Market Size of South Korea LNG Bunkering Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea LNG Bunkering Market Analysis
The South Korea LNG bunkering market is expected to grow at a CAGR of more than 2.2% over the forecast period. South Korea is gearing up to offer LNG bunkering to comply with the IMO's implementation of a global sulfur cap of 0.5% in marine fuels by 2020, which in turn, is expected to drive the market over the forecast period. However, South Korea's economy has slowed down mainly due to the global economic slowdown as the county's economy mainly depends on the exports of the goods, machinery, and commodities like steel. This, in turn, has negatively impacted the maritime trade of the country and is likely to restrain the growth of the market.
- Upcoming projects are expected to boost the South Korea LNG bunkering market during the forecast period.
- The new investment plans set by Korea Gas Corporation to meet the rising demand for LNG bunkering in the country is expected to provide an opportunity in the market in the near future.
- Increase in LNG imports is expected to drive the South Korea LNG bunkering market over the forecast period.
