Europe LNG Bunkering Market Size (2024 - 2029)

The Europe LNG bunkering market is anticipated to experience growth driven by stringent environmental regulations and the availability of natural gas, despite challenges such as inadequate infrastructure in some countries. The market has rebounded to pre-pandemic levels, with an increase in orders and deliveries of LNG-powered vessels, supported by lower natural gas prices. Norway is projected to lead the market in Europe during the forecast period.

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Market Size of Europe LNG Bunkering Industry

Europe LNG Bunkering Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.25 %
Market Concentration Medium

Major Players

Europe LNG Bunkering Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe LNG Bunkering Market Analysis

The Europe LNG bunkering market is expected to register a CAGR of more than 5.25% throughout the forecast period.

The COVID-19 outbreak negatively impacted the market due to regional lockdowns. Currently, the market reached pre-pandemic levels.

  • Stringent environmental regulations imposed by local government bodies and IMO to curb emissions, coupled with the abundant natural gas availability, are expected to stimulate the industry growth of the market studied.
  • However, some countries lack of LNG bunkering infrastructure will likely hinder the market during the forecast period.
  • The orders and deliveries of LNG-powered vessels are increasing, and the reduced natural gas prices marked the beginning of expanding opportunities for such vessels in the coming years.
  • During the forecast period, Norway is expected to dominate the LNG bunkering market in Europe.

Europe LNG Bunkering Industry Segmentation

LNG bunkering is the process by which liquefied natural gas is transferred to a ship for use as fuel. Europe's LNG bunkering market is segmented into end-users and geography. By end-user, the market is segmented into tanker fleets, container fleets, bulk and general cargo fleet, ferries and OSV, and others. The report also covers the market size and forecasts for the LNG bunkering market across major regional countries. Each segment's market sizing and forecasts are based on revenue (USD billion).

End-User
Tanker Fleet
Container Fleet
Bulk and General Cargo Fleet
Ferries and OSV
Others
Geography
Norway
Spain
Netherlands
United Kingdom
Rest of Europe
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Europe LNG Bunkering Market Size Summary

The LNG bunkering market in Europe is poised for significant growth, driven by stringent environmental regulations and the availability of natural gas. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The increasing orders and deliveries of LNG-powered vessels, along with reduced natural gas prices, are creating new opportunities in the sector. However, the lack of adequate LNG bunkering infrastructure in some countries poses a challenge to market expansion. Norway is expected to lead the market, benefiting from its early investments in LNG technology and infrastructure, such as the Hammerfest bunkering station. The European Green Deal further underscores the importance of LNG in achieving carbon neutrality, promoting its use in marine vessels and trucks to meet emission standards.

The demand for LNG bunkering services is anticipated to rise, particularly with the projected increase in LNG-based ferries and offshore support vessels. Government regulations aimed at reducing sulfur and carbon emissions are encouraging the shift from traditional fuels to LNG. Norway's proactive stance in addressing climate change and its strategic investments in LNG infrastructure and exports are expected to bolster its market position. The European LNG bunkering market is moderately consolidated, with key players like Royal Dutch Shell, Total SA, and Gazpromneft Marine Bunker LLC actively participating. Recent developments, such as Equinor's extension of its LNG bunkering contract and NOVATEK's agreements to expand LNG use, highlight ongoing efforts to enhance the market's growth and infrastructure.

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Europe LNG Bunkering Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-User

      1. 2.1.1 Tanker Fleet

      2. 2.1.2 Container Fleet

      3. 2.1.3 Bulk and General Cargo Fleet

      4. 2.1.4 Ferries and OSV

      5. 2.1.5 Others

    2. 2.2 Geography

      1. 2.2.1 Norway

      2. 2.2.2 Spain

      3. 2.2.3 Netherlands

      4. 2.2.4 United Kingdom

      5. 2.2.5 Rest of Europe

Europe LNG Bunkering Market Size FAQs

The Europe LNG Bunkering Market is projected to register a CAGR of greater than 5.25% during the forecast period (2024-2029)

Crowley Maritime Corporation, Nauticor GmbH & Co. KG, Gazpromneft Marine Bunker LLC, TotalEnergies SE and Shell PLC are the major companies operating in the Europe LNG Bunkering Market.

LNG Bunkering Market in Europe Report Snapshots

LNG Bunkering Market in Europe Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)