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 LNG bunkering market is moderately consolidated. The major companies include Shell PLC, Gazprom Neft PJSC, TotalEnergies SE, Gasum Oy, and Engie SA.
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