Canada LNG Bunkering Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.25 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada LNG Bunkering Market Analysis
Over the next five years, the Canada LNG bunkering market is expected to register a CAGR of more than 5.25 percent.
Due to regional lockdowns, the COVID-19 outbreak had a negative impact on the market. Currently, the market has reached pre-pandemic levels.
- The Canadian LNG bunkering market is being driven by things like the arrival of LNG-powered ships in eastern and western Canada, the economic benefits of LNG as a marine fuel, and strict emissions standards in North America.Also, the restrictions on sulfur oxide (SOx) emissions are expected to drive the market during the forecast period.
- Moreover, reducing the sulfur content of conventional fuel requires a high cost, which is likely to hamper the economic viability of the same, hindering the market's growth.
The number of orders and deliveries of LNG-powered ships is going up, and the drop in natural gas prices is the start of more opportunities for these ships in the years to come.
Canada LNG Bunkering Market Trends
Ferries & OSV to Dominate the Market
- Ferries are vessels used to carry cargo across the water; offshore support vessels (OSV) are required during oil exploration and construction work in an offshore location.
- These vessels operate primarily on heavy fuel oil and marine gas oil. However, government regulations regarding the emission of sulfur, carbon dioxide, and other pollutants have been encouraging the use of LNG as a fuel in the vessels.
- Ferries and other coastal traffic and offshore support vessels are expected to be the first marine vessels in Canada to use LNG. After that, other marine vessels are also expected to add to LNG demand.
- In March 2022, the Canadian firm BC Ferries announced an LNG-powered vessel was expected to replace BC Ferries' diesel-powered Mayne Queen on the Swartz Bay-Southern Gulf Islands in Canada. The new vessel is 107 meters long and can carry at least 138 vehicles and up to 600 passengers and crew.
- These vessels operate primarily on heavy fuel oil and marine gas oil. However, government regulations regarding the emission of sulfur, carbon dioxide, and other pollutants have been encouraging the use of LNG as a fuel in the vessels. by the Port of Vancouver, the biggest port in the country.
- In 2021, the imports of goods from Canada into the United States were expected to be increased by approximately 20%. Hence, the increase in imports positively affected the maritime industry, manifested by an increase in the cargo handled by the Port of Vancouver, the biggest port in the country.
- Thus, the growing number of ferries and OSVs that use LNG fuel and the switch to LNG fuel are likely to drive the demand for LNG bunkering facilities in the country over the next few years.
Restrictions on Sulfur Oxide Emissions to Drive the Market
- In October 2016, the International Maritime Organization (IMO) adopted stricter regulations on emissions, most prominently restrictions on sulfur oxide (SOx) emissions, which came into force on the 1st of January 2020.
- With the new 2020 regulations, ships would have to use fuel oil with a sulfur content of no more than 0.50% m/m.
- Also, the Canadian government has made commitments to a significant reduction in greenhouse gas emissions, and the country has an abundant supply of natural gas.
- The LNG-fueled ships are expected to account for over 60% of the new ship orders. With the growing number of LNG-fueled vessels, the demand for LNG as a marine fuel is expected to grow significantly during the forecast period.
- Hence, such developments are expected to fuel the demand for LNG bunkering services in Canada during the forecast period.
Canada LNG Bunkering Industry Overview
The Canadaian LNG bunkering market is consolidated. Some of the key players in this market (in no particular order) include Shell PLC, Harvey Gulf International Marine LLC, TotalEnergies SE, Nauticor GmbH & Co. KG, and Gasum AS.
Canada LNG Bunkering Market Leaders
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Harvey Gulf International Marine LLC
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Nauticor GmbH & Co. KG
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Gasum AS
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TotalEnergies SE
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Shell PLC
*Disclaimer: Major Players sorted in no particular order
Canada LNG Bunkering Market News
- September 2022: Norway's Hoglund secured a contract from Canada's seaspan marine transportation to build two 7,600-cbm LNG bunkering vessels.
- February 2023: LNG Canada and FortisBC announced that the companies would join the First Nations LNG Alliance (FNLNGA) in March 2023. FortisBC is expanding Tilbury to enable LNG bunkering and small-scale marine exports.
Canada 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 million, 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 BY END-USER
5.1 Tanker Fleet
5.2 Container Fleet
5.3 Bulk & General Cargo Fleet
5.4 Ferries & OSV
5.5 Other End-Users
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 Shell Plc
6.3.2 Harvey Gulf International Marine LLC
6.3.3 TotalEnergies SE
6.3.4 Nauticor GmbH & Co. KG
6.3.5 Gasum AS
6.3.6 ENN Energy Holdings Ltd.
6.3.7 Engie SA
6.3.8 Gazpromneft Marine Bunker LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada LNG Bunkering Industry Segmentation
LNG is natural gas that has been cooled to a liquid state at about -260掳 F for shipping and storage. The volume of natural gas in its liquid state is about 600 times smaller than its volume in its gaseous state. This process makes it possible to transport natural gas to places where pipelines do not reach. Canada's LNG bunkering market is segmented by end-user into tanker fleets, container fleets, bulk and general cargo fleets, ferries and OSVs, and others. The market sizing and forecasts have been done based on revenue (USD million).
Canada LNG Bunkering Market Research FAQs
What is the current Canada LNG Bunkering Market size?
The Canada LNG Bunkering Market is projected to register a CAGR of greater than 5.25% during the forecast period (2024-2029)
Who are the key players in Canada LNG Bunkering Market?
Harvey Gulf International Marine LLC, Nauticor GmbH & Co. KG, Gasum AS, TotalEnergies SE and Shell PLC are the major companies operating in the Canada LNG Bunkering Market.
What years does this Canada LNG Bunkering Market cover?
The report covers the Canada LNG Bunkering Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada LNG Bunkering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada LNG Bunkering Industry Report
Statistics for the 2024 Canada LNG Bunkering market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Canada LNG Bunkering analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
