Press Release

The global LNG bunkering market revenue surpassed US$ 8.29 billion in 2024 and is predicted to attain around US$ 202.13 billion by 2033, growing at a CAGR of 42.60% during the forecast period from 2025 to 2033.

The adoption of LNG as a marine fuel is experiencing remarkable growth, largely fueled by increasing market and regulatory pressures aimed at decarbonizing the maritime industry. As global awareness of climate change intensifies, shipping companies are seeking cleaner fuel alternatives to meet environmental standards and reduce their carbon footprints. According to DNV’s Alternative Fuels Insights (AFI) platform, there are currently 642 LNG-powered vessels in operation, excluding LNG carriers, reflecting a significant shift towards this cleaner energy source.

In 2024 alone, the delivery of 169 LNG-powered vessels marked a record high, showcasing the industry's commitment to embracing LNG technology. This surge in vessel deliveries is indicative of a broader trend within the maritime sector, as operators recognize the economic and environmental benefits associated with LNG fuel. 

Furthermore, 2024 saw a remarkable 264 new orders for LNG-fuelled vessels, also setting a new record and doubling the number of orders placed in the previous year, 2023. This substantial increase highlights a growing confidence in the viability of LNG as a primary marine fuel and the industry's readiness to invest in cleaner technologies.

LNG Bunkering Market Key Takeaways

• The LNG bunkering market is anticipated to reach a remarkable valuation of US$ 202.13 billion by 2033, growing at a compound annual growth rate (CAGR) of 42.60% during the forecast period from 2025 to 2033.
• In terms of product type, Ship-to-Ship (STS) bunkering is leading the market, capturing an impressive 60.70% share. This widespread adoption among industry players is evident, as STS bunkering accounts for more than 60.7% of all transactions in the LNG bunkering sector.
• When examining the application of LNG bunkering, cargo fleets are expected to maintain their stronghold, projected to command over 25.5% of the market share by 2033. This dominance is largely attributed to the high fuel demands of cargo vessels and the urgent need to comply with stringent emissions standards.

Asia Pacific to Stay at the Forefront, With About 54% of Revenue Share

The Asia Pacific region plays a crucial role in the LNG bunkering landscape, as evidenced by its substantial contributions across vital shipping corridors. Recent operational figures indicate that the region accounts for over 54.1 units of every 100 deployments in this specialized sector, underscoring its significance in the global LNG market. This prominence not only highlights the region's strategic importance but also reflects the growing acceptance and reliance on LNG as a marine fuel alternative.

Rapid growth in the LNG bunkering market within the Asia-Pacific region has been largely driven by leading economies such as China, Japan, and South Korea. These countries are home to some of the world's most modern shipping fleets, and they are also facing stringent emissions regulations that necessitate fuel innovation. In this context, the transition to LNG is not merely a choice but a requirement for compliance with environmental standards. As these nations embrace LNG technology, they are fostering an environment where cleaner and more efficient fuel options can flourish.

Moreover, the region's strategic investments have created a fertile ground for innovation in LNG handling technologies. Enhanced safety protocols, automated fueling systems, and adaptive logistic practices are just a few of the advancements that have emerged as a result of these efforts. 

Market Overview

LNG bunkering is the essential process of supplying liquefied natural gas (LNG) to ships as fuel. LNG, which stands for liquefied natural gas, is derived from natural gas cooled to a liquid state, allowing for more efficient storage and transportation. This method of fueling vessels is gaining traction in the maritime industry as operators increasingly seek cleaner, more sustainable energy sources to comply with environmental regulations and reduce their carbon footprint.

According to the International Maritime Organization, the demand for LNG bunkering from vessel segments that exclude LNG and natural gas carriers has nearly doubled, rising to 1.28 million tonnes in 2023, up from 693,000 tonnes in 2022. This remarkable increase is indicative of the growing acceptance of LNG as a viable marine fuel. A significant contributor to this heightened demand has been the containership segment. 

Market Growth Factors

Driver

Facilitating the Transition to LNG: The expansion of LNG bunkering ports across global shipping routes is significantly driving the adoption of liquefied natural gas (LNG) as a fuel among modern shipping fleets.

Enhancing Efficiency through Technology: The integration of advanced technologies is unlocking significant operational efficiencies in LNG bunkering processes across shipping fleets. This wave of technological advancement is transforming how LNG is managed and utilized, resulting in numerous benefits. 

Restraint

Technical Complexities in Retrofit Projects: The adoption of LNG (liquefied natural gas) technology faces significant hurdles, primarily due to the technical complexities involved in retrofit projects. Retrofitting existing vessels to accommodate LNG systems requires extensive modifications, which can be time-consuming and costly. 

Constraints from Regional Policy Disparities: The development of LNG bunkering facilities is further constrained by regional policy disparities. These inconsistencies across jurisdictions can hinder coordinated efforts to establish comprehensive LNG infrastructure. 

Top Trends

Revolutionizing Operational Safety During LNG Bunkering Procedures: The LNG bunkering sector has seen a remarkable transformation in operational safety due to the introduction of innovative digital solutions. These advancements not only enhance safety measures but also streamline the entire bunkering process. 

Transforming LNG Bunkering Processes with Operational Efficiency: Recent advancements in cryogenic technology have significantly transformed LNG bunkering processes, leading to enhanced operational efficiency.

Recent Developments

• In February 2025, TotalEnergies Marine Fuels completed the first LNG bunkering operation for cruise passenger ships in Asia Pacific. The bunker vessel Brassavola delivered LNG to Silversea’s Silver Nova, a cruise ship that was delivered in 2023.
• In February 2025, The HMM SKY, Korea's first LNG-fueled containership, completed its inaugural commercial ship-to-ship (STS) LNG bunkering operation at Busan New Port. During this operation, approximately 2,400 tons of LNG were supplied while the vessel underwent cargo handling.
• In February 2025, PetroChina International, a division of the state-owned PetroChina, marked its entry into the European market by completing its first LNG bunkering operation.
• In October 2024, TotalEnergies signed a charter contract with Spanish shipowner Ibaizabal for a new LNG bunker vessel with a capacity of 18,600m³. This strategic move aims to enhance the company's global presence in bunkering hubs.

Global LNG Bunkering Market Major Players:

• Bomin Linde LNG GmbH & Co. KG
• Engie SA
• ENN Energy Holdings Ltd
• FueLNG Bellina
• Gas Natural Fenosa
• GazproBneft Marine Bunker LLC
• Harvey Gulf International Marine LLC
• Kawasaki
• Korea Gas Corporation
• Mitsui OSK Lines Ltd.
• Royal Dutch Shell PLC
• Sembcorp Marine Ltd.
• Statoil AS
• Skangas AS (Gasum)
• Total SA
• Toyota Tsusho Corp.
• Other Prominent Players

Market Segmentation:

By Product Type:

• Truck-to-ship
• Port-to-ship
• Ship to Ship
• Portable tanks

By Application:

• Container fleet
• Tanker fleet
• Cargo fleet
• Ferries
• Inland vessels
• Other

By Geography

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa (MEA)