LNG Bunkering Market Report | LNG Bunkering Market
The Global LNG Bunkering market was valued at USD $ 825 million in 2016, is expected to reach USD 24684.68 million by 2023, growing at a CAGR of 62.50% from 2017 to 2023. One of the major factors driving the growth of LNG bunkering market is LNG as a fuel helps to reduce the carbon footprint of the shipping industry. Abundance of LNG in the international oil and gas market coupled with the cost effective LNG fuel further incentivize the shipping industry to switch from polluting heavy fuel oil and marine diesel oil to LNG bunkering. Moreover, government initiatives to encourage the natural gas adoption will positively impact LNG bunkering market in the years to come. Further, increasing globalization will have a significant impact on shipping industry thus propelling the growth of LNG bunkering market.
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