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Next-Gen Shipping: Market Forecast and Trends 2024–2030

Cargo Shipping Market Overview

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Report Coverage

The report: “Cargo Shipping Industry Outlook — Forecast (2021–2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Cargo Shipping industry.

By Type: Linear Ships, Tramp Ships.

By Cargo Type: Passenger, Liquid, Container, Dry, General, Bulk, Others.

By Vessel Type: Multi-Purpose Vessels, Dry-Bulk Carriers, Tankers, Container Vessels, Bulk Vessels, Reefer Vessels, Ro-Ro Vessels, Others.

By Vessel Cargo Capacity: <1000 TEU, 1000–4000 TEU, 4000–8000 TEU, 8000–12000 TEU, 12000–16000 TEU, 16000–20000 TEU, >20000 TEU.

By End Use Industry: Food and Beverages, Electrical & Electronics, Manufacturing, Oil & Gas, Metal and Mining, Logistics and E-commerce, Consumer Goods, Chemicals, Medical and Pharmaceutical, Others.

By Geography: North America, South America, Europe, APAC and RoW.

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Key Takeaways

Improving port infrastructures and incorporation of favourable trade agreements overtime is analyzed to significantly drive the cargo shipping market during the forecast period 2021–2026.

Tankers had accounted for the largest market share in 2020, attributed to the factors including longer sailing, involvement of lesser number of ports and many others, making it highly preferable for conducting marine transportation.

Presence of some key players such as Evergreen Marine, Yang Ming Marine Transport Corporation, Pacific International Lines and so on opting for partnerships, product launches or expansion to improve cargo shipping facilities have helped in boosting its growth within APAC region.

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Cargo Shipping Market Segment Analysis- By Vessel Type

By vessel type, the cargo shipping market is segmented into multi-purpose vessels, dry-bulk carriers, tankers, container vessels, bulk vessels, reefer vessels, ro-ro vessels and many others. Tankers had dominated the cargo shipping market with $3234.07 million tons in 2020 and are analyzed to grow at a CAGR of 3.4% during the forecast period 2021–2026. Tankers generally refers to those cargo shipping vessels used in transportation of bulks of liquids and gases, which had emerged as an ideal mode of transportation for chemicals, petrochemicals as well as gas refineries. Oil tankers, chemical tankers, gas carriers are some of the common type of tankers utilized for serving applications based on load carrying capacities for the shipping goods. Compared to other types, these vessels are capable of offering advantages be it longer sailing, involvement of lesser number of ports and so on, thus creating its higher adoption within marine transportation facilities. Factors such as economic slowdown owing to COVID-19, decarbonization measures as well as dropping oil prices are some of the threats encountering the tanker vessels across cargo shipping markets. However, with slow economic recovery post the global pandemic situation, the demand towards crude oil imports or exports are bound to surge in order to begin with various industrial or commercial operations, thereby promoting the market growth of tankers in the long run. In 2021, Shell had signed an agreement to charter crude tankers including very large crude carriers from Advantage Tankers, AET and International Seaways, powered with dual-fuel liquefied natural gas engines. Owing to capability of lowest possible methane slip and highest fuel efficiency with an average 20% less fuel consumption, this is further anticipated to mark an important step towards increasing LNG-fuelled vessels on the water by 2023.

Cargo Shipping Market Segment Analysis- By Vessel Cargo Capacity

By vessel cargo capacity, the cargo shipping market is segmented under <1000 TEU, 1000–4000 TEU, 4000–8000 TEU, 8000–12000 TEU, 12000–16000 TEU, 16000–20000 TEU and >20000 TEU. Vessel cargo capacity of 12000–16000 TEU had held the largest share in the cargo shipping market with of $3269.44 million tons in 2020, thus analyzed to grow further with a CAGR of 4.0% during 2021–2026. Neo panamax vessels with capacity (10000–14500 TEU) and ultra-large container vessels with capacity (14500 and above) have been considered under this segment. Neo panamax refers to those medium to large sized vessels, capable of carrying about 19 rows of containers with a beam of 43 m, with comparable size of Suezmax tankers, while ultra large container vessels are considered as the biggest container ships with capabilities being at least 366 meters long, 49 meters wide, draught of at least 15.2 meters, causing its dominance within the hazardous end-use markets. Due to flexibility perspective, vessels with load carrying capacity ranging from 10000 to 15000 TEU are generally capable of allowing carriers to deploy largest ships which can traverse Panama Canal, gaining popularity in transport of goods including metal ores, coal and so on. In 2020, Evergreen Line had revealed about delivering two 12000 TEU class F-type container ships, featuring an optimized hull design as well as a smart ship system. Since these containers are equipped with a main engine of 58,000 horsepower, along with preventing containers on the deck from affecting the view from the bridge as well as maximizing cargo loadability prior to its configuration, these vessels are further analyzed to create a significant impact towards the market growth of cargo vessels with 12000 TEU capacity in the long run.

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Cargo Shipping Market Segment Analysis- Geography

APAC had accounted for the largest share of $6589.12 Million Tons in 2020, analyzed to grow with a CAGR of 4.1% for the Cargo Shipping market during the forecast period 2021–2026. Growth of various end-use industries including food & beverage, consumer goods and so on, initiatives towards improving as well as incorporating new trade agreements, improving sea port infrastructures, rising technological advancements along with many others can be considered as some of the crucial factors which had attributed towards the market growth of cargo shipping across APAC region. Presence of some of the key cargo shipping companies including Evergreen Marine, Mitsui O.S.K Lines Ltd., Yang Ming Marine Transport Corporation, Pacific International Lines and others have also helped in creating a positive impact within the Asia-Pacific ocean freight shipping facilities. Partnerships, expansion, R & D investments and so on were considered as some of the key strategies adopted by the market players to drive cargo shipping services within the region. In 2020, Yang Ming Marine Transport Corporation announced about expanding its Intra-Asia service networking through extending Japan-Taiwan-South China Express (JTS) to Malaysia, Philippines and Singapore. This expansion was meant to optimize the competitiveness between Japan, Taiwan, South China as well as Southeast Asia, while improving the linkage connection of Yang Ming’s main port, Kaohsiung. Such factors are further set to create a positive impact towards adoption of these shipping services in order to facilitate sea transport in the long run.

Cargo Shipping Market Drivers

Growing initiatives towards improving port infrastructure:

Growing initiatives towards improving port infrastructures either by governmental support or shipping company investments can be analyzed as one of the major drivers impacting the growth of cargo shipping during the forecast period 2021–2026. Port infrastructure plays a crucial role in cargo shipping operations be it handling of bulks of goods, which had been creating high need towards upgrading, modernizing or constructing new ports to support growing trade businesses around the world. Increasing demand towards consumer products, crude oil and many other related commodities have been also raising the requirement of infrastructural growth of sea ports in order to help in meeting the consumer demands overtime. Factors such as adaptive secured communication, IT architecture and so on within the ports are getting introduced to benefit strategic traffic while assisting ship infrastructures, thus positively impacting the cargo shipping growth. Sea port infrastructures have been also getting upgraded with advanced handling systems capable of autonomous or semi-autonomous operation to achieve higher throughput levels. In addition, government along with various private infrastructure companies across developed as well as developing countries have started to focus towards establishing new ports, upgrade or expand the existing ones through investments as a move towards supporting growing trade volumes. In 2021, Adani Ports and Special Economic Zone (APSEZ) had revealed about completing its acquisition of Dighi Port Ltd for a value of INR 705 cr (around $97million), alongside an investment of INR 10,000 cr (around $1375 million) to upgrade the existing port into a multi-cargo port. Such measures are further set to boost the market growth of cargo shipping industry in near future.

Increasing number of trade agreements drives the market forward:

Increasing number of favourable trade agreements in a motive towards enhancing the trade business between countries can be considered as one of the major driving factors impacting the growth of cargo shipping market. Trade agreements are essential towards helping the importers or businesses access to low cost goods at reasonable prices, making it one of the crucial factors to drive better and optimum level of sea trades. Regional trade agreements have been increasing over the years towards extending geographic reach within the last five years, including significant increase in pluri lateral agreements with negotiations, as a way behind improving bilateral relations between developed as well as developing economies across the world. In 2020, various Asia-Pacific countries including China, Japan, South Korea, Australia, New Zealand, Indonesia, Malaysia, Laos, Philippines, Thailand, Myanmar, Cambodia, Brunei, Singapore and Vietnam had signed the Regional Comprehensive Economic Partnership (RCEP), making it one of the largest free-trade agreements. This trade agreement was meant to focus at lowering tariffs, increasing investment as well as streamlining customs procedures in order to facilitate free movement of goods. Such initiatives are further set to strengthen the economic integration between these member countries, while creating more growth opportunities in the cargo shipping market in the long run.

Cargo Shipping Market Challenges

Growing incidences of cargo rollover:

Growing incidences of cargo rollover due to ocean freight supply chain issues act as one of the major challenging factors restraining the market growth of cargo shipping. Cargo rollover situations arise mainly due to growing levels of demand at times of usually low volume or traditional seasonal decline in cargo flows, which tends to create shipping delays. Owing to the increase of container demand from U.S as well as Europe terminals and carriers, the Asian port hubs witnessed a rapid surge in cargo rollover in December 2020. Prior to economic shutdowns amidst the COVID-19 pandemic, there was recovering demand from U.S and Europe during the second half of 2020, resulting in creating disruption in the container shipping sector. Moreover, growing rollover incidences result towards clogging in major ports, forcing various carriers to cancel out sailing in order to catch up with the disrupted schedules. Supply chain disruptions are further poised to continue post the pandemic situation, prior to incapability of meeting increasing shipping requirements simultaneously, thus analyzed to hamper the market growth of cargo shipping services. Additionally, shift towards alternatives like air cargo transport can also adversely impact the cargo shipping prior to ocean freight supply chain disruptions as well as port clogging issues in the long run.

Cargo Shipping Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Cargo Shipping market. The key players in the Cargo Shipping market include A.P Moller-Maersk Group, CMA CGM Group, Evergreen Marine, Hapag-Lloyd, Mediterranean Shipping Company S.A (MSC), China Ocean Shipping (Group) Company (COSCO), Hamburg Sud Group, Mitsui O.S.K Lines, Ltd., Pacific International Lines (PIL) and Yang Mang Marine Transport Corporation among others.

Acquisitions/Technology Launches/Partnerships

In February 2020, a container shipping company, Hapag-Lloyd had launched a remote reefer supply chain monitoring tool, named Hapag-Lloyd LIVE. Development of this real time monitoring solution was done in order to increase transparency of cold chain by providing customers with number of data sets related to condition as well as location of their reefer containers.

In March 2019, Yang Ming announced about the launch of two ultra large container vessels, namely YM Warranty and YM Wellspring, under the 14,000 TEU capacity range. These vessels were designed with a nominal capacity of 14,220 TEU, equipped with 1000 reefer plugs, capable of reaching speeds upto 23 knots.

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Road Freight Procurement Intelligence 2024-2030: A Comprehensive Guide

Procurement of road freight services, also known as ‘road haulage,’ benefits buyers from several end-use sectors such as agriculture, construction, manufacturing, oil and gas, fishing and forestry, and mining & quarrying. The global market size was estimated at USD 3,912 billion in 2023. Creating a successful, efficient, and secure logistics strategy is crucial for any business that relies on transporting goods. Key benefits of these services include affordability, availability, speed, and flexibility. APAC dominated the global industry, comprising 32% of the global market share in 2023. The rapidly growing e-commerce sector in developing countries, including India and China, has greatly increased the demand in APAC.

Road networks offer extensive coverage, granting access to remote regions. They facilitate flexible scheduling, allowing service providers to adapt to delivery times according to demand fluctuations or urgent needs. Compared to alternative transportation modes (rail or air), this mode demands lower initial investments in infrastructure or specialized vehicles. A few of the key challenges are driver shortages, fuel price volatility, and infrastructure issues. For instance, maintenance or construction projects on key highways or roads disrupt traffic flow, causing delays and detours for freight carriers. Similarly, fuel price fluctuations substantially impact operating costs for service providers, thus affecting their profitability.

Key technology trends that are driving the growth of the industry include deployment of electric vehicles (EVs) and autonomous vehicles, use of artificial intelligence (AI) and machine learning (ML), real-time freight visibility and automation, and predictive analytics. For instance, to ensure real-time freight visibility and automation, service providers are deploying advanced technologies, such as real-time tracking systems and the Internet of Things (IoT), to provide precise, real-time information on the location and status of shipments. Similarly, the adoption of predictive analytics has improved the accuracy of demand forecasting, route planning, and risk management in road freight services. It is being used to analyze vast amounts of data on weather patterns, traffic conditions, and historical performance.

Order your copy of the Road Freight Procurement Intelligence Report, 2024 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Key suppliers in this industry are prioritizing the reduction of their carbon footprint by embracing green technologies and alternative fuels. Key initiatives involve incorporating renewable energy sources for electric vehicles (EVs) and researching alternatives such as bio-LNG and bio-CNG. The objective is to attain decarbonization and adhere to international climate agreements such as the Paris Accord. Moreover, prominent suppliers are placing a strong emphasis on operational efficiency, customer satisfaction, scalability, and strategic partnerships. In terms of the demand landscape, buyers are increasingly focusing on tracking capabilities, reputation, and reliability.

The prices of products in this industry alter based on several parameters. Key factors leading to fluctuations in prices include type of shipment (FTL/LTL), speed and transit time, cargo volume and weight, distance covered, customs and tariffs, and labor cost. For instance, customs procedures can sometimes cause delays or disruptions in the transportation process, as goods may get held up at border crossings, leading to longer transit times. In terms of cargo volume and weight, larger or heavier shipments may require additional handling or special equipment for loading and unloading, which can increase the carrier's operational expenses.

During the COVID-19 pandemic, this industry experienced significant challenges due to supply chain disruptions. Road closures, movement restrictions, and government-enforced lockdowns prompted many service providers to halt their operations temporarily. The implementation of safety measures, such as frequent sanitization, social distancing, and the use of personal protective equipment (PPE), further complicated operations. Additionally, health concerns affected the availability of truck drivers and other logistics personnel. Post 2023, freight volumes and shipments have seen considerable improvement.

Road Freight Sourcing Intelligence Highlights

• This market consists of a fragmented landscape, with the players engaged in intense competition.

• Buyers have substantial bargaining power due to the ease of switching to alternative service providers.

• India, China, Lithuania, Poland, and Bulgaria are preferred as low-cost or best-cost countries within their relevant regions for sourcing and procurement due to low vehicle costs, cheap labor costs, and favorable government policies.

• The key components of the cost structure involve the cost of vehicles, fuel, labor, technology, licensing and compliance, maintenance and repair, and others. Other costs include safety equipment, general and administrative, rent and utilities, loading and unloading, road taxes and tolls, and marketing and sales.

Browse through Grand View Research’s collection of procurement intelligence studies:

• Maintenance Repair & Operations (MRO) Procurement Intelligence Report, 2024 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Commercial Print Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Road Freight - Key Suppliers

• A.P. Møller - Mærsk A/S

• C.H. Robinson Worldwide, Inc.

• CMA CGM Group

• DSV A/S

• Expeditors International of Washington, Inc.

• FedEx Corporation

• J.B. Hunt Transport Services, Inc.

• Knight-Swift Transportation Holdings Inc.

• Kuehne + Nagel International AG

• Landstar System Holdings, Inc.

• Old Dominion Freight Line, Inc.

• United Parcel Service of America, Inc.

Road Freight Procurement Intelligence Report Scope

• Growth Rate:  CAGR of 4.5% from 2024 to 2030

• Pricing Growth Outlook: 5% - 10% increase (Annually)

• Pricing Models: Flat-rate pricing, mileage-based pricing, volume-based pricing, weight-based pricing, spot pricing, contract pricing

• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence

• Supplier Selection Criteria: Geographical service provision, industries served, years in service, employee strength, revenue generated, key clientele, regulatory certifications, freight type (FTL/LTL), maximum weight per shipment, containerized/non-containerized, long-haul/short-haul, temperature controlled, real-time tracking, value-add services (storage/labeling/bundling/packing), lead time, and others

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

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Fast Food and Quick Service Restaurant Market Developments, Trends & Opportunities till 2032

Fast Food and Quick Service Restaurant Market provides in-depth analysis of the market state of Fast Food and Quick Service Restaurant manufacturers, including best facts and figures, overview, definition, SWOT analysis, expert opinions, and the most current global developments. The research also calculates market size, price, revenue, cost structure, gross margin, sales, and market share, as well as forecasts and growth rates. The report assists in determining the revenue earned by the selling of this report and technology across different application areas.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fast Food and Quick Service Restaurant in these regions till the forecast period

North America

Middle East and Africa

Asia-Pacific

South America

Europe

Key Attentions of Fast Food and Quick Service Restaurant Market Report:

The report offers a comprehensive and broad perspective on the global Fast Food and Quick Service Restaurant Market.

The market statistics represented in different Fast Food and Quick Service Restaurant segments offers complete industry picture.

Market growth drivers, challenges affecting the development of Fast Food and Quick Service Restaurant are analyzed in detail.

The report will help in the analysis of major competitive market scenario, market dynamics of Fast Food and Quick Service Restaurant.

Major stakeholders, key companies Fast Food and Quick Service Restaurant, investment feasibility and new market entrants study is offered.

Development scope of Fast Food and Quick Service Restaurant in each market segment is covered in this report. The macro and micro-economic factors affecting the Fast Food and Quick Service Restaurant Market

Advancement is elaborated in this report. The upstream and downstream components of Fast Food and Quick Service Restaurant and a comprehensive value chain are explained.

Browse More Details On This Report at @https://www.globalgrowthinsights.com/market-reports/fast-food-and-quick-service-restaurant-market-100554

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Web: https://www.globalgrowthinsights.com

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Cryogenic Equipment Market Dynamics: Size, Share, Trends, Growth And Forecast

Increasing demand for LNG and rising need for clean energy sources are likely to drive the market in the forecast period

According to TechSci Research report, “Cryogenic Equipment Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Cryogenic Equipment Market is experiencing a surge in demand in the forecast period. One primary driver propelling the global cryogenic equipment market is the escalating demand for Liquefied Natural Gas (LNG). As the world transitions towards cleaner energy sources, LNG has emerged as a pivotal component in the global energy mix. Cryogenic equipment, such as LNG storage tanks and vaporization systems, plays a critical role in the liquefaction, transportation, and regasification of natural gas.

The rise in demand for LNG is attributed to its environmental benefits, as it produces fewer greenhouse gas emissions compared to traditional fossil fuels. This shift towards LNG is particularly notable in the transportation and power generation sectors. The construction of new LNG terminals, coupled with expansion projects, is fueling the need for advanced cryogenic equipment. As countries invest in enhancing their LNG infrastructure to meet growing energy demands, the cryogenic equipment market is experiencing a substantial boost, reflecting the industry's integral role in supporting the global adoption of cleaner energy alternatives.

Significant driver steering the global cryogenic equipment market is the expanding range of applications in healthcare and biotechnology. Cryogenic equipment, including cryogenic storage tanks and freezers, is instrumental in preserving and storing biological materials, pharmaceuticals, and medical gases at ultra-low temperatures.

In the healthcare sector, cryogenic applications are indispensable for the storage of stem cells, tissues, and organs, facilitating advancements in regenerative medicine and organ transplantation. Also, the biotechnology industry relies heavily on cryogenic solutions for the preservation of research materials, vaccines, and biomolecules. As medical and biotechnological research and development continue to advance, the demand for cryogenic equipment is witnessing a surge.

The precision and reliability of cryogenic systems in maintaining the integrity of biological samples make them indispensable in laboratories, hospitals, and biorepositories. Consequently, the expansion of healthcare infrastructure and ongoing developments in biotechnology drive the growth of the cryogenic equipment market, positioning it as a critical enabler of breakthroughs in medical science and biopharmaceutical innovation.

Browse over XX Market data Figures spread through XX Pages and an in-depth TOC on "Global Cryogenic Equipment Market.”  https://www.techsciresearch.com/report/cryogenic-equipment-market/20008.html

The Global Cryogenic Equipment Market is segmented into product type, cryogen type, end user and region.

Based on end user, The Energy & Power segment held the largest Market share in 2023. The Energy & Power sector, particularly the LNG industry, is a major consumer of cryogenic equipment. LNG, which is natural gas cooled to cryogenic temperatures for storage and transportation, is becoming increasingly important as a cleaner and more versatile energy source.

The demand for LNG is growing globally, driven by factors such as the transition to cleaner fuels, increased energy consumption, and the rise in international LNG trade.

Cryogenic storage tanks and transportation systems are integral components of the LNG supply chain. Cryogenic conditions are necessary to keep natural gas in a liquid state, reducing its volume for more efficient storage and transport.

The construction and expansion of LNG infrastructure, including liquefaction plants, storage terminals, and LNG carriers, contribute significantly to the demand for cryogenic equipment.

The Energy & Power sector is undergoing a transition toward cleaner energy alternatives, and LNG is positioned as a key player in this shift. LNG is considered a cleaner-burning fuel compared to traditional fossil fuels, contributing to reduced greenhouse gas emissions.

Governments and industries worldwide are increasingly adopting LNG as a cleaner energy source for power generation, industrial processes, and transportation, further driving the demand for cryogenic equipment.

Cryogenic technologies are essential for the production and storage of hydrogen, which is gaining prominence as a clean and sustainable energy carrier. Cryogenic storage is particularly effective in maintaining hydrogen at extremely low temperatures, allowing for denser storage.

The increasing focus on green hydrogen and the development of hydrogen-based energy systems contribute to the demand for cryogenic equipment in the Energy & Power sector.

Cryogenic technologies play a crucial role in enhancing the efficiency and reliability of power plants. For example, cryogenic air separation units are used to produce industrial gases like oxygen and nitrogen, which find applications in combustion processes for power generation.

The overall growth in global energy demand, coupled with the need for cleaner and more efficient energy sources, drives investments in energy infrastructure. Cryogenic equipment supports the development and operation of advanced energy systems.

The strategic importance of LNG in global energy trade makes the Energy & Power sector a key driver of the cryogenic equipment market. LNG terminals and facilities, equipped with cryogenic technology, facilitate international energy trade and distribution.

Major companies operating in the Global Cryogenic Equipment Market are:

Air Liquide S.A.

Linde Plc

Emerson Electric Co.

Chart Industries Inc.

Baker Hughes Company

IHI Corporation

Kawasaki Heavy Industries Ltd

Mitsubishi Heavy Industries Ltd

Howden Broking Group Limited 

Burckhardt Compression AG

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Customers can also request for 10% free customization on this report.

“The Global Cryogenic Equipment Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period.  This growth is being driven by a number of factors, including the increasing demand for liquefied natural gas (LNG), the rising need for clean energy sources, and the growing use of cryogenic equipment in the healthcare, food processing, and electronics industries. For instance, LNG is a clean and efficient energy source that is becoming increasingly popular around the world. This is leading to an increase in demand for cryogenic equipment, which is used to store and transport LNG.

Additionally, The world is moving away from fossil fuels and towards cleaner energy sources such as solar, wind, and geothermal power. Cryogenic equipment is used to store and transport these renewable energy sources. Therefore, the Market of Cryogenic Equipment is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Cryogenic Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Product Type (Valve, Tank, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Others), By End User (Energy & Power, Chemical, Electronics, Shipping, Metallurgical, and Others), By Region, By Competition”, has evaluated the future growth potential of Global Cryogenic Equipment Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Cryogenic Equipment Market.

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Marine Generator Sets, Global Market Size Forecast, Top 10 Players Rank and Market Share

Marine Generator Sets Market Summary

According to the new market research report "Global Marine Generator Sets Market Report 2023-2029", published by QYResearch, the global Marine Generator Sets market size is projected to grow from USD 5.21 billion in 2023 to USD 5.91 billion by 2029, at a CAGR of 2.14% during the forecast period.

Figure.   Global Marine Generator Sets Market Size (US$ Million), 2018-2029

Above data is based on report from QYResearch: Global Marine Generator Sets Market Report 2023-2029 (published in 2023). If you need the latest data, plaese contact QYResearch.

Figure.   Global Marine Generator Sets Top 10 Players Ranking and Market Share (Ranking is based on the revenue of 2022, continually updated)

Above data is based on report from QYResearch: Global Marine Generator Sets Market Report 2023-2029 (published in 2023). If you need the latest data, plaese contact QYResearch.

According to QYResearch Top Players Research Center, the global key manufacturers of Marine Generator Sets include Caterpillar, MAN Energy Solutions, Cummins Inc., CSSC, Kohler Power, Volvo Penta, Wärtsilä, China Yuchai, Weichai Power, COELMO, etc. In 2022, the global top 10 players had a share approximately 69.0% in terms of revenue.

Figure.   Marine Generator Sets, Global Market Size, Split by Product Segment

Based on or includes research from QYResearch: Global Marine Generator Sets Market Report 2023-2029.

In terms of product type, 200-1000KW is the largest segment, hold a share of 61%.

Figure.   Marine Generator Sets, Global Market Size, Split by Application Segment

Based on or includes research from QYResearch: Global Marine Generator Sets Market Report 2023-2029.

In terms of product application, Bulk Carrier is the largest application, hold a share of 24%.

Figure.   Marine Generator Sets, Global Market Size, Split by Region (Production)

Based on or includes research from QYResearch: Global Marine Generator Sets Market Report 2023-2029.

Figure.   Marine Generator Sets, Global Market Size, Split by Region

Based on or includes research from QYResearch: Global Marine Generator Sets Market Report 2023-2029.

Market Drivers:

Increasing demand for marine vessels: The growth in global trade, tourism, and offshore exploration activities drives the demand for marine vessels, including commercial ships, offshore platforms, and cruise liners. This, in turn, boosts the demand for marine generator sets to provide onboard power.

Stringent emissions regulations: Environmental regulations aimed at reducing emissions from marine engines drive the demand for cleaner and more fuel-efficient generator sets. Manufacturers are increasingly developing marine generator sets that comply with stringent emissions standards, such as IMO Tier III regulations, driving market growth.

Technological advancements: Advancements in generator set technology, including the integration of hybrid power systems, digital control systems, and improved fuel efficiency, enhance the performance and reliability of marine generator sets. These innovations attract customers looking for more efficient and environmentally friendly power solutions, stimulating market growth.

Rise in offshore renewable energy installations: The growing investment in offshore wind farms and other renewable energy installations necessitates reliable power supply for offshore operations and maintenance vessels. This creates opportunities for marine generator set suppliers to cater to the power requirements of these offshore installations, contributing to market growth.

Restraint:

Shift towards electrification and alternative fuels: The maritime industry is increasingly exploring electrification and alternative fuel sources such as LNG (liquefied natural gas), hydrogen fuel cells, and batteries to power vessels. These technologies offer the potential for lower emissions and compliance with stringent environmental regulations, potentially reducing the demand for traditional diesel-powered generator sets.

Emission regulations: Stringent emissions regulations, such as IMO Tier III standards, are driving the adoption of cleaner propulsion technologies in the marine sector. Vessels equipped with advanced emission control systems or alternative propulsion methods may have reduced reliance on diesel generator sets, impacting the demand for traditional marine generator sets.

Rapid advancements in battery technology: The rapid advancement of battery technology, coupled with decreasing costs, is making battery-electric propulsion increasingly viable for certain types of vessels, especially ferries, small crafts, and short-range ships. As battery technology improves, the need for generator sets as primary power sources may diminish, particularly for vessels operating within specific geographical areas or routes

Opportunity:

Growing demand for energy-efficient solutions: There is an increasing demand for energy-efficient marine generator sets that can help vessel operators reduce fuel consumption and operating costs while meeting stringent emissions regulations. Manufacturers have the opportunity to develop and offer generator sets with advanced technologies such as variable speed control, waste heat recovery systems, and optimized engine designs to improve fuel efficiency and environmental performance.

Expansion of the offshore wind industry: The rapid expansion of offshore wind farms worldwide requires reliable power supply for construction vessels, service ships, and offshore platforms. Marine generator sets play a crucial role in providing onboard power for these operations. As the offshore wind industry continues to grow, there will be opportunities for generator set suppliers to supply power solutions tailored to the specific needs of offshore wind projects.

Hybrid power systems: The adoption of hybrid power systems combining generator sets with energy storage systems (e.g., batteries) presents an opportunity for manufacturers to offer integrated power solutions that provide flexibility, efficiency, and emissions reduction benefits. Hybrid systems can optimize power generation by utilizing generators only when necessary, while batteries can handle peak loads and provide backup power, particularly in dynamic vessel operations.

Retrofitting and aftermarket services: There is a growing market for retrofitting existing vessels with more efficient and environmentally friendly power solutions, including generator sets. Manufacturers and service providers can capitalize on this opportunity by offering retrofit packages, upgrades, and aftermarket services to improve the performance, reliability, and environmental compliance of older vessels.

About The Authors

Wupan-Lead Author

E-mail：wupan@qyresearch.com

About QYResearch

QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 16 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.

QYResearch is a world-renowned large-scale consulting company. The industry covers various high-tech industry chain market segments, spanning the semiconductor industry chain (semiconductor equipment and parts, semiconductor materials, ICs, Foundry, packaging and testing, discrete devices, sensors, optoelectronic devices), photovoltaic industry chain (equipment, cells, modules, auxiliary material brackets, inverters, power station terminals), new energy automobile industry chain (batteries and materials, auto parts, batteries, motors, electronic control, automotive semiconductors, etc.), communication industry chain (communication system equipment, terminal equipment, electronic components, RF front-end, optical modules, 4G/5G/6G, broadband, IoT, digital economy, AI), advanced materials industry Chain (metal materials, polymer materials, ceramic materials, nano materials, etc.), machinery manufacturing industry chain (CNC machine tools, construction machinery, electrical machinery, 3C automation, industrial robots, lasers, industrial control, drones), food, beverages and pharmaceuticals, medical equipment, agriculture, etc.

[imarcmarketreport]

LPG Tanker Market Size, Outlook, Growth and Forecast 2024-2032

IMARC Group's report titled "LPG Tanker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", The global LPG tanker marketis expected to exhibit a growth rate (CAGR) of 5% during 2024-2032. 

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/lpg-tanker-market/requestsample

Factors Affecting the Growth of the LPG Tanker Industry:

Technological Innovations:

Innovations in tanker design focus on optimizing vessel efficiency, increasing cargo capacity, and reducing environmental impact through features like hull design and ballast systems. Moreover, propulsion systems advancements include the adoption of cleaner and more fuel-efficient technologies, such as liquefied natural gas (LNG) propulsion and hybrid power systems, reducing emissions and operating costs. Furthermore, safety measures innovation involves the integration of advanced navigation systems, onboard monitoring technologies, and emergency response protocols to enhance crew safety, prevent accidents, and mitigate environmental risks. These innovations benefit in improving sustainability, operational performance, and safety standards.

Rising Demand for Energy:

The growing adoption of LPG on account of the increasing demand for energy is offering a positive market outlook. LPG serves as a versatile and relatively clean-burning fuel for various purposes, including residential cooking, heating, and industrial processes. Apart from this, countries are seeking to diversify their energy mix and reduce reliance on more polluting fuels like coal and oil, which is catalyzing the demand for LPG. Moreover, LPG is compatible with renewable energy sources like solar and wind, making it an attractive option for balancing intermittent energy supply.

Increasing Preferences for Clean Energy:

The increasing awareness among individuals about environmental concerns is supporting the market growth. Moreover, industries are seeking cleaner energy sources to combat climate change. LPG is considered cleaner as compared to traditional fossil fuels due to lower emissions of pollutants, such as sulfur dioxide and particulate matter. Besides this, governing agencies of various countries are implementing policies and regulations to incentivize the use of cleaner fuels. They are focusing on reducing environmental pollution to align with sustainability goals, which is bolstering the market.

Leading Companies Operating in the Global LPG Tanker Industry:

BW Group

Dorian LPG Ltd.

EXMAR

Hyundai Heavy Industries Co. Ltd.

Kawasaki Heavy Industries Ltd.

Kuwait Oil Tanker Company S.A.K

Mitsubishi Heavy Industries Ltd

StealthGas Inc.

STX Corporation (Afc Mercury Co. Ltd)

The Great Eastern Shipping Co. Ltd.

LPG Tanker Market Report Segmentation:

By Vessel Size:

Very Large Gas Carrier

Large Gas Carrier

Medium Gas Carriers

Small Gas Carrier

Very large gas carrier represents the largest segment as it is designed to maximize efficiency in LPG transportation.  

By Refrigeration and Pressurization:

Fully Pressurized

Semi-pressurized

Fully Refrigerated

Extra Refrigerated (Ethylene Gas Carriers)

Fully pressurized holds the biggest market share due to their enhanced versatility and flexible operations.   

Regional Insights:

North America (United States, Canada)

Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

Latin America (Brazil, Mexico, Others)

Middle East and Africa

Europe enjoys a leading position in the LPG tanker market, which can be attributed to stringent environmental regulations aimed at reducing emissions.    

Global LPG Tanker Market Trends:

The expansion of infrastructure for LPG storage, processing, and distribution is propelling the market growth. Various countries are upgrading their energy infrastructure to accommodate LPG imports and distribution, which is impelling the market growth. Moreover, infrastructure development initiatives, such as port expansions and terminal upgrades, facilitate the loading and unloading of LPG tankers, reducing turnaround times and enhancing operational efficiency. Furthermore, investors in the LPG tanker market are tracking infrastructure development projects to assess future demand trends and identify investment opportunities in regions undergoing energy infrastructure expansion.

Apart from this, the rising demand for LPG for heating purposes among individuals is supporting the market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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[sterlingcooper111]

USA POSTS RECORD OIL PRODUCTION IN SPITE OF BIDEN ADMINISTRATION HOLDBACKS

As diplomats convene at the United Nations’ COP 28 climate change summit, fossil fuel production and consumption are hitting new highs, and tanker owners are in prime position to profit from rising trade flows.

The Biden administration is a leading proponent of decarbonization, and wants to kill the US economic growth, yet the U.S. is pumping out record volumes of hydrocarbons thanks in great part to fracking to extract oil from rock! America is on track to be the world’s largest producer and exporter of natural gas this year, as well as the leading exporter of refined products and liquefied petroleum gas.

The U.S. produced 13.2 million barrels per day (b/d) of crude oil in September, according to data released Thursday by the Energy Information Administration. That is the country’s highest monthly production level ever And not only is America producing more crude, it is exporting a larger share of the crude it produces, further boosting volumes aboard tankers bound for Europe and Asia.

Seaborne crude exports up 19% vs. 2022

Exports of U.S. crude were banned between 1975 and 2015. For 40 years, U.S. production could only be sold overseas if it was refined first, then exported as petroleum products.

The end of the ban dramatically increased market opportunities for U.S. production, thereby stimulating higher output — creating more business for oil companies and tanker owners.

That upward momentum continues. Seaborne crude exports are tracked by commodity intelligence provider Kpler. In January-November, its data shows that U.S. seaborne crude exports averaged 4 million b/d, an all-time high and up 19% year on year.

Exports in November averaged 4.45 million b/d, the second-highest monthly average on record, just slightly be‐ low the peak of 4.46 million bpd in March.

Volumes rise sharply to both Europe and Asia

 The Panama Canal is wreaking havoc on many cargo supply chains , but it has virtually no effect on U.S. crude exports.

 U.S. crude exports to Asia are loaded on very large crude carriers (VLCCs; tankers that carry 2 million barrels) via ship-to-ship transfers in the U.S. Gulf. VLCCs are too large to transit either the Panama or Suez canals; they use the Cape of Good Hope.

U.S. exports to Europe are shipped aboard Aframaxes (750,000-barrel capacity), Suezmaxes (1-million-barrel capacity) and VLCCs.

Since the invasion of Ukraine, Europe has hiked its purchases of U.S. crude to help offset banned Russian supply. According to Kpler data, an average of 1.83 million b/d of U.S. crude flowed to Europe in January- November, up 26% from the 2022 full-year average.

Europe’s share of total U.S. crude exports has risen to 46% this year compared to 37% in 2021, the year prior to the invasion, while Asia’s share is 41%, down from 47% in 2021.

“In volumetric terms, the story has been all about Europe this year,” Reid I’Anson, senior commodity ana lyst at Kpler, told Freight Waves. “Europe continues to grow increasingly reliant on U.S. energy —not just LNG [liquefied natural gas] but across the board.”

Despite the pull of Europe, U.S. crude exports to Asia have also continued to escalate. According to Kpler data, exports to Asia are averaging a record-high 1.65 million b/d year to date, up 15% from last year and up 26% from 2021.

Rising volumes to Asia translate into profitable business for VLCC owners. Brokerage True North Chartering counted 40 spot VLCC cargoes loading in the U.S. Gulf in both October and November, matching the prior monthly high in April.

It is totally nonsense to think that the world can operate all necessary industry and electrical, food production.

and machinery without OIL. Add to it all the other products that use OIL: packaging, road building asphalt, and thousands of applications in manufactured products we use daily.

 For more information visit https://www.sterlingcooper.info/index.php

[chemicalresearchupdates]

Market Resilience: Adapting to Change in the Liquefied Natural Gas Industry

The Liquefied Natural Gas Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Liquefied natural gas or LNG is natural gas that has been cooled to liquid form, which reduces its volume by about 600 times, making it easier to store and transport. LNG is increasingly being used to produce electricity, fuel industries, heat homes and more.

Market Dynamics:

The liquefied natural gas market is expected to witness significant growth over the forecast period owing to rising global electricity demand along with robust growth of residential sector across developing nations. Rising urbanization and industrialization has led to increase in global electricity demand by over 2% annually in last few years. In addition, liquefied natural gas also provides a cost effective alternative to crude oil and coal for power generation thereby further accelerating its demand.

Increased Global Demand for Cleaner Energy Sources is Driving the Liquefied Natural Gas Market Growth

The growing concerns regarding the environmental impacts of fossil fuels such as coal have led to an increased demand for cleaner energy sources across the world. Natural gas produces around 50-60% lower carbon emissions than coal when combusted and is increasingly being used as a transition fuel as the world moves towards renewable sources of energy such as solar and wind. The share of natural gas in the global energy mix has increased from around 21% in 1990 to over 24% in 2020. Liquefied natural gas or LNG is a more viable way of transporting natural gas over long distances as it takes up 600 times less volume than natural gas in its gaseous state. This has spurred investments in LNG infrastructure including liquefaction facilities, carrier ships and regasification plants. Many nations are importing more LNG to reduce their carbon footprint and meet their growing energy needs. Some countries are also taking advantage of competitive LNG prices to replace more polluting fuels in key sectors such as power generation and transportation. The drive towards cleaner sources of energy is a major factor driving the growth of the global liquefied natural gas market.

International Geopolitics Restricts Global LNG Trade

While LNG trade has expanded significantly, international geopolitics acts as a restraint for the liquefied natural gas market's growth. Many major LNG producing and exporting nations aim to gain political influence through their control of critical energy resources and infrastructure. They often sign long term contracts with preferred buyers for domestic political and economic reasons rather than based purely on market dynamics. This has restricted the flexibility of the global LNG market. Tensions between key producers, consumers and transit states also pose risks of disruptions. Recent conflicts have highlighted concerns about the security of LNG supply chains. There have also been trade disputes related to LNG between some nations. Such geopolitical risks make buyers reluctant to invest in long term import commitments and new infrastructure. This undermines global cooperation needed to fully optimize liquefaction, shipping and regasification capacity around the world. Geopolitics remains a significant restricting factor for liquefied natural gas to reach its true global trade potential.

Acquired Experience and New Technologies Open up Untapped Potential

As countries and companies gain extensive experience operating LNG facilities and conducting international seaborne trade over the last few decades, it is opening up untapped potential opportunities for further market growth. The learnings from projects involving complex engineering, hazardous operations and long distance shipping have increased confidence. Technological advancements are helping overcome existing challenges. For example, innovations have enhanced efficiencies in liquefaction processes, widened the application of modular construction techniques and introduced new vessel designs optimised for diverse supply chains. New extraction techniques are unlocking previously uneconomical resources like shale gas. Integrated energy companies are exploring unique commercial models to develop remote stranded gas reserves which were not considered viable before. As the industry players acquire deep expertise navigating regulatory frameworks across borders and weather conditions, it could extend LNG utilization to emerging applications and newer geographies that lack pipeline gas infrastructure. These acquired capabilities and technologies reduce risks, unlocking new prospects to expand the liquefied natural gas industry.

Energy Transition Trends to Boost LNG Demand in Decades Ahead

One of the major long term industry trends supporting the growth of the liquefied natural gas market is the shifting global energy transition pathways. Despite imminent renewable energy capacity additions, fossil fuels will still remain dominant for decades meeting the world's growing demand. Natural gas emits 50-60% lower CO2 than coal and will transition many heat and power applications away from more polluting oils and solids. Countries have committed to reduce carbon emissions under Paris Agreement targets and see natural gas and LNG playing a bridging role. Many large developing nations are investing substantially in gas import infrastructure. Gas exporting nations may also alter their future strategies to align with emerging net-zero ambitions. LNG's advantages of transportation over large distances and ability to re-gasify for diverse uses will increase its appeal. The fast declining costs of renewables will drive increased flexible natural gas-fired power complementing solar and wind variability. Overall energy transition trends point towards further structural increase in global demand for cleaner burning natural gas and LNG.

[sonali2345]

Riding the Waves of Innovation: Top 10 FSRU Market Leaders Unveiled

A Floating Storage Regasification Unit (FSRU) serves as a critical component for the efficient transfer and transmission of liquefied natural gas (LNG) through oceanic channels. Commonly referred to as a ship designed for LNG transfer, the FSRU provides a rapid and flexible method for supplying natural gas, particularly beneficial for fast-track projects. It plays a crucial role in LNG carriers and local gas supply infrastructure, facilitating the supply of natural gas to industries involved in hydrocarbon production and the energy sector. The FSRU system ensures the ease of fuel transfer while preventing environmental degradation of the oceanic ecosystem through fuel leakage, making it an essential solution for storing liquefied natural gas in a semi-frozen state. 

Request The Sample PDF Of This Report : https://www.alliedmarketresearch.com/request-toc-and-sample/8231  

COVID-19 Impact Analysis 

The global market for Floating Storage Regasification Units has experienced significant challenges due to the outbreak of the COVID-19 pandemic. 

Activities in the energy, transportation, and marine sectors have been suspended, limiting the demand for FSRUs. Social distancing measures and reduced demand for liquefied natural gas have contributed to this decline. 

Lockdowns implemented worldwide have disrupted national and international transport, impacting the supply chain of various industries and creating a significant supply-demand gap. 

The restrictions and challenges have led to inadequate growth in gas-to-power projects, negatively affecting the production rate of FSRUs and, consequently, impacting market growth. 

Top Impacting Factors 

The surge in demand for environment-friendly liquefied natural gas emerges as a major driver for the FSRU market. FSRUs facilitate the easy and environmentally conscious transfer of natural gas over long distances. 

Get a Customized Research Report @ : https://www.alliedmarketresearch.com/request-for-customization/8231  

The cost-effectiveness and high mobility of FSRU construction contribute to its global adoption, making it an ideal means for the supply and transfer of natural gas. 

Environmental suitability, with low carbon emissions, positions FSRUs as an ideal solution for LNG transportation. 

However, the FSRU market faces challenges such as large capital requirements for installations, high production costs due to oil and gas industry volatility, and limited LNG storage capacity. 

Key Benefits of the Report 

Analytical depiction of the global FSRU market, including current trends and market estimation for investment decision-making. 

Information on key drivers, restraints, and opportunities, along with a detailed analysis of market share. 

Quantitative analysis highlighting market growth scenarios. 

Detailed market analysis based on competitiveness and future competition trends. 

Insight into key product segments and their future developments. 

Enquiry Before Buying : https://www.alliedmarketresearch.com/purchase-enquiry/8231  

Floating Storage Regasification Unit Market Report Highlights 

By Heating 

Open Looped 

Closed-roofed 

IFV 

Floating 

Others 

By Application 

Supply Natural Gas 

Hydrocarbon Production 

Others 

By End User 

Oil & Gas Industry 

Marine 

Transportation 

Others 

By Region 

North America (US, Canada) 

Europe (Germany, UK, France, rest of Europe) 

Asia-Pacific (China, Japan, India, rest of Asia-Pacific) 

LAMEA (Brazil, Mexico, rest of LATAM) 

Middle East 

Africa 

Key Market Players 

EXMAR 

HOEGH LNG 

BW Gas 

Excelerate Energy, Ltd. 

Bumi Armada 

FLEX LNG 

Trafigura 

Golar LNG 

[certainrebelarbiter]

Marine Vessel Market Share, Industry size 2028

The global marine vessel market size is set to gain momentum from the ongoing innovations in the shipping industry to enhance energy efficiency. Hence, companies are rapidly shifting towards eco-friendly hybrid propulsion systems to reduce cost and surge efficiency. This information is given by Fortune Business Insights™ in a report titled, “Marine Vessel Market, 2023–2028.” As per the report, the market stood at USD 168.56 billion in 2020. It is projected to grow from USD 170.75 billion in 2023 to USD 188.57 billion in 2028 at a CAGR of 1.43% during the forecast period.

A list of renowned marine vessel manufacturers operating in the global market:

Hyundai Heavy Industries Co., Ltd. (South Korea)

Mitsubishi Heavy Industries, Ltd. (Japan)

Kawasaki Shipbuilding Corporation (Japan)

Samsung Heavy Industries Co. Ltd. (South Korea)

Imabari Shipbuilding Co. Ltd. (Japan)

Hyundai Samho Heavy Industries Co. Ltd. (South Korea)

Hyundai Mipo Dockyard Co. Ltd. (South Korea)

Fincantieri S.P.A. (Italy)

Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea)

Segments-

Passenger Ship Segment Held 23% Share in 2020: Fortune Business Insights™

Based on type, the market is segregated into special purpose vessels, LNG/LPG carriers, passenger ships, and commercial. Out of these, the passenger ship segment procured 23% in 2020 in terms of the marine vessel market share. It contains two sub-segments, namely, cruise ships and ferry boats. The demand for ferryboats is anticipated to surge in the near future because of the increasing tourism.

Report Coverage-

Our analysts have conducted qualitative and quantitative research and a mixture of primary and secondary resources to gather information about this industry. They have taken data from press releases, paid databases, company journals, and other sources to offer a complete picture of the market. To collect information about the competitive landscape they have conducted interviews with renowned personalities.

COVID-19 Pandemic: Reduced Maritime Trade and Transport to Hamper Growth

The outbreak of the COVID-19 pandemic has reduced maritime trade and transport worldwide. It has therefore declined the demand for new marine vessels. These vessels are directly associated with the global economy and international trade. During the first two quarters of 2020, various orders for containerships were on hold owing to the lesser demand for container transport. At the same time, lower revenues of cruise operators and the lack of passengers amid the pandemic have resulted in the decommissioning of aging cruise ships. Carnival Corporation, for instance, declared that it sold and removed thirteen cruise ships in June 2020.

Drivers & Restraints-

Increasing Seaborne Trade to Bolster Growth

The global economy and international trade play a major role in maritime transport. The marine vessel market growth is set to occur on account of the surging seaborne trade across the globe. Maritime Publications, for instance, stated that more than 70% of the global trade by value and around 80% by volume is controlled by ports and carried out by sea globally. However, government agencies in various countries implement strict norms to reduce Sulfur and greenhouse gas emissions from ships. It is set to obstruct the demand for such vessels.

Regional Insights-

Asia Pacific to Lead Stoked by Contributions of China, Japan, and Korea

Geographically, in 2020, North America generated USD 8.80 billion in terms of revenue. Asia Pacific is anticipated to hold the largest share in the marine vessel industry backed by the major contributions of the Republic of Korea, Japan, and China. In 2019, they accounted for 92.5% in terms of new vessel deliveries. Europe is expected to remain in the second position spurred by the presence of Fincantieri S.P.A. in the region.

Competitive Landscape-

Key Players Focus on Winning New Orders to Gain a Competitive Edge

The global market contains a large number of companies that are striving persistently to gain a competitive edge. To do so, they are trying to bag new contracts from prominent manufacturers. Below are the two latest industry developments:

May 2021: South Korea’s Dae Sun Shipbuilding & Engineering received a new order worth USD 153.6 million from SITC International Holdings Company (SITC) to deliver eight plus two boxships.

May 2021: The Republic of the Marshall Islands (RMI) Maritime Administrator, Korea Shipbuilding & Marine Engineering (KSOE), Hyundai Mipo Dockyard (HMD), and ABS signed an agreement to develop next-generation CO2 carrier designs.

Information Source-

[anyawinget]

North America C-Type LNG Carrier Market Developments, Trends and Applications 2022-2028

“The C-type LNG carrier market in North America is expected to grow from US$ 449.71 million in 2022 to US$ 595.78 million by 2028. It is estimated to grow at a CAGR of 4.8% from 2022 to 2028.”

A report added on the Business Market Insights, titled “North America C-Type LNG Carrier Market” by Company, Regions, Type and Application, forecast to covers several well-known organizations, key market players who are leading in the market. The report contains a thorough summary of North America C-Type LNG Carrier Market that includes several well-known organizations, key market players who are leading in terms of sales, variable market change, revenue, end-user demands, conformity through trustworthy services, restricted elements, products and other processes. Market advancements, surplus capacity in developing markets, market bifurcation, globalization, regulations and environmental guidelines, are some trends that are explained in the market report.

To a Sample Copy of the Report, Click Here:

https://www.businessmarketinsights.com/sample/BMIRE00027649

North America C-Type LNG Carrier includes market research report Top Companies:

China Shipbuilding Trading Co., Ltd.

DSME Co., Ltd.

Gaslog Ltd.

HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.

Knutsen OAS Shipping

Komarine Co.

Mitsubishi Heavy Industries, Ltd.

TGE Marine Gas Engineering GmbH

Get more information on this report : Request Free Sample PDF

North America C-Type LNG Carrier Market Segmentation

The North America C-type LNG carrier market is segmented into product type, application, and country.

Based on product type, the North America C-type LNG carrier market is segmented into cylindrical, bi-lobe and tri-lobe segments. The cylindrical segment registered the largest market share in 2022.

Based on application, the North America C-type LNG carrier market is segmented into marine, petrochemicals, oil and gas and others segment. The marine segment registered the largest market share in 2022.

NOTE: Our analysts who monitor the situation around the world explain that the market will create a conservative outlook for producers after the COVID-19 crisis. The report aims to provide a further explanation of the latest scenario, the economic downturn, and the impact of COVID-19 on the entire industry.

Competitive Landscape:

This report will drive companies present in this market. Outstanding players in the market are studied through a full analysis of the company profile, product portfolio, production and manufacturing capabilities, technology and product development, and revenue estimation. The North America C-Type LNG Carrier Market is highly integrated as there are many companies across this industry. The report then explains the current market conditions, past performance, demand and supply graphs, sales networks, and distribution channels for these companies.

Directly Buy a Copy of this North America C-Type LNG Carrier Market research report at:

https://www.businessmarketinsights.com/buy/single/BMIRE00027649

Questions answered in North America C-Type LNG Carrier Market research study: • What is the market growth rate of North America C-Type LNG Carrier Market? • What will be the global market size of the market? • Who are the leading global manufacturing companies in the North America C-Type LNG Carrier Market? • What are the major current trends and predicted trends? • What are the challenges faced in the North America C-Type LNG Carrier Market? • How share promote North America C-Type LNG Carrier their worth from different manufacturing brands? • Which will be the niches in which players profiling with thorough plans, financials, and also recent advancements should set a presence? • Which will be the anticipated growth rates for your own North America C-Type LNG Carrier economy altogether and also for every segment inside? • Which will be the North America C-Type LNG Carrier application and types and forecast accompanied closely by producers? • What are the conclusions of the North America C-Type LNG Carrier Market report?

*If you need anything more than these then let us know and we will prepare the report according to your requirement.

About Us:

Business Market Insights is a market research platform that provides subscription services for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

Contact Us:

If you have any questions about this report or would like further information, please contact us:

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[blogaarti]

In Depth Research On LNG Carrier Market Trends, Size, Growth, Challenges and Forecast 2025

Use of liquified natural gas (LNG) spans into a spectrum of industries including power generation and mining. The sheer size and buying capacity of these industries makes LNG a highly sought-after gas across a range of sectors, industries, and applications. The aforementioned trend has played a crucial role in propelling sales across the global LNG carrier market. The growing fleet of vessels used across the marine industry has given an impetus to the popularity of LNG carriers. Furthermore, LNG carriers are high-value vessels that are endowed with advanced features and specialized technologies. The enormous size of an LNG carrier makes them much more resilient and navigable across oceans. Over the course of the next decade, the demand for LNG carriers shall increase at a formidable pace. 

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Currently, there are over 360 LNG carriers across the world, serving as critical machinery and transport equipment for vital end-use industries. These vessels are categorized on the basis of their ability to carry cargo with varying levels of hazardousness. Furthermore, the unprecedented value generated by these vessels for the marine industry has also aided market expansion. Greenhouse gas emissions released by LNG carriers are much lesser as compared to conventional vessels – an important factor that is driving the popularity of the former. 

Development of Robust Offshore and Onshore Oil & Gas Infrastructure to Aid Market Growth

Extraction of natural gas is a herculean process that needs to be backed by handsome technological infrastructure. This infrastructural requirement also includes the use of massive vessels including LNG carriers. Henceforth, the total volume of sales flowing into the global LNG carrier market is slated to rise in the times to follow. A large host of countries import LNG to initiate and propel the operations of several key industries. Besides, the sale of LNG largely relies on the dynamics of cross-border trade, necessitating consideration for territorial laws and regulations during LNG sales. Therefore, easing of trade restrictions shall help in accelerating sale of LNG, further increasing demand for LNG carrier vessels. 

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Supply and Demand Dynamics to be Decisive in Growth of Regional Markets

The LNG market exhibits an exclusive trend where the functional dynamics of supply and demand sides are expected to ascertain sales. The supply belt consisting of Africa, North America, Australia, Russia, and Qatar is leveraging new opportunities for exporting LNG to demand-heavy regions. This has created a large opportunity across the global LNG carrier market. The demand side of the LNG market includes the regions of Europe and East Asia. The stupendous buying or importing capacity of these regions is favoring the growth of the collective LPG sector. In view of these trends, it is safe to predict that the global LPG carrier market would flourish in the times to follow. 

Some of the prominent vendors operating in the global LPG carrier market are "K"Line (Korea) Ltd., MISC Berhad, Nakilat, NYK Line, Mitsui O.S.K. Lines, Samsung Heavy Industries Co., Ltd., Hyundai Heavy Industries Co., Ltd., and Mitsubishi Heavy Industries, Ltd. An increase in the fleet of their vessels could be characteristic of market expansion. 

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The latest report Liquefied Natural Gas (LNG) Carrier discusses everything a business owner needs to know about the Liquefied Natural Gas (LNG) Carrier market for the forecast period, 2019 to 2026. The document offers an insight into what the target customer's needs and wants. Industry experts have extracted data from various sources on size, share, growth rate, production volume, production capacity, import and export status, distribution channels and more and have analysed it thoroughly. By properly assessing the competitors and their offerings the study aims at empowering business owners to step ahead.

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LPG Tanker Market Size, Demand, Growth and Opportunity 2024-2032

IMARC Group's report titled "LPG Tanker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global LPG tanker market growth. The global  marketis expected to exhibit a growth rate (CAGR) of 5% during 2024-2032. 

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/lpg-tanker-market/requestsample

Factors Affecting the Growth of the LPG Tanker Industry:

Rising Demand in Residential and Commercial Sectors:

The increasing demand for liquefied petroleum gas (LPG) in residential and commercial sectors is impelling the market growth. LPG serves as a primary fuel for cooking and heating due to its accessibility and cleaner-burning properties compared to traditional biomass and coal. Besides this, the growing utilization of LPG in commercial sectors, such as restaurants, hotels, and small industries, is offering a favorable market outlook. The need to transport LPG from production sites or import terminals to these dispersed consumption centers necessitates a robust and efficient tanker fleet capable of handling varying volumes and ensuring consistent supply.

Development of LPG Infrastructure:

Rising investments in LPG infrastructure is impelling the market growth. Many countries are rapidly developing their LPG distribution networks, including storage facilities, cylinder filling stations, and pipelines. This infrastructure development is often supported by government initiatives aimed at promoting LPG usage to reduce reliance on more polluting fuels. As these nations improve their LPG infrastructure, the need for importing LPG increases, thereby catalyzing the demand for LPG tankers. Furthermore, as these infrastructural projects mature, they facilitate larger import volumes and more efficient distribution, encouraging further investment in tanker capacities to meet the growing demand.

Integration of Advanced Technology for Safety and Efficiency:

The increasing integration of advanced technology in LPG tankers for enhanced safety and efficiency is contributing to the market growth. Modern LPG tankers are equipped with sophisticated navigation systems, automation, and cargo-handling technologies. These advancements not only improve operational safety, reducing the risk of accidents and environmental spills but also enhance fuel efficiency, contributing to lower greenhouse gas emissions. The growing focus on sustainability and compliance, coupled with the implementation of stringent environmental regulations, is further encouraging innovations in tanker design, including the use of cleaner fuels like liquefied natural gas (LNG) for propulsion and the incorporation of energy-efficient technologies.

Leading Companies Operating in the Global LPG Tanker Industry:

BW Group

Dorian LPG Ltd.

EXMAR, Hyundai Heavy Industries Co. Ltd.

Kawasaki Heavy Industries Ltd.

Kuwait Oil Tanker Company S.A.K

Mitsubishi Heavy Industries Ltd

StealthGas Inc.

STX Corporation (Afc Mercury Co. Ltd)

The Great Eastern Shipping Co. Ltd.

LPG Tanker Market Report Segmentation:

By Vessel Size:

Very Large Gas Carrier

Large Gas Carrier

Medium Gas Carriers

Small Gas Carrier

Very large gas carrier represents the largest segment due to its capability of transporting large quantities of LPG over long distances.

By Refrigeration and Pressurization:

Fully Pressurized

Semi-pressurized

Fully Refrigerated

Extra Refrigerated (Ethylene Gas Carriers)

Fully pressurized accounts for the majority of the market share as they are ideal for short-haul transportation and can carry a wide range of gases at relatively low costs.

Regional Insights:

North America (United States, Canada)

Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

Latin America (Brazil, Mexico, Others)

Middle East and Africa

Europe dominates the market owing to its extensive LPG distribution network, rising demand for clean energy sources, and implementation of stringent environmental regulations promoting LPG use over more polluting fuels.

Global LPG Tanker Market Trends:

The increasing focus on retrofitting and modernizing existing LPG tankers is impelling the market growth. The commitment of the shipping industry to reduce its environmental footprint is encouraging operators to upgrade their existing fleets instead of investing in new models. Retrofitting older tankers with newer technologies is enhancing their efficiency and environmental performance. This includes installing advanced emission reduction systems, upgrading propulsion and navigation systems, and enhancing cargo handling capabilities. By modernizing their fleets, shipping companies are extending the lifespan of their vessels, ensuring compliance with international regulations, and remaining competitive in the market, all while mitigating the costs associated with acquiring new ships.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

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