Global Liquefied Petroleum Gas (LPG) Market 2019-2023 | Adoption of LPG as Marine Fuel to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 2, 2019--
The global liquefied petroleum gas (LPG) market is expected to post a CAGR of almost 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global liquefied petroleum gas (LPG) market 2019-2023 (Graphic: Business Wire)
The need to reduce GHG emissions and ensure sustainable energy for all, is leading to an increase in focus towards adoption of LPG. The increasing government support for LPG adoption will be one of the major drivers in the global LPG market. Governments around the world are launching initiatives and offering subsidies to boost the adoption of LPG. These initiatives by the government across the world have been promoting the use of LPG for various applications like residential, industrial, and transportation sectors. Thus, the increasing government support for LPG adoption will boost market growth during the forecast period of 2019-2023.
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As per Technavio, the adoption of LPG as a marine fuel, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global LPG Market: Adoption of LPG as Marine Fuel
To reduce sulfur emissions from ships, the international maritime organization (IMO) has introduced low sulfur regulation, which will compel all ship owners to reduce sulfur emissions. This will increase the need for LPG as a marine fuel. Moreover, the use of LPG virtually eliminates sulfur emissions and reduces NOx emissions. These factors will increase the demand for LPG as marine fuel, which will subsequently boost the market growth during the forecast period.
“Increasing collaboration among various stakeholders of the LPG value chain and the increase in supply of natural gas are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global LPG Market: Segmentation Analysis
This market research report segments the global LPG market by end-user (residential, petrochemical, industrial & commercial, transport, and others) and geographical regions (Americas, APAC, and EMEA).
The APAC region led the market share in 2018, followed by Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the growing demand for LPG from end-users such as the residential and petrochemical sectors in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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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INDUSTRY KEYWORD: ENERGY UTILITIES OIL/GAS
SOURCE: Technavio Research
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PUB: 12/02/2019 09:00 AM/DISC: 12/02/2019 09:01 AM