Projection of LNG as marine fuel

Liquefied natural gas (LNG) is seen as a one of the main alternatives for decarbonization of the marine fuel sector, particularly by the International Maritime Organization in their greenhouse gas (GHG) emissions reduction target of 50%, with its planned implementation date of 2050.

Many independent organizations have published their analysis for projections on consumption of LNG as bunker fuel. According to Transparency Market Research (TMR), the global LNG bunkering market is rising at a compound annual growth rate (CAGR) of 63.6% in the period between 2021 and 2031, and will reach a volume worth of 432.16 million tonnes by 2031.

The LNG bunkering market key drivers include a growing number of LNG-fueled vessels, and advancements in infrastructure for the r