May 7, 2019

LPG Tankers Market expected to reach USD XX.X Million by the end of 2026

LPG Tankers Market Size and Growth Rate:

According to the research report, the LPG Tankers Market size was valued USD XX.X Billion in 2018, it is expected to reach USD XX.X Million by the end of 2026 with increasing at a CAGR of X.X% during the forecast period 2019-2026.

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LPG Tankers Market Demand Factors:

LPG tankers market is substantially growing in the recent years and expected to have tremendous growth rate in the coming years. LPG tankers are designed to transport or store gas in bulk. LPG tankers vary in size from hundred tons where they can serve small harbors and coastal settlements. To carry bulk amount, the tankers concept is geared up in the 19th century where there used to be no carriers before it. In early days, steam engines were in existence as prime movers. The ship’s capability of carrying the LPG with several hundred tons is very important as the liquid flowing in the tank should be in response to the ship’s movements.

LPG Tankers Market Drivers and Restraints:

The increasing need of LPG with improve hydraulic fracturing techniques and horizontal drilling is key driving factor for the market to grow. The growing prevalence for the shale gas production is additionally outshining the demand of the LPG tankers market. The rapid increasing demand for cooking gas and crude oil from end user industries is also propelling the demand of this market.

However, lack of skilled labor in monitoring the leakages and damages in the tankers is quietly hampering the growth of the market. Cost for maintenance and installation of these tankers is also high which remained as a challenging factor in the market.

The increased developments on fracking practices with latest technology are setting up the growth opportunities for the market. The growing demand for transportation of LPG gas to the other countries is also sustaining the chances for the market to grow further.

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LPG Tankers Market Regional Presence:

Geographically, the market is held by North America. The increased adoption of shale gas production and also rise in transportation activities is boosting up the growth of the market in this region. Asia Pacific is next in leading the shares of the market after North America, with the increased production rate of LPG and rise in demand for cooking gas & heating applications. Europe is accounted to have noteworthy growth opportunities in the near future by adoption of advanced technology in developing the various designs to prevent leakages and damages. Middle East and Africa are projected to have inclined growth rate in the foreseen years.

Prominent Companies in the LPG Tankers Market analyzed in the report are:

•            DSME

•            Hyundai Heavy Industries

•            Kawasaki Heavy Industries

•            Mitsubishi Heavy Industries

•            Nakilat

•            Teekay LNG Partners

•            EXMAR

•            Great Eastern Shipping Company Limited

•            Dorian LPG Ltd.

•            Dorian Hellas

•            Navigator Holdings Ltd

•            Pertamina

LPG Tankers Market Detailed Segmentation:

By Technology:

•            Comparison

•            Opportunity

By Geographical Segmentation:

•            North America

•            Europe

•            Asia-Pacific

•            Latin America

•            Middle-East & Africa

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