LNG Bunkering Market Size, Share, Growth Analysis, By Product Type(Truck-to-ship, Port-to-ship, Ship-to-ship, Portable tanks), By Application(Defence Vessels, Yachts, Cruise Ships, Ferries & OSVs), By Region - Industry Forecast 2024-2031

LNG Bunkering Market size was valued at USD 592.84 million in 2019 and is poised to grow from USD 801.87 million in 2023 to USD 8,983.84 million by 2031, growing at a CAGR of 35.26% in the forecast period (2024-2031).

The technique of delivering LNG fuel to ships for consumption is known as LNG bunkering. Many international organisations and nations have passed rules encouraging the use of LNG as a marine fuel, which has aided the global growth of the LNG bunkering sector. LNG (Liquified Natural Gas) is rapidly being accepted because of low sulphur content and lesser greenhouse emission unlike the traditional fuels such marine gas fuel, marine diesel fuel, etc. Also the technological advancements in the ship-to-ship LNG bunkering is the trending topic in industry.

Over the forecast period, the LNG bunkering market is expected to increase significantly. The increasing number of vessels and ships are using LNG. Governmental and non-governmental organisations are enforcing strict controls on hazardous gas emissions. The American Bureau of Shipping (ABS), for instance, has implemented a risk assessment methodology for LNG leakage during bunkering, which covers leaks from LNG pipes, pumps, tanks, or hoses, unintended hose disconnection, overfilling vessel fuel tanks, and external impact. This creates a favourable climate for the LNG bunkering sector to expand. However, one of the primary issues impeding the growth of the worldwide LNG bunkering market is a lack of infrastructure for fueling LNG across bunkering locations.

US LNG Bunkering Market is poised to grow at a sustainable CAGR for the next forecast year.