Australia LNG Bunkering Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Australia LNG Bunkering Market Analysis
The Australian LNG bunkering market is expected to grow at a CAGR of more than 6% during the forecast period.
The market was negatively impacted by the Covid-19 pandemic, as demand for LNG bunkering services fell as marine shipping and trade declined significantly. However, the market has since rebounded and is expected to grow steadily during the forecast period.
- Over the long term, factors such as rising investments in LNG bunkering infrastructure and facilities are expected to drive the market during the forecast period.
- On the flip side, the increasing adoption of alternative low-sulfur fuels such as Marine Gas Oil (MGO) and Low-Sulfur Fuel Oil (LSFO) is expected to restrain the market during the forecast period.
- However, rising investments in small-scale LNG infrastructure are expected to provide a significant opportunity for the market beyond the forecast period.
Australia LNG Bunkering Market Trends
This section covers the major market trends shaping the Australia LNG Bunkering Market according to our research experts:
Ferries and OSV to Dominate the Market
- Ferries are vessels used to carry cargo and passengers across the water. A passenger ferry is used as a water bus or taxi to travel from one place to another. Various ferries include double-ended, hydrofoil, hovercraft, catamaran, roll-on/ roll-off, cruise ferry (RoPax), fast RoPax ferry, and others. OSVs also find heavy demand from the offshore oil and gas offshore wind energy sectors, where OSVs are essential during offshore construction and maintenance work.
- These vessels majorly operate on heavy fuel oil and marine gas oil. However, government regulations regarding the emission of sulfur, carbon dioxide, and other pollutants have encouraged using LNG as fuel in vessels. However, with the regulations related to sulfur content in the fuel, The option of using LNG as a fuel is attractive to these types of vessels because of the operating profile and economic, regulatory, and environmental reasons.
- Despite having no offshore wind farms, Australia has one of the highest offshore wind potentials globally due to its long coastline. The country has decided to invest in offshore wind to increase the share of renewable energy in the electricity generation mix. In December 2022, with approvals from relevant stakeholders, the Australian government formally declared the Bass Strait off Gippsland as Australia's first offshore wind zone and awarded Major Project Status to the Start of the South offshore wind farm.
- In July 2022, Shell Australia, a subsidiary of Shell, submitted an environment plan (EP) to the country's offshore regulator for development drilling on the Crux natural gas field off the coast of Western Australia.
- The country is also making significant investments in offshore oil and gas production. As of 2021, Australia produced 335 thousand barrels/day of crude oil, which is expected to grow during the forecast period, primarily during rising investments in the oil and gas offshore sector.
- Hence, the increasing number of ferries and OSV fleets is expected to drive the demand for LNG-fueled fleets, driving the demand for the LNG bunkering market in Australia during the forecast period.
Development in LNG Bunkering Facilities to Drive the Market
- Australia is expected to be one of the leading countries for the supply of LNG, whose demand is expected to witness a significant increase in the coming years. Establishing a strong LNG bunkering industry in Australia holds the potential to resurrect a domestic shipping fleet for coastal trading, utilizing LNG as a primary fuel source.
- Australia is one of the largest LNG producers and exporters globally, and in 2021, exports reached 108.1 Bcm, and with a global spike in energy demand, especially for LNG, export volumes are expected to rise. As most of Australia's LNG is exported via large LNG tankers, using LNG for refueling LNG tankers can both reduce emissions and lower costs due to easy availability of LNG. This is expected to drive the demand for LNG bunkering facilities in the country during the forecast period.
- In January 2023, Pilbara Clean Fuels (PCF) and Oceania Marine Energy agreed to work together to develop an 'end-to-end' low-carbon profile eLNG production and ship bunkering capability concept for the port of Port Hedland. The eLNG plant is being developed for the production of marine bunker fuel, with a base case capacity of 0.5 mtpa and a potential expansion to over 1 mtpa, and Oceania is expected to develop an LNG marine fuel bunkering business using a purpose-designed LNG refuelling vessel
- With the significant domestic LNG production available and commercial LNG bunkering now taking place in Fremantle and Pilbara Ports, Australia is well placed to use LNG as a maritime fuel to comply with the regulations. Hence, such developments are expected to drive the LNG bunkering market in Australia during the forecast period.
Australia LNG Bunkering Industry Overview
The Australian LNG bunkering market is consolidated. Some major players in this market (in no particular order) include Siem Offshore Inc., Gas Energy Australia, Woodside Petroleum Ltd., Oceania Marine Energy, and Norwest Energy NL, among others.
Australia LNG Bunkering Market Leaders
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Siem Offshore Inc.
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Gas Energy Australia
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Woodside Petroleum Ltd
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Oceania Marine Energy
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Norwest Energy NL
*Disclaimer: Major Players sorted in no particular order
Australia LNG Bunkering Market News
- In September 2022, Norwest Energy Ltd., Perth, acquired a 20% interest in Pilbara Clean Fuels Pty Ltd. (PCF), a company developing an electrified LNG (eLNG) plant at Port Hedland. The company is expected to invest AUD 300,000 to fund an initial 6-month assessment program designed to progress the project. PCF has entered a development partnership with Technip Energies and selected Air Products Inc. as the preferred liquefaction technology licensor and core equipment supplier.
- In February 2022, BHP welcomed MV Mt. Tourmaline - the world's first LNG-fuelled Newcastlemax bulk carrier - to transport iron ore between Western Australia and Asia from 2022. BHP has chartered five LNG-fuelled Newcastlemax bulk carriers from Eastern Pacific Shipping (EPS) for five years and awarded the LNG fuel contract to Shell
Australia LNG Bunkering Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 End-User
5.1.1 Tanker Fleet
5.1.2 Container Fleet
5.1.3 Bulk & General Cargo Fleet
5.1.4 Ferries & OSV
5.1.5 Others
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Siem Offshore Inc
6.3.2 Gas Energy Australia
6.3.3 Woodside Petroleum Ltd
6.3.4 Oceania Marine Energy
6.3.5 Norwest Energy NL
6.3.6 EVOL LNG
6.3.7 Kanfer Shipping
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Australia LNG Bunkering Industry Segmentation
Liquefied natural gas (LNG) bunkering is where LNG fuel is transferred from a given distribution source to an LNG-fuelled ship.
The Australia LNG bunkering market is segmented by end-user. By end-user, the market is segmented into tanker fleet, container fleet, bulk & general cargo fleet, ferries & OSV, and others. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| End-User | |
| Tanker Fleet | |
| Container Fleet | |
| Bulk & General Cargo Fleet | |
| Ferries & OSV | |
| Others |
Australia LNG Bunkering Market Research FAQs
What is the current Australia LNG Bunkering Market size?
The Australia LNG Bunkering Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Australia LNG Bunkering Market?
Siem Offshore Inc., Gas Energy Australia, Woodside Petroleum Ltd, Oceania Marine Energy and Norwest Energy NL are the major companies operating in the Australia LNG Bunkering Market.
What years does this Australia LNG Bunkering Market cover?
The report covers the Australia LNG Bunkering Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Australia LNG Bunkering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia LNG Bunkering Industry Report
Statistics for the 2024 Australia LNG Bunkering market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Australia LNG Bunkering analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
