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.
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