels from 3.5 percent to 0.5 percent. The new regulation is scheduled to be in effect. However, refineries may be forced to make extra investments and process changes in order to provide marine fuels that fulfil the sulphur content standards. However, LNG has less sulphur and requires less processing to meet sulphur content standards.

• Economically Feasible LNG fuel is widely accepted by nations.

When compared to traditional marine fuels, it requires fewer adjustments in the manufacturing process. As a result, LNG's economic viability is likely to lead to increased adoption in the coming years. During the forecast period, this development is expected to drive the LNG bunkering market.

LNG Bunkering Market Restraint 

• The slow growth of the offshore oil and gas industry is impacting demand for offshore service vessels, which is stifling the LNG bunkering market's growth. Furthermore, issues such as large capital investments in LNG bunker development and the availability of alternatives to LNG for decreasing sulphur content, such as the use of scrubbers, are limiting LNG Bunkering Market expansion to some extent.