LNG bunkering market to see near 20% growth rate next five years: Technavio

The market for LNG bunkering is set to expand at a compound annual growth rate of 19.47% between 2022 and 2026 in monetary terms, tech research group Technavio noted in a report published on July 18.

Demand for LNG and other sustainable marine fuels will be propelled by the need to cut emissions in shipping, which currently relies mostly on fuel oil for propulsion, Technavio said. In the case of LNG, the growth of the market will be driven by increased supply of the fuel, it said. Growth in 2022 is projected at 18.76%.