Market Size of LNG Bunkering Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
