World News: 14:51 GMT Thursday 6th December 2018. [Technavio Research via Businesswire via SPi World News]
Technavio analysts forecast the global LPG tanker market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global LPG tanker market for the period 2019-2023. (Graphic: Business Wire)
The rise in LPG fleet consolidation is one of the major trends being witnessed in the global LPG tanker market 2019-2023. Companies dealing with conventional energy sources across the world have been facing stiff competition from renewable energy providers. With the increasing adoption of alternative, clean and low-carbon energy sources for power generation, the margins of oil and gas companies have reduced. The changing energy mix, evolving market conditions, and technological integration have compelled conventional energy companies to shift their focus, thereby altering their operational tactics and restructuring their business lines in the oil and gas market. Some of the measures taken by major oil and gas companies include altering of business segments, adopting mergers and acquisitions (M&A) strategies. and collaborating to ensure sufficient margins. Thus, the rise in LPG fleet consolidation is expected to boost the growth of the market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global LPG tanker market is the rise in LPG fleet consolidation.
Global LPG tanker market: Rise in LPG fleet consolidation
The demand for natural gas is significantly increasing, primarily driven by emerging countries such as China and government policies to reduce GHG emissions, leading to the substitution of coal with natural gas. The demand for LPG is expected to rise because of its increasing adoption as a feedstock in petrochemical plants, hence, fueling the growth of the global LPG tanker market.
According to a senior analyst at Technavio for research on oil and gas, “Technological advances have led to the increased adoption of IoT in the oil and gas sector. IoT is widely adopted for various applications, including LPG fleet management. The deployment of IoT is improving the efficiency of LPG tanker operation and management which, in turn, is expected to boost the growth of the market.”
Global LPG tanker market: Segmentation analysis
The global LPG tanker market research report provides market segmentation by technology (fully refrigerated, semi-refrigerated, and fully pressurized), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC held the largest share of the market in 2018, accounting for close to 54% share, followed by the EMEA and the Americas respectively. Although Americas held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period owing to the increase in production and consumption of natural gas in the region.
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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.
Some of the key topics covered in the report include:
Five Forces Analysis
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Business Wire: 14:51 GMT Thursday 6th December 2018
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