Latest News- Liquified Petroleum Gas (LPG) Tanker Market: Residential is expected to lead the Application segment during 2025-2029

The Liquified Petroleum Gas (LPG) Tanker Market is being driven by Increase in supply of natural gas

The Liquified Petroleum Gas (LPG) Tanker Market is expected to grow at a CAGR of 3.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 55.8 million. In the LPG tanker market, technological advancements have significantly impacted the design and functionality of marine vessels. Cross-compound double-reduction steam turbines, which are more compact and space-efficient than traditional steam turbines, have been introduced. Simultaneously, the maritime industry has seen a shift from steam turbine engines to more economical two-stroke diesel engines. Furthermore, the adoption of controllable pitch propellers (CPP) has enabled tankers to operate in both forward and astern directions without altering the engine's rotation, thereby increasing power generation and allowing for greater cargo volumes to be transported. Historically, LPG tankers relied on moderately efficient steam turbine-driven propulsion systems. However, these recent advancements have led to significant improvements in the efficiency and capacity of LPG tankers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Residential
  • Commercial
• Type
  • Very large gas carrier
  • Large gas carrier
  • Medium gas carrier
  • Small gas carrier
• Variant
  • Semi-pressurized
  • Fully pressurized
  • Fully refrigerated
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • North America
    • Canada
    • US
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in supply of natural gas
• Increase support from government for LPG adoption
• Increase in LPG tanker transportation

However, the market also witnesses some limitations, which are as follows:

• Fluctuation in crude oil prices
• Attack on tankers
• Stringent regulations

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Market Scope in Liquified Petroleum Gas (LPG) Tanker Market Research Report

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Research Analysis Overview

The LPG Tanker market encompasses the transportation of liquefied petroleum gases (LPGs), which include propane and butane. These gases are stored in cargo holds of various-sized carriers: large, medium, and small gas carriers. The oil and gas industry, particularly shale gas production via hydraulic fracturing and horizontal drilling methods, is a significant consumer. LPGs find applications in petrochemical industries for vinyl chloride production, HVAC applications, refrigeration and pressurization, and residential segments. Flanders Innovation and other companies manufacture Type C tanks for LPG storage. The market includes full pressurized, fully refrigerated, and semi-refrigerated types, catering to diverse industries and applications.

Market Research Overview

The global oil and gas equipment and services market encompasses businesses involved in the production of equipment, supplies, and services for the upstream oil and gas sector. This significant manufacturing industry is poised for moderate expansion, as projected by Technavio, which calculates market size based on combined revenues. Key growth drivers include escalating energy demand and the burgeoning power sector, fueling the demand for drilling equipment and subsequently propelling the oil and gas equipment and services market forward. Additionally, the expansion of shale gas production and the subsequent rise in applications for LPG, such as vinyl chloride manufacturing, HVAC applications, refrigeration, and pressurization in large gas carriers, further bolster market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/