Bunker Fuel Market to Generate $130.1 Billion by 2027, States the Report by Allied Market Research

A lead analyst at AMR highlighted the market across the Asia-Pacific region is expected to dominate in terms of revenue throughout the forecast period.

Allied Market Research published a research report on the Bunker Fuel market. The findings of the report exhibit that the global market for bunker fuel systems generated $120.1 billion in 2019, and is expected to garner $130.1 billion by 2027, registering a CAGR of 3.1% from 2020 to 2027. The report provides valuable information on changing market dynamics, key segments, top investment pockets, and competitive scenarios for market players, new entrants, investors, and shareholders.

“The bunker fuel market is anticipated to witness considerable growth during the forecast period, owing to factors such as IMO regulation on the sulfur content in the marine fuel and increase in offshore oil & gas exploration activities. However, fuel reduction initiatives by the shipping community are the key factor restraining the growth of the market in the upcoming years. On the contrary, increase in attention and utilization of LNG as bunker fuel create opportunity for the key players in the LNG bunkering financing.” Said Eswara Prasad, the Manager of Energy & Power at Allied Market Research.

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The report provides detailed information based on the drivers, restraints, and opportunities of the market to assist the market players in devising growth strategies and capitalizing on opportunities. The IMO regulation on sulfur content in marine fuel and rise in offshore oil & gas exploration activities proliferate the growth of the global bunker fuel market. Whereas, fuel reduction initiatives by the shipping community impedes market growth. Moreover, LNG bunkering financing creates new opportunities in the future.

The report provides a detailed scenario of the impact of the Covid-19 pandemic on the Bunker Fuel system market globally. It helps the market players, new entrants, and investors to determine strategies according to the current scenario and improvise the business structure for future purposes. The covid-19 outbreak resulted in a temporary ban on import and export. Which has disrupted supply chain management. At the same time, the government bodies in various regions have eased off the restrictions, due to which the demand is anticipated to increase gradually.

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The report offers detailed segmentation of the global bunker fuel system market on the basis of type, commercial distributor, application, and region. These insights are valuable for the new entrants and existing market players to capitalize on the fastest growing and highest revenue-generating segment to accomplish growth in the coming years.

Based on the commercial distributors, the oil major segment held lion’s share with more than two-fifths of the global market. At the same time, the large independent segment is anticipated to portray the fastest CAGR of 3.6% throughout the forecast period.

Based on application, the container segment held the highest market share in 2019, holding for nearly one-fourth of the global market. However, the fishing vessels segment is expected to manifest the fastest CAGR of 4.8% throughout the forecast period.

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Based on region, the market is studied across regions including Asia-Pacific, North America, Europe, and LAMEA. The market across Asia-Pacific held lion’s share in 2019 with nearly half of the total market share. Conversely, the region across North America is expected to register the fastest CAGR of 3.8% throughout the forecast period.

Leading market players of the global Bunker Fuel system market analyzed in the report include Royal Dutch Shell PLC, Lukoil, Sinopec Group, Gazprom Neft PJSC, BP p.l.c., Exxon Mobil Corporation, Chevron Corporation, PETRONAS, Total SE, and Neste.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.