The global LNG carriers market is expected to post a CAGR of nearly 5% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has released a new market research report on the global LNG carriers market for the period 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the market is the increase in demand for natural gas. As per the IEA, the global demand for natural gas is expected to increase from 3,740 billion cubic meters in 2017 to 4,100 bcm in 2023 with an average growth rate of 1.6% each year. Emerging economies such as China will register the majority of this demand, which would account for 37% of the increase in the global demand for natural gas by 2019.
This market research report on the global LNG carriers market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in demand for cleaner fuels as one of the key emerging trends in the global LNG carriers market:
Global LNG carriers market: Increase in demand for cleaner fuels
Oil and coal were the major sources of energy to meet the demand for residential, commercial, industrial, and transportation applications. As a result, there is an increase in the emission of carbon dioxide and other GHG into the atmosphere. As per the IEA, in 2017, the global energy-related carbon dioxide emissions increased by 1.4% after three consecutive years of flat growth in carbon dioxide emissions globally. This resulted in carbon dioxide emissions reaching a historic high of 32.53 Gt CO2 in 2017.
"In order to minimize concerns regarding environmental pollutants, there has been an increase in the popularity of natural gas. When compared with the other fossil fuels, natural gas is regarded as the cleanest fossil fuel as it emits the least amount of carbon dioxide upon combustion, thereby having the least environmental impact among fossil fuels. Thus, globally the demand for natural gas is increasing to meet the increasing demand for energy," says a senior analyst at Technavio for research on oil and gas.
Global LNG carriers market: Segmentation analysis
This market research report segments the global LNG carriers market by containment type (membrane and moss) and geographical regions (APAC, EMEA, and the Americas).
The membrane segment held the largest market share in 2018, accounting for nearly 75% of the market. This containment type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 50%. This region is expected to dominate the market through 2023, with over 2% increase in its market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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