Global Bunker Fuel Market 2024-2033 by Fuel Type (VLSFO, HSFO, MGO, LNG), Fuel Grade (Bunker A, Bunker B, Bunker C), Vessel Type (Bulk Carriers, Tankers, Containers, General Cargo, Others), Seller Type (Major Oil Companies, Leading Independent Sellers, Small Independent Sellers), and Region: Trend Forecast and Growth Opportunity
- Report ID: 65271
- Date: May, 2024
- Pages: 162
- Category: Energy & Power
Global bunker fuel market will reach $228,800 million by 2032, growing by 5.1% annually over 2022-2032, driven by the escalating demand for international seaborne trade, the rising oil and gas exploration activities in deep offshore areas, the government supports on strengthening geographical border security, and the rising R&D projects to develop clean and eco-friendly fuels.
Highlighted with 81 tables and 81 figures, this 162-page report “Global Bunker Fuel Market 2022-2032 by Fuel Type (VLSFO, HSFO, MGO, LNG), Fuel Grade (Bunker A, Bunker B, Bunker C), Vessel Type (Bulk Carriers, Tankers, Containers, General Cargo, Others), Seller Type (Major Oil Companies, Leading Independent Sellers, Small Independent Sellers), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global bunker fuel market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global bunker fuel market in every aspect of the classification from perspectives of Fuel Type, Fuel Grade, Vessel Type, Seller Type, and Region.
Based on Fuel Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Very Low Sulfur Fuel Oil (VLSFO)
• High Sulfur Fuel Oil (HSFO)
• Marine Gas Oil (MGO)
• Liquefied Natural Gas (LNG)
• Other Fuel Types
Based on Fuel Grade, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Bunker A
• Bunker B
• Bunker C
By Vessel Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Bulk Carriers
• Tankers
• Containers
• General Cargo
• Other Vessel Types
By Seller Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Major Oil Companies
• Leading Independent Sellers
• Small Independent Sellers
Geographically, the following regions together with the listed national/local markets are fully investigated:
• North America (U.S., Canada, and Mexico)
• Europe (Germany, UK, Norway, Spain, Italy, Netherlands, Rest of Europe; Rest of Europe is further segmented into France, Russia, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Denmark, and Finland)
• APAC (Japan, China, Singapore, India, Malaysia, and Rest of APAC; Rest of APAC is further segmented into South Korea, Australia, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (UAE,Saudi Arabia, Iran, and Rest of MEA)
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2022-2032. The breakdown of all regional markets by country and split of each national market by Fuel Type, Vessel Type and Seller Type over the forecast years are also included.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG)
BP PLC
Bunker Holding A/S
Chevron Corporation
China COSCO Shipping Corporation Limited
Clipper Oil
Evergreen Marine Corp Taiwan Ltd.
Exxon Mobil Corporation
Fuel Suppliers
Gazprom Marine Bunker LLC
Gulf Agency Company Ltd.
Neste Corporation
Pacific International Lines Pte Ltd.
PJSC (Lukoil Oil Company)
Shell Plc
TotalEnergies SE
World Fuel Services Corporation
Yang Ming Marine Transport Corporation
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
1 Introduction 8
1.1 Industry Definition and Research Scope 8
1.1.1 Industry Definition 8
1.1.2 Research Scope 9
1.2 Research Methodology 12
1.2.1 Overview of Market Research Methodology 12
1.2.2 Market Assumption 13
1.2.3 Secondary Data 13
1.2.4 Primary Data 13
1.2.5 Data Filtration and Model Design 14
1.2.6 Market Size/Share Estimation 15
1.2.7 Research Limitations 16
1.3 Executive Summary 17
2 Market Overview and Dynamics 20
2.1 Market Size and Forecast 20
2.1.1 Impact of COVID-19 on World Economy 21
2.1.2 Impact of COVID-19 on the Market 24
2.2 Major Growth Drivers 26
2.3 Market Restraints and Challenges 32
2.4 Emerging Opportunities and Market Trends 35
2.5 Porter’s Fiver Forces Analysis 39
3 Segmentation of Global Market by Fuel Type 43
3.1 Market Overview by Fuel Type 43
3.2 Very Low Sulfur Fuel Oil (VLSFO) 45
3.3 High Sulfur Fuel Oil (HSFO) 46
3.4 Marine Gas Oil (MGO) 48
3.5 Liquefied Natural Gas (LNG) 49
3.6 Other Fuel Types 51
4 Segmentation of Global Market by Fuel Grade 52
4.1 Market Overview by Fuel Grade 52
4.2 Bunker A 54
4.3 Bunker B 55
4.4 Bunker C 56
5 Segmentation of Global Market by Vessel Type 57
5.1 Market Overview by Vessel Type 57
5.2 Bulk Carriers 59
5.3 Tankers 60
5.4 Containers 61
5.5 General Cargo 62
5.6 Other Vessel Types 63
6 Segmentation of Global Market by Seller Type 64
6.1 Market Overview by Seller Type 64
6.2 Major Oil Companies 66
6.3 Leading Independent Sellers 67
6.4 Small Independent Sellers 68
7 Segmentation of Global Market by Region 69
7.1 Geographic Market Overview 2022-2032 69
7.2 North America Market 2022-2032 by Country 73
7.2.1 Overview of North America Market 73
7.2.2 U.S. 77
7.2.3 Canada 80
7.2.4 Mexico 82
7.3 European Market 2022-2032 by Country 84
7.3.1 Overview of European Market 84
7.3.2 Germany 88
7.3.3 U.K. 90
7.3.4 Norway 92
7.3.5 Spain 94
7.3.6 Italy 96
7.3.7 Netherlands 98
7.3.8 Rest of European Market 100
7.4 Asia-Pacific Market 2022-2032 by Country 102
7.4.1 Overview of Asia-Pacific Market 102
7.4.2 Japan 106
7.4.3 China 109
7.4.4 Singapore 111
7.4.5 India 113
7.4.6 Malaysia 115
7.4.7 Rest of APAC Region 117
7.5 South America Market 2022-2032 by Country 119
7.5.1 Argentina 122
7.5.2 Brazil 124
7.5.3 Chile 126
7.5.4 Rest of South America Market 128
7.6 MEA Market 2022-2032 by Country 129
7.6.1 UAE 132
7.6.2 Saudi Arabia 134
7.6.3 Iran 136
7.6.4 Other National Markets 138
8 Competitive Landscape 139
8.1 Overview of Key Vendors 139
8.2 New Product Launch, Partnership, Investment, and M&A 142
8.3 Company Profiles 143
Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG) 143
BP PLC 145
Bunker Holding A/S 146
Chevron Corporation 147
China COSCO Shipping Corporation Limited 148
Clipper Oil 149
Evergreen Marine Corp Taiwan Ltd. 150
Exxon Mobil Corporation 151
Fuel Suppliers 152
Gazprom Marine Bunker LLC 153
Gulf Agency Company Ltd. 154
Neste Corporation 155
Pacific International Lines Pte Ltd. 156
PJSC (Lukoil Oil Company) 157
Shell Plc 158
TotalEnergies SE 159
World Fuel Services Corporation 160
Yang Ming Marine Transport Corporation 161
RELATED REPORTS 162
List of Tables
List of Tables:
Table 1. Snapshot of Global Bunker Fuel Market in Balanced Perspective, 2022-2032 18
Table 2. World Economic Outlook, 2021-2031 22
Table 3. World Economic Outlook, 2021-2023 23
Table 4. Fleet Ownership and Registration by Main Economies, 1 January 2022, Number of vessels and Thousands of dead-weight tons 30
Table 5. Main Product Trends and Market Opportunities in Global Bunker Fuel Market 35
Table 6. Global Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 43
Table 7. Global Bunker Fuel Market by Fuel Grade, 2022-2032, $ mn 52
Table 8. Global Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 57
Table 9. Global Bunker Fuel Market by Seller Type, 2022-2032, $ mn 64
Table 10. Global Bunker Fuel Market by Region, 2022-2032, $ mn 70
Table 11. Leading National Bunker Fuel Market, 2022 and 2032, $ mn 72
Table 12. North America Bunker Fuel Market by Country, 2022-2032, $ mn 75
Table 13. U.S. Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 79
Table 14. U.S. Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 79
Table 15. U.S. Bunker Fuel Market by Seller Type, 2022-2032, $ mn 79
Table 16. Canada Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 81
Table 17. Canada Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 81
Table 18. Canada Bunker Fuel Market by Seller Type, 2022-2032, $ mn 81
Table 19. Mexico Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 83
Table 20. Mexico Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 83
Table 21. Mexico Bunker Fuel Market by Seller Type, 2022-2032, $ mn 83
Table 22. Europe Bunker Fuel Market by Country, 2022-2032, $ mn 87
Table 23. Mexico Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 89
Table 24. Mexico Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 89
Table 25. Mexico Bunker Fuel Market by Seller Type, 2022-2032, $ mn 89
Table 26. U.K. Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 91
Table 27. U.K. Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 91
Table 28. U.K. Bunker Fuel Market by Seller Type, 2022-2032, $ mn 91
Table 29. Norway Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 93
Table 30. Norway Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 93
Table 31. Norway Bunker Fuel Market by Seller Type, 2022-2032, $ mn 93
Table 32. Spain Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 95
Table 33. Spain Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 95
Table 34. Spain Bunker Fuel Market by Seller Type, 2022-2032, $ mn 95
Table 35. Italy Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 97
Table 36. Italy Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 97
Table 37. Italy Bunker Fuel Market by Seller Type, 2022-2032, $ mn 97
Table 38. Netherlands Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 99
Table 39. Netherlands Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 99
Table 40. Netherlands Bunker Fuel Market by Seller Type, 2022-2032, $ mn 99
Table 41. Bunker Fuel Market in Rest of Europe by Country, 2022-2032, $ mn 101
Table 42. APAC Bunker Fuel Market by Country, 2022-2032, $ mn 104
Table 43. Japan Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 108
Table 44. Japan Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 108
Table 45. Japan Bunker Fuel Market by Seller Type, 2022-2032, $ mn 108
Table 46. China Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 110
Table 47. China Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 110
Table 48. China Bunker Fuel Market by Seller Type, 2022-2032, $ mn 110
Table 49. Singapore Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 112
Table 50. Singapore Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 112
Table 51. Singapore Bunker Fuel Market by Seller Type, 2022-2032, $ mn 112
Table 52. India Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 114
Table 53. India Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 114
Table 54. India Bunker Fuel Market by Seller Type, 2022-2032, $ mn 114
Table 55. Malaysia Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 116
Table 56. Malaysia Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 116
Table 57. Malaysia Bunker Fuel Market by Seller Type, 2022-2032, $ mn 116
Table 58. Bunker Fuel Market in Rest of APAC by Country/Region, 2022-2032, $ mn 118
Table 59. South America Bunker Fuel Market by Country, 2022-2032, $ mn 121
Table 60. Argentina Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 123
Table 61. Argentina Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 123
Table 62. Argentina Bunker Fuel Market by Seller Type, 2022-2032, $ mn 123
Table 63. Brazil Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 125
Table 64. Brazil Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 125
Table 65. Brazil Bunker Fuel Market by Seller Type, 2022-2032, $ mn 125
Table 66. Chile Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 127
Table 67. Chile Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 127
Table 68. Chile Bunker Fuel Market by Seller Type, 2022-2032, $ mn 127
Table 69. MEA Bunker Fuel Market by Country, 2022-2032, $ mn 131
Table 70. UAE Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 133
Table 71. UAE Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 133
Table 72. UAE Bunker Fuel Market by Seller Type, 2022-2032, $ mn 133
Table 73. Saudi Arabia Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 135
Table 74. Saudi Arabia Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 135
Table 75. Saudi Arabia Bunker Fuel Market by Seller Type, 2022-2032, $ mn 135
Table 76. Iran Bunker Fuel Market by Fuel Type, 2022-2032, $ mn 137
Table 77. Iran Bunker Fuel Market by Vessel Type, 2022-2032, $ mn 137
Table 78. Iran Bunker Fuel Market by Seller Type, 2022-2032, $ mn 137
Table 79. Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG): Company Snapshot 143
Table 80. Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG): Business Segmentation 144
Table 81. Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG): Product Portfolio 144
List of Figures
List of Figures:
Figure 1. Research Method Flow Chart 12
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 15
Figure 3. Global Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032 17
Figure 4. Global Bunker Fuel Market, 2022-2032, $ mn 20
Figure 5. Impact of COVID-19 on Business 24
Figure 6. Primary Drivers and Impact Factors of Global Bunker Fuel Market 26
Figure 7. World Shipbuilding Capacity by Country, 2013 – 2026F, million CGT 29
Figure 8. Fleet Market by Region of Beneficial Ownership, 2022, Millions of dead-weight tons 29
Figure 9. World Crude Oil Production, 2000-2021, million tons 31
Figure 10. Primary Restraints and Impact Factors of Global Bunker Fuel Market 32
Figure 11. Investment Opportunity Analysis 36
Figure 12. Porter’s Fiver Forces Analysis of Global Bunker Fuel Market 39
Figure 13. Breakdown of Global Bunker Fuel Market by Fuel Type, 2022-2032, % of Revenue 44
Figure 14. Global Addressable Market Cap in 2023-2032 by Fuel Type, Value ($ mn) and Share (%) 44
Figure 15. Global Bunker Fuel Market by Fuel Type: Very Low Sulfur Fuel Oil (VLSFO), 2022-2032, $ mn 45
Figure 16. Global Bunker Fuel Market by Fuel Type: High Sulfur Fuel Oil (HSFO), 2022-2032, $ mn 46
Figure 17. Total Number of Ships with Scrubbers Installed by the End of 2020 by Ship Type 47
Figure 18. Global Bunker Fuel Market by Fuel Type: Marine Gas Oil (MGO), 2022-2032, $ mn 48
Figure 19. Global Bunker Fuel Market by Fuel Type: Liquefied Natural Gas (LNG), 2022-2032, $ mn 49
Figure 20. World Cumulative LNG Carrier Fleet, 1991-2020 50
Figure 21. World Combined Capacity of LNG Carriers, 1991-2020, MTPA 50
Figure 22. Global Bunker Fuel Market by Fuel Type: Other Fuel Types, 2022-2032, $ mn 51
Figure 23. Breakdown of Global Bunker Fuel Market by Fuel Grade, 2022-2032, % of Sales Revenue 53
Figure 24. Global Addressable Market Cap in 2023-2032 by Fuel Grade, Value ($ mn) and Share (%) 53
Figure 25. Global Bunker Fuel Market by Fuel Grade: Bunker A, 2022-2032, $ mn 54
Figure 26. Global Bunker Fuel Market by Fuel Grade: Bunker B, 2022-2032, $ mn 55
Figure 27. Global Bunker Fuel Market by Fuel Grade: Bunker C, 2022-2032, $ mn 56
Figure 28. Breakdown of Global Bunker Fuel Market by Vessel Type, 2022-2032, % of Sales Revenue 58
Figure 29. Global Addressable Market Cap in 2023-2032 by Vessel Type, Value ($ mn) and Share (%) 58
Figure 30. Global Bunker Fuel Market by Vessel Type: Bulk Carriers, 2022-2032, $ mn 59
Figure 31. Global Bunker Fuel Market by Vessel Type: Tankers, 2022-2032, $ mn 60
Figure 32. Global Bunker Fuel Market by Vessel Type: Containers, 2022-2032, $ mn 61
Figure 33. Global Bunker Fuel Market by Vessel Type: General Cargo, 2022-2032, $ mn 62
Figure 34. Global Bunker Fuel Market by Vessel Type: Other Vessel Types, 2022-2032, $ mn 63
Figure 35. Breakdown of Global Bunker Fuel Market by Seller Type, 2022-2032, % of Revenue 65
Figure 36. Global Addressable Market Cap in 2023-2032 by Seller Type, Value ($ mn) and Share (%) 65
Figure 37. Global Bunker Fuel Market by Seller Type: Major Oil Companies, 2022-2032, $ mn 66
Figure 38. Global Bunker Fuel Market by Seller Type: Leading Independent Sellers, 2022-2032, $ mn 67
Figure 39. Global Bunker Fuel Market by Seller Type: Small Independent Sellers, 2022-2032, $ mn 68
Figure 40. Global Market Snapshot by Region 69
Figure 41. Geographic Spread of Worldwide Bunker Fuel Market, 2022-2032, % of Sales Revenue 70
Figure 42. Global Addressable Market Cap in 2023-2032 by Region, Value ($ mn) and Share (%) 71
Figure 43. North American Bunker Fuel Market, 2022-2032, $ mn 74
Figure 44. Breakdown of North America Bunker Fuel Market by Country, 2022 and 2032, % of Revenue 75
Figure 45. Contribution to North America 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 76
Figure 46. U.S. Bunker Fuel Market, 2022-2032, $ mn 78
Figure 47. Canada Bunker Fuel Market, 2022-2032, $ mn 80
Figure 48. Bunker Fuel Market in Mexico, 2022-2032, $ mn 82
Figure 49. European Bunker Fuel Market, 2022-2032, $ mn 85
Figure 50. Breakdown of European Bunker Fuel Market by Country, 2022 and 2032, % of Revenue 86
Figure 51. Contribution to Europe 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 87
Figure 52. Bunker Fuel Market in Germany, 2022-2032, $ mn 88
Figure 53. Bunker Fuel Market in U.K., 2022-2032, $ mn 90
Figure 54. Bunker Fuel Market in Norway, 2022-2032, $ mn 92
Figure 55. Bunker Fuel Market in Spain, 2022-2032, $ mn 94
Figure 56. Bunker Fuel Market in Italy, 2022-2032, $ mn 96
Figure 57. Bunker Fuel Market in Netherlands, 2022-2032, $ mn 98
Figure 58. Bunker Fuel Market in Rest of Europe, 2022-2032, $ mn 100
Figure 59. Asia-Pacific Bunker Fuel Market, 2022-2032, $ mn 103
Figure 60. Breakdown of APAC Bunker Fuel Market by Country, 2022 and 2032, % of Revenue 103
Figure 61. Contribution to APAC 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 105
Figure 62. Bunker Fuel Market in Japan, 2022-2032, $ mn 107
Figure 63. Bunker Fuel Market in China, 2022-2032, $ mn 109
Figure 64. Bunker Fuel Market in Singapore, 2022-2032, $ mn 111
Figure 65. Bunker Fuel Market in India, 2022-2032, $ mn 113
Figure 66. Bunker Fuel Market in Malaysia, 2022-2032, $ mn 115
Figure 67. Bunker Fuel Market in Rest of APAC, 2022-2032, $ mn 117
Figure 68. South America Bunker Fuel Market, 2022-2032, $ mn 120
Figure 69. Breakdown of South America Bunker Fuel Market by Country, 2022 and 2032, % of Revenue 120
Figure 70. Contribution to South America 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 121
Figure 71. Bunker Fuel Market in Argentina, 2022-2032, $ mn 122
Figure 72. Bunker Fuel Market in Brazil, 2022-2032, $ mn 124
Figure 73. Bunker Fuel Market in Chile, 2022-2032, $ mn 126
Figure 74. Bunker Fuel Market in Rest of South America, 2022-2032, $ mn 128
Figure 75. Bunker Fuel Market in Middle East and Africa (MEA), 2022-2032, $ mn 130
Figure 76. Breakdown of MEA Bunker Fuel Market by Country, 2022 and 2032, % of Revenue 130
Figure 77. Contribution to MEA 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 131
Figure 78. Bunker Fuel Market in UAE, 2022-2032, $ mn 132
Figure 79. Bunker Fuel Market in Saudi Arabia, 2022-2032, $ mn 134
Figure 80. Bunker Fuel Market in Iran, 2022-2032, $ mn 136
Figure 81. Growth Stage of Global Bunker Fuel Industry over the Forecast Period 139
Research methodology is mainly referring to the practical how of any offered piece of research. More specifically, it’s all about how a researcher systematically designs a study in order to assure extremely valid as well as reliable results that ultimately address the targets and objectives of the research.
In any formal research including academic journal, article, dissertation and so on, there will be a special section on a research methodology that mainly describes what, by whom, how to gather as well as how to evaluate the data are provided.
This research methodology has been segmented into following types:
Primary Research:
It is said to be original information that the researchers collect for the crucial purposes of answering the research questions of readers with the help of surveys, observations and experiments.
Secondary Research:
The secondary research is the data that has already been collected by various other researchers in the form of government analysis or scientific studies.
Qualitative Research:
It is descriptive and subjective method irrespective of facts. Both observation and description are essential in this type of research methodology. Its main vision is to analyze knowledge, attitudes, behaviours as well as opinions of people related to the topic of any research. This method has been operated through grounded research, case study and actionable research.
Quantitative Research:
It contains several laboratory experiments, basic surveys, mathematical calculations, simulations and so on. The possible measurement, quantity or amount is considered to be a major factor in the quantitative research methodology.