India LNG Bunkering Market Size (2024 - 2029)

India LNG Bunkering Market Size Summary

The India LNG bunkering market is poised for significant growth, driven by the country's strategic initiatives to adopt LNG as a marine fuel. This shift is largely influenced by regulatory measures such as the IMO sulfur cap and India's commitment to reducing greenhouse gas emissions. The expansion of LNG refueling stations and the declining cost of natural gas are expected to bolster the market, despite challenges posed by the COVID-19 pandemic, which has impacted maritime trade. The market is anticipated to see substantial development in the ferries and offshore support vessel segments, with increasing demand for LNG bunkering facilities across the country. This growth is supported by the rising number of LNG bunkering infrastructure projects, including developments at key ports like Kochi and proposed facilities in Ghazipur and Dharamtar Creek.

The market landscape is characterized by a consolidated structure, with major players such as Petronet LNG Ltd, H-Energy Private Limited, Bharat Petroleum Corp Ltd, Indian Oil Corporation Ltd, and Adani Enterprises Ltd leading the charge. The offshore support vessel segment is expected to dominate due to its cost-effectiveness in supporting offshore exploration and production activities. As oil prices recover and exploration activities intensify, the demand for LNG-powered offshore supply vessels is projected to rise. The increasing preference for LNG over traditional fuels by shipbuilders and the growing consumption of natural gas in India further underscore the market's potential. With these developments, India is set to become a regional hub for LNG bunkering, leveraging its strategic location and expanding infrastructure to meet the evolving needs of the maritime industry.