This market research report segments the global bunker oil market into the following product, including residual fuel and distillate fuel and key regions, including the Americas, APAC, and EMEA.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio analysts highlight the increasing naval expenditure as a key factor contributing to the growth of the global bunker oil market:
Increasing naval expenditure
At present, the external threats that any country face is directly related to security issues. These external threats may be another country, terrorist organization, or an individual. Governments of several countries are increasing their spending to raise the defense capacities of their countries in order to combat such threats. As a crucial part of the armed forces, the overall naval spending has also witnessed a significant increase.
According to a senior analyst at Technavio for oil and gas, “During the forecast period, the global military expenditure is likely to increase. Countries such as the US, China, Saudi Arabia, India, and Russia are the largest defense spending nations globally. Additionally, over the past few years, certain countries such as Indonesia and South Korea have also increased their military spending significantly.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global bunker oil market segmentation
Of the two major products, the residual fuel segment held the largest market share in 2017, accounting for nearly 87% of the market. The market share for this product is expected to decrease nearly 11% by 2022. The fastest growing product is distillate fuel, which will account for nearly 24% of the total market share by 2022.
APAC was the leading region for the global bunker oil market in 2017, accounting for a market share of nearly 40%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
Technavio’s best deals of the month!
Technavio supports Health for All campaign on this World Health Day with 20% savings on all reports in the Health and Wellness category for the entire month.
Celebrate International Astronomy Day by indulging in a whopping 30% savings on all reports in the Space category. Offer valid from 16th April for a limited period.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.