London, 11 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the global bunker oil market 2015-2019, which is expected to grow at a CAGR of 4 % during the forecast period of 2014-2019.
The demand for liquefied natural gas (LNG) is increasing significantly. It is used to reduce CO2 emissions and is odorless, non-toxic and non-corrosive. The National Environmental Policy Act (NEPA) mandates that US federal agencies must carefully consider the environmental impact of oil exploration and explore reasonable alternatives before making any decisions.
“With increased demand for bunker fuel from China, Singapore, and Malaysia, bunker supply companies are likely to expand their operations in major ports of this region,” says Faisal Ghaus, Vice President of Technavio.
“Technological innovations will gain more momentum as a result of increased investment in R&D, which will smooth over the oil and gas production process.”
Key Market Drivers
- Growing LNG market
- Implementation of smart and efficient digital oilfields
- Growing offshore drilling
Key Market Trends
- Increased investment by market vendors
- Rapid advances in technology in offshore oil and gas market
- Move toward horizontal drilling
Key Market Vendors
- Bomin Bunker Holding GmbH & Co. KG
- Chemoil International Pte Ltd.
- KPI Bridge Oil London Ltd.
- Sentek Marine & Trading Pte Ltd.
- Transocean Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
