Bunkering Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Bunkering Services Market is projected to expand from USD 201.79 Billion in 2025 to USD 288.03 Billion by 2031, reflecting a compound annual growth rate of 6.11%. This sector defines the provision and refueling of marine fuels to ships, encompassing the logistical transfer of energy resources necessary for propulsion and onboard electricity generation. The industry's momentum is primarily driven by the escalation of international maritime trade and the enlargement of the worldwide merchant fleet, which creates a critical need for reliable fuel supplies at key maritime centers. Highlighting the essential nature of these services for global commerce, the International Maritime Organization reported that global ship fuel consumption hit 211 million tonnes in 2023.

Conversely, a major hurdle to market expansion lies in the substantial costs and intricacies linked to mandatory environmental compliance and decarbonization. The necessary transition toward cleaner energy alternatives necessitates massive capital allocation for new infrastructure and compliant technologies, exerting significant financial pressure on the supply chain. These regulatory demands generate operational unpredictability and heightened expenses, which threaten to hinder the scalability of services within the evolving green energy framework.

Market Drivers

The principal catalyst fueling the Global Bunkering Services Market is the persistent growth in international seaborne trade volumes, which directly determines the frequency and magnitude of marine fuel usage. As global supply networks widen to satisfy consumer needs, the volume of vessel voyages increases, establishing a constant demand for refueling at pivotal logistical hubs. This direct relationship between cargo movement and energy requirements guarantees that bunkering remains an indispensable utility for the maritime sector. Reinforcing this trajectory, the United Nations Conference on Trade and Development (UNCTAD) stated in its September 2025 'Review of Maritime Transport 2025' that maritime trade volumes hit 12.72 billion tons in 2024, marking a 2.2 percent annual increase.

Concurrently, the sector is undergoing a structural transformation propelled by surging orders for dual-fuel and environmentally friendly vessels, driven by the mandate to lower greenhouse gas emissions. Shipowners are actively updating their fleets with tonnage designed to use alternative fuels such as Liquefied Natural Gas (LNG) and methanol, compelling bunkering services to broaden their supply offerings and infrastructure. Underscoring this accelerated shift toward greener marine energy, DNV's 'Alternative Fuels Insights' platform update in January 2025 noted that 515 ships featuring alternative fuel propulsion were ordered in 2024. This operational shift is further illustrated by key hub activity; for example, the Maritime and Port Authority of Singapore reported a record 54.92 million tonnes in total bunker sales for 2024, demonstrating strong demand for both traditional and alternative fuels in 2025.

Market Challenges

The substantial expense and intricacy linked to mandatory decarbonization and environmental compliance represent a major obstacle for the Global Bunkering Services Market. As regulatory standards increasingly mandate a transition to low-emission energy sources, the sector confronts severe financial stress to modernize existing infrastructure and implement advanced compliant technologies. This shift demands considerable capital investment for retrofitting ships and establishing new supply chains for alternative fuels, thereby taxing the financial liquidity of market participants. Furthermore, uncertainty regarding which alternative fuel will emerge as the industry standard complicates investment strategies, prompting stakeholders to postpone essential expansions and upgrades.

This economic strain is starkly highlighted by the prohibitive cost differential between conventional and green fuels. According to data from the World Shipping Council in 2025, e-methanol was priced 626% higher than traditional marine fuel options, while bio-methane was 169% more costly than fossil LNG. Such extreme price disparities render the immediate, large-scale adoption of cleaner fuels commercially impractical for many shipping operators. As a result, this pricing volatility limits the scalability of green bunkering activities and directly impedes the market's capacity to expand in alignment with the growing demand for sustainable energy solutions.

Market Trends

The extensive digitization of bunkering operations and the adoption of electronic documentation are fundamentally transforming market dynamics by substituting manual paper processes with secure digital systems. This technological evolution aims to improve operational efficiency, minimize fraud risks, and facilitate smoother data exchange among suppliers, shipowners, and port authorities. Regulatory bodies are vigorously enforcing this shift to guarantee transparency in fuel delivery and adherence to international standards, effectively modernizing the industry's transactional framework. For instance, the Maritime and Port Authority of Singapore noted in its October 2024 'SIBCON 2024' keynote address that the mandatory rollout of digital bunkering services and electronic bunker delivery notes (e-BDN) starting April 2025 is expected to save the sector roughly 40,000 man-days per year.

At the same time, the rapid development of Liquefied Natural Gas (LNG) bunkering infrastructure is positioning LNG as a mature and scalable transition fuel for the maritime industry. Ports around the globe are making substantial investments in specialized storage sites, liquefaction plants, and bunker barges to support the increasing volume of gas-powered tonnage joining the global fleet, ensuring supply capacities match vessel orders. This expansion of infrastructure is essential for guaranteeing reliable fuel availability and alleviating logistical bottlenecks that previously constrained broad gas adoption on major trade routes. Reflecting this trend, the Port of Rotterdam Authority reported in its February 2025 '2024 Bunker Sales' release that demand for LNG bunkering rebounded strongly, posting a 52 percent annual rise to hit a record 941,366 cubic meters in 2024.

Key Players Profiled in the Bunkering Services Market

• Peninsula Group Limited
• Bunker Holding Group (BH Group)
• Bomin Bunker Holding GmbH & Co. KG
• ExxonMobil Corporation
• Shell PLC
• TotalEnergies SE
• Chevron Corporation
• KPI OceanConnect A/S

Report Scope

In this report, the Global Bunkering Services Market has been segmented into the following categories:

Bunkering Services Market, by Fuel Type:

• Heavy Fuel Oil (HFO)
• Marine Gas Oil (MGO)
• Low-Sulfur Fuel Oil (LSFO)
• Liquefied Natural Gas (LNG)
• Very Low-Sulfur Fuel Oil (VLSFO)
• Others

Bunkering Services Market, by Vessel Type:

• Tankers
• Container Ships
• Bulk Carriers
• Cruise Ships
• Others

Bunkering Services Market, by Bunkering Method:

• Ship-to-Ship (STS)
• Port-to-Ship (PTS)
• Barge-to-Ship (BTS)

Bunkering Services Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Bunkering Services Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.