The global LNG Carrier Bunkering market was valued at USD 11.78 billion in 2022 and expected to grow at a CAGR of 7.8% during the forecast period.
Providing gasoline to a ship for its own use is known as bunkering. The storage of “”bunker”” fuel and the supply of the gasoline to vessels are both a part of this business, which is typically located near seaports. Government restrictions aimed at reducing chemical emissions and maintaining sustainability in the shipping sector are strict. The number of LNG vessels in the shipping sector is growing as a result. Compared to other gases, liquefied natural gas (LNG) emits fewer pollutants because of its low sulphur content.
The reason for this development is the growing need for bulk and cargo ships to convey goods and vital resources. Its popularity is also being boosted by the expanding commerce operations and rising imports and exports.
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In addition, rising disposable incomes and more purchasing power are anticipated to fuel an increase in consumer demand, which is anticipated to support market expansion in the years to come. These elements are anticipated to support market expansion overall during the anticipated timeframe.
Depending on tanker capacity, there are several tanker fleets such as small tankers, intermediate tankers, medium-range 1 (MR1), medium-range 2 (MR2), large range 1 (LR1), large range 2 (LR2), very large crude carriers (VLCC), and ultra-large crude carriers (ULCC). Bulk quantities of gases and liquids are stored or transported using tanker fleets. These are used to store and transport substances including vegetable oil, freshwater, wine, molasses, and chemicals as well as other goods.
Global LNG bunkering market size will be driven by changing energy trends and strict government regulations to reduce airborne emissions, including sulphur and nitrous oxide. If it can reduce carbon emissions by 20% to 25%, it will be adopted over other alternatives that are currently available. To lessen marine pollution, IMO and MARPOL adopted tough standards in 2015 to lower the sulphur and nitrous levels.
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