December 6, 2018 - 9:51 AM EST
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Global LPG Tanker Market 2019-2023 | Rise in LPG Fleet Consolidation to Boost Growth| Technavio


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 2 ...

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.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

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.

Looking for more information on this market? Request a free sample report

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:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Source: Business Wire (December 6, 2018 - 9:51 AM EST)

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