The global liquefied petroleum gas (LPG) market research report by Technavio predicts the market to post a CAGR of close to 3% during the period 2019-2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190109005481/en/
Technavio predicts the global liquefied petroleum gas (LPG) market to post a CAGR of close to 3% by 2023. (Graphic: Business Wire)
A key driver for the global liquefied petroleum gas market is the increasing government support for LPG adoption. The use of LPG has been growing across various sectors globally because of the rising focus on reducing GHG emissions and ensuring sustainable energy for all. There has been substantial support from the government in the form of initiatives and subsidies to further boost the adoption of LPG. For instance, the fifth Annual Asia LPG Summit took place in the International Convention City Bashundhara, Bangladesh. The summit aimed at conveying the importance of building a safe and sustainable future of energy sector in Bangladesh, emphasizing the role of LPG.
As per Technavio, the adoption of LPG as marine fuel will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global liquefied petroleum gas market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
This report is available at a USD 1,000 discount for a limited time only:View market snapshot before purchasing
Global liquefied petroleum gas market: Adoption of LPG as marine fuel
The IMO has introduced low sulfur regulation to reduce sulfur emissions from ships, which will be effective from January 1, 2020. All ship owners are expected to reduce their sulfur emissions by 85%. Hence, ships need to use fuel oil with low sulfur content, which has led to the development of a future market for LPG as a marine fuel. The use of LPG can assist ship owners in reducing pollutant emissions.
“The use of LPG virtually eliminates sulfur emissions, thereby enabling ship owners to comply with low sulfur regulations. The reduction of NOx emissions can also be achieved depending on the engine technology. For instance, in case of a two-stroke diesel engine, the NOx emissions could be reduced to 80%-90% with the use of heavy fuel oil,” says a senior research analyst at Technavio.
Global liquefied petroleum gas market: Segmentation analysis
This liquefied petroleum gas market analysis report segments the market by end-user (residential, petrochemical, industrial and commercial, transport, and others) and geography (the Americas, APAC, and EMEA).
The residential segment held the largest liquefied petroleum gas market share in 2018, accounting for nearly 40% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2018 with more than 44% of the market share, followed by the Americas and EMEA respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
Looking for more information on this market?Request a free sample report
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 Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190109005481/en/
