Crude Oil Carrier Market Estimated to Grow up to USD 247.5 Billion with a 4.2% CAGR by 2023 | Global Industry Size, In-Depth Qualitative Insights, Explosive Growth Opportunity and Regional Analysis by Key Players
Global Crude Oil Carrier Market 2019 Industry research report provides an In-Depth analysis that includes an executive summary, definition, and scope of the market. This report also studies the global Crude Oil Carrier market competitive landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales revenue, segmentation and regional analysis. This report is a valuable source of guidance for companies, Business Strategies and Proposals for New Project Investments.
Pune, India, July 25, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) has published its findings recently about the growth of the crude oil carrier market, which states that the market will earn revenues worth USD 247.5 Billion while progressing at a 4.2% CAGR in the forecast period. Crude oil tankers play a remarkable role in transporting crude oil across the world. Crude oil’s importance across industries mark a strong field for the crude oil carrier market’s operation.
Africa’s entry into the crude oil production market has notably expanded the operational scope for the crude oil carrier market. Its role in taking crude oils from production site to refinery point is highly acclaimed. The market is getting strong tailwinds from myriad industries who bank on the production of crude oils for better output.
MRFR’s attempt to reveal the global crude oil carrier market dynamics yields segmentation on the basis of hull type and dead weight tonnage. These two segments’ analysis is backed by value-wise and volume-wise data for a closer inspection of the market.
Based on the hull type, the crude oil carrier market can be segmented into single bottom, double hull and double bottom. The double hull segment is witnessing substantial user and is currently, the highest revenue-grosser. The situation is expected to remain the same in the coming years as well.
Based on the dead weight tonnage, the crude oil market comprises 25,000 MT-50,000 MT, 50,000 MT-75,000 MT, 75,000 MT-120,000 MT, 120,000 MT-180,000 MT, 180,000 MT -320,000 MT, and above 320,000 MT. The 180,000 MT -320,000 MT segment has the maximum taker and it fetches in the largest revenue share.
Regional Analysis:
MRFR in their latest region-specific analysis of the Crude Oil Carrier Market records developments of regions like Asia Pacific (APAC), North America, Europe, Latin America (LATAM), and Middle East & Africa (MEA). Such segmentation aims at unraveling growth pockets and help companies achieve substantial head start while developing strategic moves for their expansion plan.
The APAC market is witnessing a substantial growth as its market size and opportunities are quite remarkable. Countries like India, Japan, and China are motivating players into taking up this field and help in expansion. Chinese trend imports have triggered the increase in oil tanker sales. Freight charges are also notable motivators. The region is also significantly boosted by the freight charges for oil tankers that are affected substantially by trends in Chinese imports.
Europe’s market is having a great run in the market and its progress is depending mostly on the manufacturers. On the other hand, Africa holds immense promise as recent surge in crude oil production in the region is spurring growth for the global crude oil carrier market. Other countries like Mexico, Iran, and others are promoting prominent presence of this market in respective zones. But recent tensions in the Middle East and Iran can reduce the expected growth ratio of the global crude oil carrier market.
Key Players:
A number of companies have realized the full potential of the global crude oil carrier market as the demand for crude oil is soaring high in industries across verticals. This has led to development of strategic moves of companies. Top players in the market have been noted in the recently published report by MRFR. That includes Shipping Corporation of India, Teekay Corporation, Frontline, Nordic American Tankers, Tsakos Energy Navigation Limited, Taiyo Cabletec Corporation, Ship Finance International Limited, Kuwait Oil Tanker Company S.A.K, Maersk Tankers, Essar, and Alaska Tanker Company. The report also includes a detailed profiling of these companies for a better understanding of the upcoming trends.
In June 2019, China made some substantial progress in the sector by launching the first smart crude oil carrier. It has a capacity of 2.257 million barrels and is named New Journey. In a recent event, it was handed over to China Merchant Energy Shipping Co. in Dalian. The ship is expected to showcase features like intelligent liquefied cargo management, autopilot navigation, equipment operation and maintenance, comprehensive energy efficiency management, and integrated ship-to-shore communication.
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Source: GlobeNewswire PR
(July 25, 2019 - 9:16 AM EDT)
