LNG Bunkering Market Size (2024 - 2029)

The LNG bunkering market is projected to experience substantial growth over the forecast period, driven by increasing adoption of LNG as a marine fuel due to regulatory changes and environmental benefits. The market's expansion is supported by the shift from conventional fuels to LNG, which offers compliance with stringent sulfur regulations and reduced greenhouse gas emissions. Despite a temporary decline during the COVID-19 pandemic, the market has rebounded, with North America, particularly the United States and Canada, expected to lead in demand. The tanker fleet segment is anticipated to grow significantly, reflecting the broader trend towards LNG bunkering infrastructure development.

Home Market Analysis Energy & Power Research Oil and Gas Research Liquefied Natural Gas (LNG) Research LNG Bunkering Research Liquefied Natural Gas Bunkering Market Market Size

Market Size of LNG Bunkering Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
LNG Bunkering Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 1.26 Billion
Market Size (2029) USD 4.73 Billion
CAGR (2024 - 2029) 30.20 %
Fastest Growing Market North America
Largest Market Asia Pacific

Major Players

LNG Bunkering Market Major Players

*Disclaimer: Major Players sorted in no particular order

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Liquefied Natural Gas (LNG) Bunkering Market Analysis

The LNG Bunkering Market size is estimated at USD 1.26 billion in 2024, and is expected to reach USD 4.73 billion by 2029, growing at a CAGR of 30.20% during the forecast period (2024-2029).

During the COVID-19 pandemic, the market experienced a decline due to temporary bans on export and import. However, the market recovered from the declining revenues in the second half of 2021, owing to the rising demand for LNG as bunker fuel from maritime transport. In terms of market growth, the norms to restrict the sulfur content in conventional fuels and the increased efficiency are driving the demand for LNG bunkering infrastructure. The ships across various regions are slowly starting to adopt LNG as a fuel for propulsion. Moreover, reducing the sulfur content from conventional fuel requires high costs, which is likely to hamper its economic viability.

  • The tanker fleet segment is likely to witness significant growth during the forecast period.
  • LNG as a bunker fuel presents immense benefits over conventional bunker fuel, ranging from increased length of compliance to reduced GHG emissions. With the IMO regulations in place, maritime vessels will be switching to less sulfur content fuel, making LNG an ideal choice and leading to opportunities in the bunkering market.
  • North America is expected to dominate the market, with most of the demand coming from the United States and Canada.

Liquefied Natural Gas (LNG) Bunkering Industry Segmentation

The scope of the LNG bunkering market report includes:

End User
Tanker Fleet
Container Fleet
Bulk and General Cargo Fleet
Ferries and OSV
Other End Users
Geography
North America
Europe
Asia-Pacific
Middle-East and Africa
South America
Need A Different Region Or Segment?
Customize Now

LNG Bunkering Market Size Summary

The LNG bunkering market is poised for substantial growth, driven by the increasing adoption of LNG as a marine fuel. This shift is largely due to stringent regulations aimed at reducing sulfur content in conventional fuels, which has made LNG an attractive alternative. The market experienced a downturn during the COVID-19 pandemic but rebounded as demand for LNG in maritime transport surged. The transition to LNG is supported by its environmental benefits, including significant reductions in greenhouse gas emissions and compliance with international maritime regulations. The tanker fleet segment is expected to see notable expansion, as LNG's advantages over traditional fuels become more pronounced.

North America is anticipated to lead the LNG bunkering market, with the United States and Canada at the forefront. This dominance is attributed to the region's proactive initiatives and abundant natural gas supply, which align with global efforts to minimize carbon footprints in shipping. The market's growth is further bolstered by strategic developments, such as the construction of large LNG bunkering barges and partnerships to enhance refueling infrastructure. Despite the high initial costs of LNG-based vessels, their lower operational expenses make them a viable long-term solution. The market remains moderately consolidated, with key players like Shell, Gazprom Neft, and TotalEnergies driving innovation and expansion in LNG bunkering services.

Explore More

LNG Bunkering Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD million, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 End User

      1. 2.1.1 Tanker Fleet

      2. 2.1.2 Container Fleet

      3. 2.1.3 Bulk and General Cargo Fleet

      4. 2.1.4 Ferries and OSV

      5. 2.1.5 Other End Users

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 Middle-East and Africa

      5. 2.2.5 South America

LNG Bunkering Market Size FAQs

The LNG Bunkering Market size is expected to reach USD 1.26 billion in 2024 and grow at a CAGR of 30.20% to reach USD 4.73 billion by 2029.

In 2024, the LNG Bunkering Market size is expected to reach USD 1.26 billion.

LNG Bunkering Market Report Snapshots

LNG Bunkering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)