Global LNG Tanker Market 2016-2020
About Global LNG Tanker Market
The global LNG tanker market is highly reliant upon the state of the global oil industry and the connected crude oil and natural gas prices. The recent rout in the global crude prices is expected to have a significant effect on the course followed by the LNG tanker market over the forecast period.
Technavio’s analysts forecast the global LNG tanker market to grow at a CAGR of 6.21% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global LNG tanker market for 2016-2020. To calculate the market size, the report presents the vendor landscape and a corresponding detailed analysis of the top vendors operating in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global LNG Tanker Market 2016-2020
Technavio recognizes the following companies as the key players in the global LNG tanker market: Samsung Heavy Industries, Mitsubishi Heavy Industries, Hyundai Heavy Industries, DSME, Mitsui OSK Lines, NYK Lines, and Yamal LNG.
Commenting on the report, an analyst from Technavio’s team said: “One of the major trends that has been seen in the current LNG tanker market is the revamping in the carrier propulsion systems. Ever since the very first LNG vessel was inducted into service, some half a century ago, these LNG carriers have undergone a paradigm shift in their design. The historical fleet of LNG tankers in the global trade had been fitted with a reliable, but moderately efficient steam turbine-driven propulsion systems. The only fuel option these systems had was related to the boil-off gases, which was a by-product of the storage of natural gas under cryogenic conditions.”
According to the report, stringent marine pollution laws will be a key driver for market growth. As with any form of energy consumer, the marine transportation industry also affects the environment adversely in many ways, and the LNG tanker industry provides a potential exception. One of the major trends seen over the past decade is the significant increase in the marine pollution. The result of this has been increase in the focus of the marine environment protection and attempt to revive the marine ecosystem. However, being a relatively cleaner fuel than the counterparts, the LNG tanker market is expected to reap tons of benefits from the imposing of the stricter marine pollution laws.
Further, the report states that diminishing inter-basin LNG trade will be a challenge for the market. One of the core aspects of the LNG trade market, since the time of its inception in the 1960s, has been the trading opportunities, which exist between the two basins of the world. The global LNG marketplace has been demarcated between two distinct regions, based on the oceans that separate them. These are the Pacific and the Atlantics basin LNG markets.
Samsung Heavy Industries, Mitsubishi Heavy Industries, Hyundai Heavy Industries, DSME, Mitsui OSK Lines, NYK Lines, Yamal LNG.