On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Monthly average retail prices for gasoline and fuel oil for Canada, selected provincial cities, Whitehorse and Yellowknife. Prices are presented for the current month and previous four months. Includes fuel type and the price in cents per litre.

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for global oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Saudi Arabia Fuel Prices: Retail: Gasoline 91 data was reported at 2.180 SAR/l in Apr 2025. This stayed constant from the previous number of 2.180 SAR/l for Mar 2025. Saudi Arabia Fuel Prices: Retail: Gasoline 91 data is updated monthly, averaging 2.180 SAR/l from Jul 2020 (Median) to Apr 2025, with 58 observations. The data reached an all-time high of 2.180 SAR/l in Apr 2025 and a record low of 1.290 SAR/l in Jul 2020. Saudi Arabia Fuel Prices: Retail: Gasoline 91 data remains active status in CEIC and is reported by Saudi Arabian Oil Company. The data is categorized under Global Database’s Saudi Arabia – Table SA.P016: Fuel Prices. [COVID-19-IMPACT]

Gasoline prices in the United States have experienced significant fluctuations over the past three decades, with 2024 seeing an average price of 3.3 U.S. dollars per gallon. This marks a notable decrease from the record high of 3.95 U.S. dollars per gallon in 2022, yet remains considerably higher than prices seen in the early 2000s. Despite this, American consumers continue to enjoy relatively low gasoline prices compared to many other countries, with some European countries paying more than double the U.S. average. Drivers in Hawaii and California pay the most at the pump Gasoline prices vary significantly across the United States, with Hawaii and California consistently ranking as the most expensive states for this fuel. As of January 1, 2025, Hawaii's average price for regular gasoline was 4.54 U.S. dollars per gallon, nearly 1.5 dollars above the national average. California's high prices are largely attributed to its steep gasoline taxes, which reached 68.1 U.S. cents per gallon in January 2024. These taxes play a crucial role in shaping retail prices and are typically reinvested in road infrastructure, demonstrating the direct link between fuel costs and transportation development. Patterns in gasoline consumption In a global context, the United States maintains some of the lowest conventional motor fuel prices among high-income countries. This is largely due to its position as the world's largest crude oil producer, allowing it to keep retail prices comparatively low. Despite fluctuations in price, gasoline consumption in the U.S. remains robust, averaging around 8.5 million barrels per day in 2024. Consumption tends to be highest in the summer months and lowest in the winter months due to changing driving behavior.

In the second quarter of 2022, the average retail price for a gallon of regular gasoline stood at around 4.49 U.S. dollars, up from the previous quarter. A glut in oil supply between 2014 and 2016 forced down prices and led to a low average U.S. gasoline price of roughly 1.9 U.S. dollars per gallon in the first quarter. Gasoline prices fluctuated considerably between 2019 and 2020 as a result of tensions between the United States and other oil exporters, such as Iran, and stifling oil demand during the Covid-19 pandemic. The price of West Texas Intermediate briefly dipped in the negative in April 2020. Seasonal price variations
There are periodic fluctuations in gasoline prices in the United States, where the second and third quarters are typically more expensive than the rest of the year. One of the factors contributing to changing gasoline prices is a decrease in production from refineries due to maintenance work in tandem with an increase in demand, as holiday goers make road-trips. Gasoline will revert to cheaper winter-grade in September. Annual motor vehicle consumption in the United States was around 128 billion gallons as of 2020.

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The floating liquefied natural gas market share is expected to increase by USD 4.68 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.12%.

This floating liquefied natural gas market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating liquefied natural gas market segmentations by processing capacity (large-scale capacity and small-scale capacity) and geography (North America, Europe, APAC, South America, and MEA). The floating liquefied natural gas market report also offers information on several market vendors, including Black & Veatch Holding Co., Eni Spa , Excelerate Energy LP, EXMAR NV, Golar LNG Ltd., Lloyds Energy DMCC, Petroliam Nasional Berhad , Royal Dutch Shell Plc, Samsung Heavy Industries Co. Ltd., and TechnipFMC Plc among others.

What will the Floating Liquefied Natural Gas Market Size be During the Forecast Period?

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Floating Liquefied Natural Gas Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising global oil and gas consumption is notably driving the floating liquefied natural gas market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating liquefied natural gas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Liquefied Natural Gas Market Driver

Rising global oil and gas consumption is one of the key factors driving the growth of the global floating liquefied natural gas market. Liquid fuel consumption across the globe, especially in emerging economies such as India, China, and Brazil, is expected to grow, owing to the increasing demand for vehicles and a rise in the consumption of petrochemicals. For instance, according to the US Energy Information Administration (EIA), in 2019, the production of petroleum and other liquid fuels in Brazil averaged 3.7 million barrels per day (b/d). Similarly, natural gas consumption has also seen a rise in the last ten years. According to the US Energy Information Administration (EIA), global natural gas consumption increased significantly in 2019. Natural gas has witnessed a higher rise in consumption than oil due to the increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.

Key Floating Liquefied Natural Gas Market Trend

The rise in the number of deepwater and ultra-deepwater drilling projects will fuel the global floating liquefied natural gas market growth. As per the US Energy Information Administration, the oil shock resulted in the decline of crude oil prices in early 2020 due to the COVID-19 pandemic, which was one of the lowest since 2003. Also, the prices of the rigs were reduced due to the fewer number of ongoing projects in the oil and gas industry. Sensing profit through low rig rates, some companies are resuming their offshore projects. FLNG vessels provide the advantages of reduced investments and earlier cash flow compared with fixed platforms. The advantages of FLNG vessels make them ideal for offshore activities. Deepwater and ultra-deepwater projects are also far from the mainland; hence, laying an extensive oil and gas pipeline network to transfer the produced hydrocarbons to onshore facilities is too costly. Therefore, FLNG vessels are economical for deepwater and ultra-deepwater projects, as these vessels can treat, liquefy, and store the natural gas extracted from offshore fields. Operators sell the LNG directly from the vessel and generate revenues. Advances in technology allowed exploring gas reserves that were initially uneconomical. This is likely to drive the global FLNG market during the forecast period.

Key Floating Liquefied Natural Gas Market Challenge

Fluctuations in oil and gas prices are major challenges for the global floating liquefied natural gas market growth. The continued trend of low crude oil prices has put additional pressure on the oil and gas service providers. Low-profit margins for a continued period result in reduced revenues, which directly influence the financial aspect of a company. The market potential for oil and gas service businesses has declined due to the low investments in oil and gas projects. As t

U.S. gasoline prices decreased across all fuel grades in July 2025 when compared to the month before. Regular gasoline prices rose to an average of 3.17 U.S. dollars per gallon. In the period of consideration, gasoline prices reached their highest level in June 2022. Differences in fuel grades Fuel grades at U.S. gas stations are differentiated by octane level. Higher grade fuels have higher octane levels, meaning that the fuel can be compressed more in the engine. This enables high-performance engines to create more power. Fuel may also vary from state to state and pump to pump. Some cities also have regulations on gasoline in order to improve air quality. Bioethanol is added to gasoline in some cases to meet the renewable fuel standard. Gasoline-run engines are able to run on blends with a bioethanol percentage of up to 25 percent. Gasoline prices reach historic high Primarily a result of the Russia-Ukraine war and inflation, the annual retail price of gasoline reached a new historic high in 2022, climbing to nearly four U.S. dollars per gallon. By 2024, annual prices had decreased again slightly, reaching 2014 levels.

Avg Retail Price: Premium Gasoline: Prince Edward Island: Charlottetown & Summerside data was reported at 174.900 0.01 CAD/l in Mar 2025. This records a decrease from the previous number of 182.600 0.01 CAD/l for Feb 2025. Avg Retail Price: Premium Gasoline: Prince Edward Island: Charlottetown & Summerside data is updated monthly, averaging 104.200 0.01 CAD/l from Jan 1990 (Median) to Mar 2025, with 423 observations. The data reached an all-time high of 222.500 0.01 CAD/l in Jun 2022 and a record low of 51.700 0.01 CAD/l in Mar 1999. Avg Retail Price: Premium Gasoline: Prince Edward Island: Charlottetown & Summerside data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.P016: Gasoline Price at Self Service Filling Stations. [COVID-19-IMPACT]

Avg Retail Price: Regular Gasoline: Saskatchewan: Regina data was reported at 153.700 0.01 CAD/l in Mar 2025. This records a decrease from the previous number of 156.800 0.01 CAD/l for Feb 2025. Avg Retail Price: Regular Gasoline: Saskatchewan: Regina data is updated monthly, averaging 92.200 0.01 CAD/l from Jan 1990 (Median) to Mar 2025, with 423 observations. The data reached an all-time high of 203.800 0.01 CAD/l in Jun 2022 and a record low of 39.500 0.01 CAD/l in Jun 1991. Avg Retail Price: Regular Gasoline: Saskatchewan: Regina data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.P016: Gasoline Price at Self Service Filling Stations. [COVID-19-IMPACT]

The average monthly price for natural gas in the United States amounted to *** nominal U.S. dollars per million British thermal units (Btu) in October 2025. By contrast, natural gas prices in Europe were about three times higher than those in the U.S. Prices in Europe tend to be notably higher than those in the U.S. as the latter benefits from being a major hydrocarbon producer. Europe's import reliance European prices for natural gas rose most notable throughout the second half of 2021 and much of 2022, peaking at over ** U.S. dollars per million Btu in August 2022. The sharp rise was due to supply chain issues and economic strain following the COVID-19 pandemic, which was further exacerbated by Russia’s invasion of Ukraine in early 2022. As a result of the war, many countries began looking for alternative sources, and Russian pipeline gas imports to the European Union declined as a result. Meanwhile, LNG was a great beneficiary, with LNG demand in Europe rising by more than ** percent between 2021 and 2024. How domestic natural gas production shapes prices As intimated, the United States’ position among the leaders of worldwide natural gas production is one of the main reasons for why prices for this commodity are so low across the country. In 2024, the U.S. produced more than ************ cubic meters of natural gas, which allays domestic demand and allows for far lower purchasing prices.

Avg Retail Price: Premium Gasoline: Quebec: Quebec data was reported at 179.700 0.01 CAD/l in Mar 2025. This records a decrease from the previous number of 183.700 0.01 CAD/l for Feb 2025. Avg Retail Price: Premium Gasoline: Quebec: Quebec data is updated monthly, averaging 109.500 0.01 CAD/l from Jan 1990 (Median) to Mar 2025, with 423 observations. The data reached an all-time high of 241.800 0.01 CAD/l in Jun 2022 and a record low of 58.700 0.01 CAD/l in Jul 1997. Avg Retail Price: Premium Gasoline: Quebec: Quebec data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.P016: Gasoline Price at Self Service Filling Stations. [COVID-19-IMPACT]

Gasoline and petroleum bulk stations manage bulk storage tanks and terminals for crude oil and petroleum products, including gasoline, diesel fuel, fuel oil and liquid petroleum gases (LPGs). These bulk stations are often located near major refineries, ports and industrial centers to quickly and efficiently receive product and unload it to customers, playing an important role in the crude oil and petroleum products supply chain. Bulk stations can be as large as a multitank facility with the capacity to store millions of gallons of product or as small as a single-tank outpost that supplies gasoline to only a handful of retail gas stations.Performance is closely linked to the supply and demand for petroleum and petroleum products, as almost all revenue is tied up in purchasing these products from upstream refineries, while nearly the entirety of that revenue comes from selling them to downstream wholesalers and retailers. This has caused revenue to be volatile in recent years, as collapsing oil prices caused a sharp drop in the prices of crude oil amid the pandemic in 2020, followed by a steep jump in 2021 and 2022, followed by a normalization in the years since. However, year-to-year volatility is still intense, changing by more than 10.0% each year but one between 2015 and 2022. Revenue has increased at a CAGR of 14.2% to $1.1 trillion over the past five years, including a decline of 2.7% in 2025 alone as oil prices are on the downswing. It's important to note that this CAGR is artificially high, as revenue reached a 15-year low in 2020 amid the COVID-19 pandemic. The four-year and six-year CAGRs are below 5.0%.Moving forward, revenue is set to fall as oil prices continue to slide downward, though broader economic growth may temper this somewhat. The volume of oil and petroleum products supplied by downstream markets is forecast to expand, which will lead to significant investment in distribution infrastructure. This will expand the markets that bulk station operators can serve and stimulate downstream demand. However, evenue is set to weaken at a CAGR of 0.4% to $1.1 trillion over the next five years.

Gasoline Prices in Canada increased to 1.02 USD/Liter in November from 1 USD/Liter in October of 2025. This dataset provides the latest reported value for - Canada Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Automotive fuel retailers' revenue is forecast to sink at a compound annual rate of 5.3% to €316.6 billion over the five years through 2024. Retailers have endured a challenging and volatile period, including the shocks to oil prices amid the COVID-19 outbreak and Russia-Ukraine conflict, as well as having to contend with intense competition from supermarkets and growing environmental concerns. Rising numbers of individuals are seeking ultra-low emission vehicles like electric vehicles or are cutting their car usage overall and opting for public transport alternatives. Legislative changes like adopting low-emission zones in European city centres and prospective bans on the sale of new petrol and diesel cars are also driving electric vehicle adoption. Petrol stations are restructuring in the face of soaring competition, boosting investment in new technology and cleaner fuel options. The COVID-19 outbreak led to widespread bans on non-essential travel across Europe, with fuel demand plummeting in 2020. The easing of restrictions supported a strong recovery in fuel sales in 2021. Following its invasion of Ukraine in February 2022, Russia has faced severe sanctions on its oil exports, with supply concerns pushing up the price of oil to sky-high levels, which has trickled down to the price at the pump. Fuel retailers' revenue has significantly benefitted from fuel price inflation, although the extortionate purchase prices threaten profitability. While remaining high, fuel prices are likely to edge downwards in 2024, leading to an expected 3.8% dip in revenue. Petrol and diesel-fuelled cars will lose out to ultra-low emission vehicles over the next decade, with a series of legislation across European countries aimed at disincentivising or banning the sale of new petrol and diesel cars in the coming years. Fuel retailers that can adapt to the changing landscape by investing in electric vehicle charging infrastructure or integrating convenience stores into their stations will fare well. Over the five years through 2029, fuel retailers’ revenue is forecast to grow at a compound annual rate of 2.2% to reach €353.9 billion.

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The oil and gas drilling automation market share is expected to increase by USD 206.7 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 1.64%.

This oil and gas drilling automation market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers oil and gas drilling automation market segmentation by application (onshore and offshore) and geography (North America, Europe, APAC, MEA, and South America). The oil and gas drilling automation market report also offer information on several market vendors, including ABB Ltd., Akastor ASA, Ensign Energy Services Inc., Honeywell International Inc., Kongsberg Gruppen ASA, Nabors Industries Ltd., National Oilwell Varco Inc., Rockwell Automation Inc., Schlumberger Ltd., and Siemens AG among others.

What will the Oil And Gas Drilling Automation Market Size be During the Forecast Period?

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'Offshore rigs are equipped with cybernetics systems to improve equipment manipulation and automate key processes such as pipe handling, jacking, and fixation. Therefore, the recovery in crude oil prices is expected to drive the adoption of O&G drilling automation solutions globally during the forecast period.'

Oil And Gas Drilling Automation Market: Key Drivers, Trends, and Challenges

The O&G price recovery is notably driving the oil and gas drilling automation market growth, although factors such as high ownership costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oil and gas drilling automation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Oil And Gas Drilling Automation Market Driver

O&G price recovery is a major driver fueling the oil and gas drilling automation market growth. Since 2019, the moderate recovery in crude oil prices has spurred growth in oil and gas (O&G) extraction projects in countries such as the US, Saudi Arabia, Oman, and Kuwait. Rapid fluctuations in crude oil prices adversely impacted the economic activities in oil-dependent regions such as the Middle East during 2016-2019. Owing to factors such as the limited production of crude oil in key oil-producing countries, such as the US and Russia, and geopolitical factors, such as the US-China trade war, oil prices witnessed considerable stability in 2019. Additionally, the restoration of oil production facilities in Saudi Arabia to full capacity is expected to cater to the global demand for O&G at stable prices during the forecast period.Owing to rapid advances in automation and system integration technologies, automated drilling solutions are finding increased adoption in onshore and offshore oil and gas sites. Offshore rigs are equipped with cybernetics systems to improve equipment manipulation and automate key processes such as pipe handling, jacking, and fixation. Therefore, the recovery in crude oil prices is expected to drive the adoption of O&G drilling automation solutions globally during the forecast period.

Key Oil And Gas Drilling Automation Market Trend

The adoption of IoT technology is the major trend influencing the oil and gas drilling automation market growth. The adoption of the internet of things (IoT) devices for in-depth monitoring and data capturing in the O&G industry is improving the overall efficiency of O&G operations. With crude oil prices registering considerable recovery over the last two years, rig operators and oil producers are emphasizing optimizing the energy efficiency of oilfields. IoT devices are being increasingly used in the O&G industry for a range of applications, including drilling management, pipeline testing, and monitoring, among others. IoT enables oil rig operators and refineries to monitor key performance parameters such as pipe pressure and flow rate. Additionally, IoT ensures accurate and real-time data collection at locations that are not easily accessible. Smart devices provide notifications in advance to operators about any drilling errors or incorrect measurements, thereby minimizing the requirement for routine manual inspections. Advances in connected technologies such as low-power wide-area networks (LPWAN) enable connectivity between monitoring sensors in remote offshore applications. Therefore, the rising adoption of IoT in drilling activities is expected to drive the growth of the global O&G drilling automation market during the forecast period.

Key Oil And Gas Drilling Automation Market Challenge

High ownership costs are a major hindrance to the oil and gas drilling automation

Snapshot img { margin: 10px !important; } The natural gas refueling stations market share is expected to increase by 8532.00 units from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.41%.

This natural gas refueling stations market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by technology (CNG and LNG), type (fast-fill stations and time-fill stations), and geography (APAC, North America, Europe, MEA, and South America). The natural gas refueling stations market report also offers information on several market vendors, including Atlas Copco AB, Clean Energy Fuels Corp., Dover Corp., Exxon Mobil Corp., GAIL (India) Ltd., Gilbarco Inc., GreenLine, Ingersoll Rand Inc., Linde Plc, and Torrent Gas Pvt. Ltd., among others.

What will the Natural Gas Refueling Stations Market Size be During the Forecast Period?

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Natural Gas Refueling Stations Market: Key Drivers and Challenges

Based on our research output, there has been a negative impact on the market growth during and post the COVID-19 era. The demand for cleaner fuels is notably driving the natural gas refueling stations market's growth, although factors such as the fall in oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the natural gas refueling stations market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Natural Gas Refueling Stations Market Driver

Natural gas is a clean and affordable alternative to fossil fuels such as diesel, gasoline, and fuel oil. It is used in vehicles in compressed or liquefied form. Carbon dioxide emissions have been growing in accordance with an increase in economic activities. Efforts by countries across the world in decarbonizing the power system by shifting to renewable energy have helped in controlling carbon dioxide emissions. The burning of natural gas results in less pollution, which explains its increasing use in the transportation sector; thus, driving the global natural gas refueling stations market growth.

Key Natural Gas Refueling Stations Market Challenge

Natural gas can be easily substituted by gasoline and diesel. Global oil prices have witnessed a steep decline in recent times. This significant decline in oil prices is attributed to the supply-demand imbalance of crude oil in the global market. Cost-benefits of natural gas over conventional fuels were one of the major driving factors pushing the use of natural gas as a fuel in the transportation industry. However, the multi-year decline in oil prices has made switching to alternative fuel vehicles a less attractive proposition. Thus, the fall in oil prices is expected to impede natural gas refueling stations market growth during the forecast period.

This natural gas refueling stations market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Natural Gas Refueling Stations Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

Atlas Copco AB
Clean Energy Fuels Corp.
Dover Corp.
Exxon Mobil Corp.
GAIL (India) Ltd.
Gilbarco Inc.
GreenLine
Ingersoll Rand Inc.
Linde Plc
Torrent Gas Pvt. Ltd.

This statistical study of the natural gas refueling stations market encompasses successful business strategies deployed by the key vendors. The natural gas refueling stations market is fragmented, and the vendors are deploying growth strategies such as distinguishing their products and service offerings through clear and unique value propositions to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The natural gas refueling stations market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Natural Gas Refueling Stations Market?

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56% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are th

Automotive fuel retailers' revenue is forecast to sink at a compound annual rate of 5.3% to €316.6 billion over the five years through 2024. Retailers have endured a challenging and volatile period, including the shocks to oil prices amid the COVID-19 outbreak and Russia-Ukraine conflict, as well as having to contend with intense competition from supermarkets and growing environmental concerns. Rising numbers of individuals are seeking ultra-low emission vehicles like electric vehicles or are cutting their car usage overall and opting for public transport alternatives. Legislative changes like adopting low-emission zones in European city centres and prospective bans on the sale of new petrol and diesel cars are also driving electric vehicle adoption. Petrol stations are restructuring in the face of soaring competition, boosting investment in new technology and cleaner fuel options. The COVID-19 outbreak led to widespread bans on non-essential travel across Europe, with fuel demand plummeting in 2020. The easing of restrictions supported a strong recovery in fuel sales in 2021. Following its invasion of Ukraine in February 2022, Russia has faced severe sanctions on its oil exports, with supply concerns pushing up the price of oil to sky-high levels, which has trickled down to the price at the pump. Fuel retailers' revenue has significantly benefitted from fuel price inflation, although the extortionate purchase prices threaten profitability. While remaining high, fuel prices are likely to edge downwards in 2024, leading to an expected 3.8% dip in revenue. Petrol and diesel-fuelled cars will lose out to ultra-low emission vehicles over the next decade, with a series of legislation across European countries aimed at disincentivising or banning the sale of new petrol and diesel cars in the coming years. Fuel retailers that can adapt to the changing landscape by investing in electric vehicle charging infrastructure or integrating convenience stores into their stations will fare well. Over the five years through 2029, fuel retailers’ revenue is forecast to grow at a compound annual rate of 2.2% to reach €353.9 billion.

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Bunker Oil Market Size 2022-2026

The bunker oil market share is expected to increase by 79.59 million tons from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.1%.

The maritime transportation sector strives to balance the demand for cargo, shipping efficiency, and environmental responsibility, the adoption of LNG, scrubbers, and eco-friendly fuels like liquefied natural gas is transforming the industry. Emission regulations, coupled with research and development, are driving the creation of cleaner, more efficient technologies that reduce air pollution, improve operational efficiency, and ensure sustainable shipping routes well into the future.The bunker oil market is evolving rapidly due to advancements in shipping technology and growing demand for fuel efficiency and clean fuels. Green shipping initiatives are encouraging the adoption of alternative marine fuels such as biofuels, LNG, and hydrogen fuel cells, driving changes in LNG bunkering infrastructure and fuel optimization technologies. The rise of autonomous shipping and digital shipping is enhancing shipping logistics, while maritime data analytics and shipping analytics provide insights into fuel supply, port operations, and shipping emissions. With maritime decarbonization efforts, shipping finance and shipbuilding are shifting towards high-performance vessels powered by renewable energy sources. The market also faces challenges related to maritime cybersecurity, maritime law, and shipping regulations, driving the need for maritime security and shipping insurance.

What will the Bunker Oil Market Size be During the Forecast Period?

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The shipping industry is undergoing significant transformation as it faces increasing pressure to reduce its carbon footprint and comply with stringent emission regulations. This shift is particularly evident in the adoption of eco-friendly fuels and exhaust cleaning technologies, such as scrubbers, which are now commonly used on maritime vessels like tankers, container ships, and bulk carriers to reduce sulphur oxides and nitrogen oxides emissions. One of the most notable changes is the switch to low-sulphur fuels, in line with global initiatives to cut down on air pollution, particularly in shipping routes near major urban areas and coastal regions.

In addition to low-sulphur fuels, the industry is increasingly turning to liquefied natural gas (LNG) as an alternative to traditional heavy fuel oil. LNG-based vessels are more efficient and emit fewer pollutants, offering an attractive solution for maritime transportation. Companies are also looking into LPG (liquefied petroleum gas) for power generation on vessels. As part of efforts to decarbonize shipping, organizations like SEA-LNG are advocating for the widespread adoption of LNG-based vessels as an alternative to more polluting fuels.The demand for fuel supply stability and reliability has also led to the rise of logistical networks that support the growing number of LNG-based vessels, and this includes securing reserves and ensuring proper bunker fuels availability at ports. Vessels that run on liquefied petroleum gas or LNG are seen as a viable option to meet both regulatory compliance and the shipping industry's operational needs.

Bunker Oil Market Dynamics

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The increasing naval expenditure is notably driving the bunker oil market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the bunker oil industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Bunker Oil Market Driver

The increasing naval expenditure is one of the key factors driving the growth of the global bunker oil market. In the current scenario, the external threats that any country faces pertain to security issues. These external threats may be another country, a terrorist organization, or an individual. To combat this, governments in various countries are increasing their spending to raise the defense capacities of their countries. As a crucial part of the armed forces, overall naval spending has also witnessed a significant increase. Moreover, global military expenditure is likely to increase during the forecast period. In 2019, The US topped the list of the largest defense spending nations globally, followed by China, Saudi Arabia, India, and Russia. In addition, certain countries such as Indonesia and South Korea have also increased their military spending substantially over the past few years. However, most naval ships perform patrolling operations around the globe apart from their littoral zones; they als