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Bunkering Services Market will be growing at a CAGR of 5.6% during the forecast 2018 to 2026

According to a new market report published by Acute Market Reports Inc. “Bunkering Services Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2026,” the global market for bunkering services is expected to increase by USD 165.5 billion to CAGR 5.6 percent by 2026 over the forecast period from 2018 to 2026.

With rising global trade and increasing global demand for marine fuels. Bunkering refers to the process of supplying fuel on board vessels, usually using bunker tankers. Bunker tankers are used to store and transport fuel for the refueling of various vessels, such as merchant, naval, fishing and a number of other vessels. Various types of fuel oil stored and transported by bunker tankers include marine diesel fuel (MDO), marine diesel fuel (MGO), marine fuel oil (MFO), intermediate fuel oil (IFO) and heavy fuel oil (HFO), among others. The bunkering process can be carried out both at seaports and offshore, depending on the requirements of the vessels. This helps to reduce the additional costs associated with towing and port charges that increase the global demand for bunkering services.

Browse Full Report Originally Published by Acute Market Reports at https://www.acutemarketreports.com/report/bunkering-services-market

The majority of the demand for bunkering services comes from cargo vessels and is expected to maintain its dominant position throughout the forecast period from 2018 to 2026. Fishing vessels are among the most common users of bunker tankers and are expected to experience the fastest growth, with an increasing number of large-scale fishing vessels and an increasing demand for seafood. The fishery is an important business sector for a number of countries around the world that cater to the high demand for seafood and participate in large-scale fishing operations. Large fishing vessels usually spend days at sea and require a substantial amount of fuel. These vessels depend on bunker tankers for their fuel supply. MGO and MDO are fueled commonly used by fishing vessels. MGO contains varying levels of sulfur content. However, the maximum permissible sulfur content is below that of HFO. Low sulfur marine gas oil contains less than 0.1 percent of sulfur. The Asia Pacific is the largest end-use segment for the bunker tanker services market and is also expected to see the fastest growth in the forecast period.

The global market for bunker tanker services is made up of a large number of established players. The global market is governed by the major players in the Asia Pacific region. The global market for bunker tankers is fragmented by nature, with a large number of established multinationals as well as domestic players. The majority of market players emphasize the expansion of service through a strategic alliance with bunker traders and an increase in service networks in major trading countries. High entry barriers for new entrants due to complex regulations, high cost, and time-consuming certification processes and high initial capital requirements are limiting the number of new players in this sector.

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