Caribbean Islands Bunker Fuel Market 2023 - Industry Focused Research Report by Allied Market Research
The Caribbean islands bunker fuel market was valued at $8,231 million in 2016, and is projected to reach $16,404 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. Fishing vessel is anticipated to grow at the highest rate during the forecast period, as this vessel possesses high potential to use battery solutions because diesel engines do not have better efficiency even at low speeds. Thus, boats/ships can be built on diesel-electric power while operating in low speeds for a couple of hours.
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MGO is required by small, medium- to high-speed auxiliary units or auxiliary motors and ship engines, which are generally found on fishing boats, small ferries, or tugs. This grade of fuel has low percentage of sulfur; therefore, its demand is projected to increase, owing to implementation of regulations to prevent air pollution from ships by the IMO.
It has been observed that the HFO and MDO are used as fuels in most of the marine fleet engines and generators. These fuels are produced from crude oil, which is a nonrenewable fossil fuel. The IMO has authorized for a global sulfur cap of 0.5% on marine fuels, which is expected to be implemented from January 1, 2020, a reduction from the current cap of 3.5%.
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However, obsolete vessels have been replaced by more competent boats over the years, which in turn is expected to hinder the market growth. Moreover, the change in vessel is expected to affect the fuel mix utilized, as the changing regulations in various trade routes demand different norms to be implemented. Less fuel consumption in fuel-efficient ships is expected to deter market growth during the forecast period.
The 2020 date is subject to a review of the required availability of marine bunker fuel. Therefore, MDO/MGO is considered as one of the feasible alternatives to diversify and secure fuel consumption in various end-use industries. Light distillate bunker fuels ensure enhanced environmental performance of marine trade, including decreased greenhouse emissions.
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Global Bunker Fuel Market - https://www.alliedmarketresearch.com/bunker-fuel-market
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