A report by Energias Market Research suggests the market is expected to witness a CAGR of 62.5%, and is projected to reach US$24.7 billion by 2023.
The key factors driving the growth of LNG bunkering market are increase in LNG demand in order to reduce the carbon footprint in the shipping industry stringent international emission policy, the best cost-effective alternative fuel and significant rise in government initiatives supporting LNG adoption.