South America LNG Bunkering Market Size Inclinations and Development Status Highlighted During Forecast Period 2022-2031

LNG bunkering is the practice of providing liquefied natural gas fuel to a ship for its own consumption. The South America LNG bunkering market is expected to grow at a CAGR of more than 1.8% over the forecast period. The strict norms to restrict the sulfur content produced by conventional fuels is one of the major drivers for LNG bunkering infrastructure in the region. However, the limited availability of LNG bunkering infrastructure and capital intensive bunkers are likely to hinder the market growth in the region.

– An increase in maritime activities is expected to drive the LNG Bunkering market in South America over the forecast period.
– The new investment plans and the reduced natural gas prices in 2019 had marked the beginning of expanding opportunities for LNG bunkering in the coming years.
– Brazil is expected to witness significant growth in the South America LNG bunkering market during the forecast period.

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Key Market Trends

Increase in Maritime Activities is Expected to Drive the Market

– The region is home to the Panama Canal and represents around 15% of the total number of trade services across the world, as the region is home to a few of the largest oil-producing nations such as Brazil, Venezuela, and Argentina. The oil and gas activities especially offshore E&P activities are expected to increase further, which, in turn, is expected to drive maritime activities.
– South America has only one planned LNG bunkering facility, which is in Panama, Port of Colon operated by Engie and AES. Further, as of November 2019, South America has around ten regasification plants and two liquefaction plants; therefore, it can provide an opportunity for the expansion of the LNG bunkering market within the country.
– Furthermore, the region falls right in line with the trading route of the United States and the Asian countries. The region offers huge potential for the expansion of LNG bunkering activities as it could become a trans-shipment hub to fuel consumers following the trade route of in the Caribbean, Central, and South American regions.
– In addition, Brazil’s Petrobras sets record for bunker fuel exports in February 2020. Petrobras shipped 238,000 b/d of bunker fuel and fuel oil abroad. Petrobras oil and bunker-fuel shipments extends to the Caribbean, Europe and the US. Since the export activities are held via ships the market for LNG bunkering is expected to grow over the forecast period.

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