In 2027 we'll all be rich7 Apr 2021 19:20
Global bunker fuel market size was valued at $120.1 billion in 2019, and is projected to reach $130.1 billion by 2027, growing at a CAGR of 3.1% from 2020 to 2027. Bunker fuel is a type of fuel oil that is used abroad vessels. It is poured into ship’s bunkers to power its engines. Bunker fuel gets its name from tanks on ports and in ships that it is stored in. Previously, they were known as coal bunkers but now they are called as bunker fuel tanks. Bunker fuels are used to power their motors, engine, drive, and other equipment in the marine vessels. With the implementation of IMO-2020 regulations on sulfur content in the marine fuel from January 2020, there is increase in attention toward utilization of low sulfur fuel oil from key players operating in this market. However, heavy fuel oil or high sulfur fuel oil can be used on the ships where scrubbers are installed.