Latest News- Tanker Shipping Market: Oil tankers is expected to lead the Type segment during 2025-2029

The Tanker Shipping Market is being driven by Global oil and gas demand

The Tanker Shipping Market is expected to grow at a CAGR of 8.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 19951.4 million. The global tanker shipping market is undergoing a significant transformation towards sustainability, driven by regulatory pressures, technological advancements, and corporate environmental strategies. Notable industry players, such as Scorpio Tankers Inc., are embracing cleaner technologies and alternative fuels to minimize emissions and enhance operational efficiency. On February 22, 2024, Scorpio Tankers announced a non-binding Memorandum of Understanding to implement FOWE Eco Solutions fuel emulsion systems across its fleet of 111 product tankers. This initiative aims to reduce fuel consumption by at least 3% and decrease carbon emissions by approximately 100,000 tons yearly. The Cavitech technology-powered system, provided by FOWE, optimizes combustion efficiency and reduces greenhouse gas emissions without substantial upfront investment or operational disruptions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Oil tankers
  • Liquid gas tankers
  • Chemical tankers
• Mode Of Transportation
  • Deep sea
  • Coastal
  • Inland
• Product Type
  • VLCC and ULCC
  • Suezmax
  • Aframax
  • Others
• Geography
  • APAC
    • China
    • Japan
    • South Korea
    • Singapore
  • Europe
    • Germany
    • UK
    • Norway
  • North America
    • US
  • 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: 

• Global oil and gas demand
• Geopolitical developments
• Tonne-mile demand growth

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

• Environmental regulations and compliance costs
• Volatility in freight rates
• Rising operating and insurance costs

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Market Scope in Tanker Shipping Market Research Report

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Research Analysis Overview

The tanker industry faces numerous regulatory affairs, requiring robust risk management and adherence to safety regulations. Shipping services and distribution networks rely on cargo insurance, quality control, and transportation solutions to ensure efficient supply chain management and transport optimization. Research and development, vessel chartering, and environmental impact are key industry trends shaping the future of this sector. Investment opportunities exist in areas like industry logistics, cargo handling, and regulatory compliance, offering potential returns for those willing to navigate the complexities of this dynamic market.

Market Research Overview

The oil and gas midstream sector, encompassing storage and transportation, is a crucial component of the oil and gas value chain. This market caters to companies supplying equipment, services, and supplies for the transport and storage of gas, oil, and refined products. Key growth drivers include escalating energy demand, dwindling fossil fuel reserves, volatile fuel prices, and environmental concerns. Specifically, sectors such as personal care, inorganic chemicals, food processing, and others will continue to demand corrosion-resistant tankers, safety systems, and fuel-efficient technologies to ensure the secure and efficient transportation of their essential raw materials. Technavio projects the global oil and gas storage and transportation market to expand significantly due to these factors.. 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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UK: +44 203 893 3200
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Website: www.technavio.com/