Bunkering Services Industry
According to a new market report published by Credence Research Inc “Bunkering Services Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2026,” with rising global trades and increasing demand for marine fuels globally.
Bunkering refers to process of supplying fuel onboard vessels, typically using bunker tankers. Bunker tankers are used to store and carry fuel in order to re-fuel various vessels such as merchant, naval, fishing and several other vessels. Various types of fuel oil stored and carried by bunker tankers include marine diesel fuel (MDO), marine gasoil fuel (MGO), marine fuel oil (MFO), intermediate fuel oil (IFO) and heavy fuel oil (HFO) among others. Bunkering process can be carried out at seaports as well as offshore depending upon the requirement of vessels. This helps reducing additional expenses related to towing and port charges which is increasing the demand bunkering services globally. The global market for bunkering services is expected to cross US$ 165.5 Bn by 2026 at a CAGR of 5.6% throughout the forecast period from 2018 to 2026.
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Majority of demand for bunkering services is from cargo vessels and expected to maintain its dominating position throughout the forecast period from 2018 to 2016. Fishing vessels are among the most common users of bunker tankers and expected to witness fastest growth with increasing number of large size fishing vessels and rising demand for sea food. Fishery is an important business sector for numerous countries across the world that cater to the huge demand for seafood and are involved in large scale fishing operations. Large fishing vessels typically spend days at the sea and require substantial amount of fuel. These vessels are dependent on bunker tankers for their fuel supply. MGO and MDO are commonly used fuels by fishing vessels. MGO contains varying degrees of sulfur content. However, the maximum permissible sulfur content lies below that of HFO. Low sulfur marine gasoil contains less than 0.1% sulphur. Asia Pacific is the largest end-use segment for bunker tanker services market and also expected to witness the fastest growth throughout the forecast period.
The global bunker tanker services market comprise large number of established players. The global market is governed by the major players in Asia Pacific. The global bunker tankers market is fragmented in nature with large number of established multinational as well as domestic players. Majority of the market players emphasize on expansion of service by strategic alliance with bunker traders and by increasing service network 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 requirement is limiting the number of new players in this industry.
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The global bunkering services market is dominated by Asia Pacific and expected to witness fastest growth throughout the forecast period.
Asia Pacific is the largest bunkering services market globally and expected to maintain its dominating position throughout the forecast period from 2018 to 2026. In 2018, annual vessel arrival tonnage was estimated 2.79 Bn gt. Increasing trades by China with global market is the major driving factor for bunkering services market in Asia Pacific. In 2017, China accounted for one third of the global exports and more than 28% of the imports were shipped to the country. Increasing trades between China and international market represents positive outlook for bunkering fuel suppliers in the region. India one of the fastest growing economy in the world and witnessing increase in marine trades.
Europe is another major market for bunkering services. Greece and Germany are two major markets for marine fuel suppliers. Greece is the country with largest cargo carrying capacity of around 308.8 Mn dead-weight ton (DWT) and Germany has capacity of around 112 Mn DWT.
Key questions answered in this report
What is the global fleet size of global bunker tankers?
What is the global market for bunker fuels?
What are the key investment areas in the global bunkering services market?
Which market trends and dynamics driving the growth of global bunkering services market?
Who are the major players and their market winning strategies in the global bunkering services industry?
Who are major customers for bunkering Services?
Which is largest and most potential application segment for bunkering services?
Who are established regional players?
What are recent fuel grade trends and regulations in bunkering services industry?
Table Of Content:
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Bunkering Services Market
2.2 Global Bunkering Services Market, By Fuel Grade, 2017, (US$ Bn)
2.3 Global Bunkering Services Market, By Vessel Type, 2017 (US$ Bn)
2.4 Global Bunkering Services Market, By Geography, 2017 (US$ Bn)
Chapter 3 Market Dynamics
3.1 Product Insights and Market Overview
3.1.1 Global Bunkering Services Market Revenue, 2016 – 2026, (US$ Mn) (Mn Units)
3.2 Market Trends
3.3 Market Dynamics
3.3.1 Market Drivers
3.3.2 Market Challenges
3.3.3 Impact Analysis of Drivers and Restraints
3.4 Value Chain Analysis
3.4.1 Value Chain Analysis: Global Bunkering Servicess Market
3.5 Market Attractive Analysis
3.6 Competitive Landscape
3.6.1 Market Positioning of Key Market Players
3.6.2 Major Market Strategies Adopted By Key Market Participants
Chapter 4 Global Bunkering Services Market Revenue, By Fuel Grade, 2016 – 2026(US$ Bn)
4.1 Comparative Analysis
4.2 MDO Fuel Market, 2016 – 2026 (US$ Bn)
4.3 MGO Fuel Market, 2016 – 2026 (US$ Bn)
4.4 MFO Fuel Market, 2016 – 2026 (US$ Bn)
4.5 IFO Fuel Market, 2016 – 2026 (US$ Bn)
4.6 HFO Fuel Market, 2016 – 2026 (US$ Bn)
Aman Jain
Credence Research inc
aman@credenceresearch.com
https://www.credenceresearch.com/report/bunkering-services-market