Global LNG Bunkering Market 2019–2023| Rising Demand for Cleaner Fuels to Boost Growth| Technavio
The global LNG bunkering market research report by Technavio predicts the market to post a CAGR of nearly 35% during the period 2019–2023.
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 over 2019–2023.
This report is available at a USD 1,000 discount for a limited time only: View 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 analysis
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 2019–2023.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
