Market Size of UK LNG Bunkering Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK LNG Bunkering Market Analysis
The United Kingdom LNG bunkering market is expected to register a CAGR of more than 2.1% over the forecast period.
The COVID-19 outbreak negatively impacted the market due to regional lockdowns and supply chain disruptions. Currently, the market reached pre-pandemic levels.
- The bunker fuel supply and availability landscape changed when the IMO's regulation capping the global fuel Sulphur limit at 0.50% was enforced on 1 January 2020, likely driving the LNG bunkering market in the United Kingdom.
- However, the lack of LNG bunkering infrastructure will likely hurt the demand for LNG bunkering activities in the country during the forecast period.
- The reduced natural gas prices began expanding opportunities for LNG bunkering activities in the coming years.
UK LNG Bunkering Industry Segmentation
LNG bunkering is the process by which liquefied natural gas is transferred to a ship for use as fuel. End-users segment the United Kingdom LNG bunkering market into tanker fleets, container fleets, bulk and general cargo fleet, ferries and OSV, and others. Each segment's market sizing and forecasts are based on revenue (USD million).
UK LNG Bunkering Market Size Summary
The United Kingdom LNG bunkering market is poised for growth, driven by regulatory changes and increased demand for cleaner fuel alternatives in the shipping industry. The enforcement of the IMO's regulation to cap the global fuel Sulphur limit has significantly influenced the market, encouraging the adoption of LNG as a bunkering fuel. Despite challenges such as limited infrastructure, the market is recovering from the setbacks caused by the COVID-19 pandemic and is expected to expand as natural gas prices decrease. The government's initiatives to enhance the UK's share in global oil and gas production, coupled with the anticipated increase in LNG-fueled ferries and offshore support vessels, are expected to further stimulate the demand for LNG bunkering services.
The market landscape is characterized by a consolidation of key players, including Flogas Britain Ltd, Chevron Corporation, Engie SA, TotalEnergies SE, and Shell PLC, who are actively involved in promoting LNG-powered marine transport. The UK's commitment to a sustainable transport network and the growing need to reduce the carbon footprint in the shipping industry are pivotal in driving the market forward. Additionally, the rise in natural gas production and the dominance of offshore oil and gas activities are expected to bolster the demand for LNG bunkering fuels. As the country continues to focus on expanding its energy mix with oil and gas, the LNG bunkering market is anticipated to experience significant growth over the forecast period.
UK LNG Bunkering Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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UK LNG Bunkering Market Size FAQs
What is the current UK LNG Bunkering Market size?
The UK LNG Bunkering Market is projected to register a CAGR of greater than 2.10% during the forecast period (2024-2029)
Who are the key players in UK LNG Bunkering Market?
Flogas Britain Ltd , Chevron corporation, Engie SA, TotalEnergies SE and Shell PLC are the major companies operating in the UK LNG Bunkering Market.
