- A new study by Grand View Research, Inc. states the very large gas carrier market to witness robust growth from 2015 to 2022. The market owes this growth to rising demand for transportation of LPG – Liquefied Petroleum Gas. Increased environmental concerns are bringing LPG, a cleaner fuel, to the forefront.
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Reduced interest rates, and growing sales opportunities & liquidity levels across the oil and gas capital industries will have a favorable market impact. Escalating shale gas production in North America is creating demand for these carriers. Waterborne LPG exports from the U.S. to Asia Pacific have risen. This factor will also serve as a driver for the very large gas carrier market in the forecast period.
Transportation costs are estimated to reduce in the future. This is primarily due to business operations between North America and Asia Pacific. Moreover, the Middle East serves costly LPG, furthering LPG trading between the U.S. and Asia Pacific. The Panama Canal has also led to more transportation between the regions. All these factors contribute added demand for the very large gas carrier market.
Demand for these carriers is solely dependent on LPG demand. Any volatility in LPG demand will directly affect the market. The market is fragmented into products transported from the source to destination, and regions. The cargo segment includes liquefied chemical gases in view of their chemical and dangerous characteristics.
LPG dominates the market with regards to cargo. It would maintain the same spot over the next seven years. North America dominates the very large gas carrier market. Its dominance is attributed to shale gas developments. The region would continue similarly in the forecast period. Rising demand for gas in Asian Pacific countries such as China, India, and Japan will drive the construction of very large gas carriers.
The Middle East and Central & South America will also undergo high growth. Europe is projected to generate high demand for LPG owing to stern environmental regulations. The worldwide very large gas carrier market is fairly consolidated. Due to its ‘high investment, high risk nature,’ only a few players operate worldwide.
Notable among these are Shandong, Navigator Holdings Ltd., Dorian LPG Ltd., Dorian Hellas, Great Eastern Shipping Company, and Pertamina Gas.
Information Source: Grand View Research
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