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LNG Bunkering Market by End-User (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels and Others) - Global Opportunity Analysis and Industry Forecast, 2022 to 2027 | Valuates Reports
Global LNG bunkering market size was valued at USD 0.38 Billion in 2019, and is projected to reach USD 5.14 Billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027.
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Trends Influencing the Growth of LNG Bunkering Market
The primary driver for the growth of the LNG bunkering market is expected to be the IMO (International Maritime Organization) emission regulation on sulfur content in marine fuel. When compared to conventional fuels, liquefied natural gas (LNG) meets all International Maritime Organization (IMO) air emission regulations due to its low sulfur content, favorable ahydrogen-to-carbon ratio, and lower nitrogen oxide emissions.
LNG is less expensive than HFO (heavy fuel oil) and other marine fuels. As a result, the cost-effectiveness of LNG is expected to drive up the size of the LNG bunkering market.
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LNG Bunkering Market by End-User (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels and Others)
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