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India LNG Bunkering Market Size (2024 - 2029)

The India LNG bunkering market is poised for growth, driven by the country's swift adoption of LNG for marine vessels and the establishment of LNG refueling stations. This expansion is supported by regulatory measures like the IMO sulfur cap and India's commitment to reducing greenhouse gas emissions, alongside an increase in maritime trade. Despite challenges posed by the COVID-19 pandemic, which has impacted imports and exports, the market is expected to benefit from the declining cost of natural gas and the development of LNG bunkering infrastructure. The growth of the ferries and offshore support vessel segments, along with the rise in LNG bunkering facilities, further underscores the market's potential.

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Market Size of India LNG Bunkering Industry

Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 4.20 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

India LNG Bunkering Market Analysis

India's plans for LNG adoption for its marine vessels are on the fast track. LNG-fueled marine vessels and LNG refueling stations are likely to emerge in Indian waters within few years. The India LNG bunkering market is expected to grow at a CAGR of more than 4.2% over the forecast period of 2020-2025. Factors such as IMO sulfur cap regulation and the country's commitment toward reducing greenhouse gas emission, and the rise in the country's imports and exports, are expected to drive the adoption of LNG as a marine fuel in the market. However, the outbreak of the COVID-19 has negatively impacted the maritime imports and exports in the country and this, in turn, is likely to restrain the market in the coming years.

  • Ferries and OSV segment is expected to have significant growth in the India LNG bunkering market during the forecast period.
  • The declining cost of natural gas and expanding of the country's LNG bunkering infrastructure are likely to provide an opportunity for LNG trading and bunkering in the country in the near future.
  • Rise in the number of LNG bunkering facilities is expected to drive the India LNG bunkering market over the forecast period.

India LNG Bunkering Industry Segmentation

The India LNG bunkering market report includes:

End-User
Tanker Fleet
Container Fleet
Bulk and General Cargo Fleet
Ferries and OSV
Others
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India LNG Bunkering Market Size Summary

The India LNG bunkering market is poised for significant growth, driven by the country's strategic initiatives to adopt LNG as a marine fuel. This shift is largely influenced by regulatory measures such as the IMO sulfur cap and India's commitment to reducing greenhouse gas emissions. The expansion of LNG refueling stations and the declining cost of natural gas are expected to bolster the market, despite challenges posed by the COVID-19 pandemic, which has impacted maritime trade. The market is anticipated to see substantial development in the ferries and offshore support vessel segments, with increasing demand for LNG bunkering facilities across the country. This growth is supported by the rising number of LNG bunkering infrastructure projects, including developments at key ports like Kochi and proposed facilities in Ghazipur and Dharamtar Creek.

The market landscape is characterized by a consolidated structure, with major players such as Petronet LNG Ltd, H-Energy Private Limited, Bharat Petroleum Corp Ltd, Indian Oil Corporation Ltd, and Adani Enterprises Ltd leading the charge. The offshore support vessel segment is expected to dominate due to its cost-effectiveness in supporting offshore exploration and production activities. As oil prices recover and exploration activities intensify, the demand for LNG-powered offshore supply vessels is projected to rise. The increasing preference for LNG over traditional fuels by shipbuilders and the growing consumption of natural gas in India further underscore the market's potential. With these developments, India is set to become a regional hub for LNG bunkering, leveraging its strategic location and expanding infrastructure to meet the evolving needs of the maritime industry.

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India LNG Bunkering Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-User

      1. 2.1.1 Tanker Fleet

      2. 2.1.2 Container Fleet

      3. 2.1.3 Bulk and General Cargo Fleet

      4. 2.1.4 Ferries and OSV

      5. 2.1.5 Others

India LNG Bunkering Market Size FAQs

The India LNG Bunkering Market is projected to register a CAGR of greater than 4.20% during the forecast period (2024-2029)

Petronet LNG Ltd , Bharat Petroleum Corp Ltd , Adani Enterprises Ltd , H-Energy Private Limited and Indian Oil Corporation Ltd are the major companies operating in the India LNG Bunkering Market.

India LNG Bunkering Market Report Snapshots

India LNG Bunkering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)