Bunker Market Evolution: Hydrogen Expected to Dominate by 2050
Key Ideas
- BP's Energy Outlook predicts oil products' market share in the bunker market to drop to 10% by 2050.
- The transition will see an increase in the usage of hydrogen-derived fuels and biofuels in the marine sector.
- By 2050, the bunker market is projected to consist of 40% hydrogen-derived fuels and 30% biofuels.
- Development of bunkering facilities and refuelling barges will support the marine energy transition towards alternative fuels.
BP's latest Energy Outlook foresees a significant transformation in the global bunker market, with oil products expected to make up only 10% of the market by 2050. The transition is said to occur in two phases, initially focusing on liquefied natural gas, biofuels like bio-methanol and biodiesel, and hydrogen-derived fuels such as ammonia and methanol. As the marine sector strives towards net zero emissions, the adoption of hydrogen-derived fuels and biofuels is projected to increase. The outlook predicts that by 2050, the bunker market will consist of approximately 40% hydrogen-derived fuels and 30% biofuels. This shift in the market composition will be supported by the development of bunkering facilities and refuelling barges. Overall, the report suggests a positive outlook for the evolution of the bunker market towards cleaner and more sustainable energy sources.
Topics
Maritime
Energy Transition
Net Zero
Alternative Fuels
Marine Sector
Biofuels
Liquefied Natural Gas
Bunkering Facilities
Oil Products
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