Market Size of Canada LNG Bunkering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.25 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada LNG Bunkering Market Analysis
Over the next five years, the Canada LNG bunkering market is expected to register a CAGR of more than 5.25 percent.
Due to regional lockdowns, the COVID-19 outbreak had a negative impact on the market. Currently, the market has reached pre-pandemic levels.
- The Canadian LNG bunkering market is being driven by things like the arrival of LNG-powered ships in eastern and western Canada, the economic benefits of LNG as a marine fuel, and strict emissions standards in North America.Also, the restrictions on sulfur oxide (SOx) emissions are expected to drive the market during the forecast period.
- Moreover, reducing the sulfur content of conventional fuel requires a high cost, which is likely to hamper the economic viability of the same, hindering the market's growth.
The number of orders and deliveries of LNG-powered ships is going up, and the drop in natural gas prices is the start of more opportunities for these ships in the years to come.
