Market Size of India LNG Bunkering Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India LNG Bunkering Market Analysis
India's plans for LNG adoption for its marine vessels are on the fast track. LNG-fueled marine vessels and LNG refueling stations are likely to emerge in Indian waters within few years. The India LNG bunkering market is expected to grow at a CAGR of more than 4.2% over the forecast period of 2020-2025. Factors such as IMO sulfur cap regulation and the country's commitment toward reducing greenhouse gas emission, and the rise in the country's imports and exports, are expected to drive the adoption of LNG as a marine fuel in the market. However, the outbreak of the COVID-19 has negatively impacted the maritime imports and exports in the country and this, in turn, is likely to restrain the market in the coming years.
- Ferries and OSV segment is expected to have significant growth in the India LNG bunkering market during the forecast period.
- The declining cost of natural gas and expanding of the country's LNG bunkering infrastructure are likely to provide an opportunity for LNG trading and bunkering in the country in the near future.
- Rise in the number of LNG bunkering facilities is expected to drive the India LNG bunkering market over the forecast period.
