The global LNG bunkering market research report by Technavio
predicts the market to post a CAGR of nearly 35% during the
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Technavio predicts the global LNG bunkering market to post a CAGR of nearly 35% by 2023. (Graphic: Business Wire)
A key driver for the global LNG bunkering market is the growing marine
logistics business. Maritime transport allows industrial development by
supporting manufacturing growth, bringing together consumers,
intermediate and capital goods industries, and promoting regional
economic and trade integration. The global seaborne trade crossed 10
billion tons in 2015 and grew by 9.18% in 2017 when compared with 2014.
As per Technavio, the increase in demand for cleaner fuels will have a
positive impact on the market and contribute to its growth significantly
over the forecast period. This global
LNG bunkering market 2019-2023 research report also analyzes
other important trends and market drivers that will affect market growth
This report is available at a USD 1,000 discount for a limited time
market snapshot before purchasing
Global LNG bunkering market: Increase in demand
for cleaner fuels
The growth in marine and other forms of transportation has led to an
increase in the consumption of fuels, thereby resulting in the emission
of pollutants. The majority of GHG emissions from the transportation
sector includes CO2 emanating from the combustion of petroleum-based
products such as gasoline.
“Majority of the marine fuel has 1,666.67 times more sulfur content
when compared with on-road diesel and gasoline. The high sulfur content
in fuel contributes significantly to local air pollution, thereby
causing health-related issues. There has been a significant contribution
to air pollution from the transportation sector, which has created a
need for cleaner fuels to curb the pollution,” says a senior
research analyst at Technavio.
Global LNG bunkering market: Segmentation
This LNG bunkering market analysis report segments the market by
end-user (ferry and ro-ro, tanker, container, and others) and geography
(the Americas, APAC, and EMEA).
The ferry and ro-ro segment held the largest LNG bunkering market share
in 2018, accounting for nearly 43% of the market. This end-user segment
is expected to dominate the global market throughout the forecast period.
The EMEA region led the market in 2018 with approximately 73% of the
market share, followed by the Americas and APAC respectively. The EMEA
region is expected to dominate the market throughout the period
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190109005311/en/