LNG Bunkering Market Report 2025

The LNG bunkering market size has grown exponentially in recent years. It will grow from $1.56 billion in 2024 to $2.34 billion in 2025 at a compound annual growth rate (CAGR) of 50%. The growth in the historic period can be attributed to an increase in gas exploration, an increase in maritime trade activities, strong economic growth in emerging markets, and growing imports and exports.

The LNG bunkering market size is expected to see exponential growth in the next few years. It will grow to $10.86 billion in 2029 at a compound annual growth rate (CAGR) of 46.8%. The growth in the forecast period can be attributed to an increasing number of vessels and ships, an increase in demand for LNG fuel, and the increasing marine decarbonization needs. Major trends in the forecast period include the development of ship-to-containership liquefied natural gas (LNG) bunkering operations, strategic partnerships, technology advancements, product innovations, LNG bunkering of pure car and truck carriers (PCTCs), the development or use of environment-friendly LNG bunkering vessels, and a focus on artificial intelligence-based LNG bunkering.

The anticipated growth of the LNG bunkering market is set to be propelled by the increasing number of vessels and ships. LNG bunkering vessels play a crucial role in ship-to-ship bunkering, contributing to the growing adoption of LNG as a maritime fuel. According to a report by BIMCO, the container fleet is expected to increase by 6.3% in 2023 and 8.1% in 2024 following a 4% increase in 2022. This surge in vessel numbers, including container ships, is expected to drive the growth of the LNG bunkering market.

The rise in demand for LNG fuel is another significant factor expected to boost the LNG bunkering market. LNG, or liquefied natural gas, is increasingly favored for its sustainability and cost benefits. As reported by the United States Energy Information Administration, US LNG exports experienced a 14% increase, averaging 12.1 billion cubic feet per day in March 2023. The rise in worldwide demand for LNG, driven by its displacement of pipeline natural gas supplies from Russia to Europe, is anticipated to fuel the growth of the LNG bunkering market.

Innovation emerges as a key trend in the LNG bunkering market, with major players focusing on launching innovative operations such as ship-to-containership LNG bunkering. For example, in January 2022, CMA CGM and TotalEnergies launched the first ship-to-containership LNG bunkering operation in Marseilles. This innovative approach involved refueling the LNG-powered containership CMA CGM BALI with around 6,000m3 of LNG via a ship-to-ship transfer, enhancing operational efficiency.

The LNG bunkering market is witnessing a notable surge in strategic partnerships, particularly in low- and middle-income countries, as companies strive to enhance LNG fuel systems and broaden access to LNG bunkering for the purpose of reducing greenhouse gas emissions. Leading companies in the LNG bunkering sector are placing a strong emphasis on strategic collaborations to fortify their capabilities within the market. For instance, in June 2022, CMA CGM Group, a French shipping and logistics firm, and Shell PLC, a British oil and gas company, entered into a collaborative effort to expedite the decarbonization of the marine sector. This collaboration involved a multi-year LNG supply agreement, slated to commence in the second half of 2023, wherein Shell would supply LNG to CMA CGM's 13,000 twenty-foot equivalent unit (TEU) vessels at the Port of Singapore. The memorandum of understanding (MoU) between the two entities encompasses advancements in low-carbon marine fuels, including LNG, liquid biofuels, and bio/e-methanol. It also outlines the development of innovative technical solutions, such as methane slip abatement technologies, LNG and hydrogen blending, and fuel cell technology. Additionally, in February 2021, Sumitomo Corporation, a Japanese trading company, and Petronas, a Malaysian oil and gas company, inked an agreement to jointly market and supply LNG bunker fuel in Tokyo Bay, Japan, and Malaysia. This collaboration leverages the LNG bunkering assets and infrastructure of both entities to meet the growing demand for cleaner marine fuels. As part of the partnership, Sumitomo provides LNG bunkering and related services to Petronas' shipping clients within Tokyo Bay, while Petronas reciprocates by offering these services to Sumitomo's customers in the ports of Johor and Malacca.

In February 2023, Seaside LNG, a US-based liquefied natural gas (LNG) production company, acquired the LNG Bunker Barge Clean Jacksonville from TOTE Maritime Puerto Rico for an undisclosed amount. This acquisition expands Seaside LNG's operational capabilities and strengthens its position in the growing LNG market. The bunker barge is designed to facilitate the refueling of LNG-powered vessels, aligning with the industry's shift toward cleaner energy solutions. TOTE Maritime Puerto Rico is a US-based provider specializing in LNG bunkering services.

Major companies operating in the LNG bunkering market include World Fuel Services, Crowley Maritime Corporation, SHV Energy, Engie SA, Gaz-System, Petrochina, ENN Energy Holdings Limited, Sinopec, Guanghui Energy Company Limited, Woodside Energy, Santos Ltd, Nauticor GmbH & Co. KG, Engas, Edison S.p.A, LNG Croatio LLC, Klaipedos Nafta AB, Blue Grid Gas & Power, Polskie LNG S.A, Eagle LNG Partners, Pivotal LNG Inc, FortisBC, NorthStar Holdco Energy LLC, Conrad Shipyards LLC, TOTO Maritime, Petrobras, Golar Power, YPF, Qatar Petroleum, ADNOC LNG, RasGas Company Limited, The Spanish Egyptian Gas Company, Damietta LNG Co, Petroliam Nasional Berhad, Sonatrach.

Europe was the largest region in the LNG bunkering market in 2024. The regions covered in the LNG bunkering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the LNG bunkering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

LNG bunkering involves the activity of supplying a ship with liquefied natural gas fuel for its consumption. The primary advantage of using LNG as a fuel lies in the significant reduction of pollution compared to more traditional ship fueling methods, such as heavy fuel oil, marine gas oil (MGO), and marine diesel fuel (MDO).

The main types of LNG bunkering include ship-to-ship, terminal-to-ship, and truck-to-ship. Ship-to-ship refers to the transfer of crude oil, petroleum products, liquid bulk chemicals, and liquefied gas between sea-going tankers. Bunkering operations can be conducted depending on port restrictions. These bunkering methods are utilized by various end-users, including defense vessels, yachts, cruise ships, ferries and OSVs (offshore supply vessels), bulk and general cargo fleets, and other end-users.

The LNG bunkering market research report is one of a series of new reports that provides LNG bunkering market statistics, including LNG bunkering industry global market size, regional shares, competitors with an LNG bunkering market share, detailed LNG bunkering market segments, market trends and opportunities, and any further data you may need to thrive in the LNG bunkering industry. This LNG bunkering market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The LNG bunkering market includes revenues earned by entities by providing shore-to-ship and LNG-powered ships LNG bunkering services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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