Bunker Fuel Sailing Towards A Greener Future

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Credit: kunal-kalra-unsplash

The Global Bunker Fuel market size is expected to reach USD 200.14 billion by 2030 and exhibit a CAGR of 2.51% in the forecast period (2022−2030), reports GlobeNewswire quoting Skyquest latest research report.

The fuel market refers to the fuel used by ships and boats and is driven by various factors, such as global seaborne trade that has been increasing steadily over the past decade.

Stringent regulations and Blockchain adoption

The increasing stringency of environmental regulations from various governments is also promoting the use of bunker fuel. The shipping industry across the globe is one of the primary emitters of greenhouse gases and other pollutants, and as a result, there is a growing pressure to reduce emissions from ships and boats. In addition, the regulations have also resulted in the drastic change that mandates the use of low Sulphur fuels, which increasingly promotes LNG and biofuels.

Along the way with tightening environmental regulation, there is an increasing use of digital technology, such as blockchain to enhance transparency and traceability in the supply chain of the fuel market.

The International Marine Time Organization has set a target to reduce greenhouse gas emissions from ships by at least 50% by 2050 as compared with emission levels in 2008. IMO implements the Sulphur cap and the development of energy-efficient guidelines for ships to achieve this goal.

Container ships type globally dominated the market demand

Container ships dominated the global market owing to the growth of international trade and increasing demand for goods transported by container ships. The United Nations Conference on Trade and Development (UNCTAD) has stated in its report that global container port throughput is projected to reach 951.8 million TEUs by 2023. In addition, the growing economy and investment in the Asia Pacific region in containers have also driven the demand for fuel.

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Source: GlobeNewswire