Home / Businesswire / Global LPG Tanker Market 2019-2023 | Rise in LPG Fleet Consolidation to Boost Growth| Technavio

Global LPG Tanker Market 2019-2023 | Rise in LPG Fleet Consolidation to Boost Growth| 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

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

Global LPG tanker market: Rise in LPG fleet

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

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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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

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