Saudi Arabia Lpg Tanker Market Size & Outlook, 2022-2030
Saudi Arabia lpg tanker market, 2017-2030 (US$M)
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Saudi Arabia lpg tanker market highlights
- The Saudi Arabia lpg tanker market generated a revenue of USD 8.7 million in 2022 and is expected to reach USD 19.0 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 10.3% from 2023 to 2030.
- In terms of segment, very large gas carriers was the largest revenue generating vessel size in 2022.
- Medium Gas Carriers is the most lucrative vessel size segment registering the fastest growth during the forecast period.
Lpg tanker market data book summary
| Market revenue in 2022 | USD 8.7 million |
| Market revenue in 2030 | USD 19.0 million |
| Growth rate | 10.3% (CAGR from 2022 to 2030) |
| Largest segment | Very large gas carriers |
| Fastest growing segment | Medium Gas Carriers |
| Historical data | 2017 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Very Large Gas Carriers, Large Gas Carriers, Medium Gas Carriers, Small Gas Carriers |
| Key market players worldwide | BW LPG Ltd, Dorian LPG Ltd, Exmar NV, Kawasaki Heavy Industries Ltd, Mitsubishi Heavy Industries Ltd, Namura Shipbuilding Co Ltd, StealthGas Inc, Hyundai Heavy Industries, PT Pertamina, Great Eastern Shipping Co. |
Other key industry trends
- In terms of revenue, Saudi Arabia accounted for 4.6% of the global lpg tanker market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, Saudi Arabia lpg tanker market is projected to lead the regional market in terms of revenue in 2030.
- Saudi Arabia is the fastest growing regional market in Middle East & Africa and is projected to reach USD 19.0 million by 2030.
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LPG Tanker Market Scope
LPG Tanker Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia lpg tanker market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lpg tanker market will help companies and investors design strategic landscapes.
Very large gas carriers was the largest segment with a revenue share of 29.89% in 2022. Horizon Databook has segmented the Saudi Arabia lpg tanker market based on very large gas carriers, large gas carriers, medium gas carriers, small gas carriers covering the revenue growth of each sub-segment from 2017 to 2030.
According to the Observatory of Economic Complexity (OEC), Saudi Arabia was the leading exporter of LPG in 2021. Companies engaged in the oil & gas sector of the country are entering into partnerships to increase the LPG supply to produce blue hydrogen used as a low-carbon fuel for generating electricity; storing energy; powering cars, trucks, and trains; and heating buildings.
For instance, in March 2021, Saudi Aramco and Hyundai Heavy Industries Holdings Co (HHIH) entered into a partnership to develop ships for carrying LPG and carbon dioxide. Under this partnership, Hyundai Oilbank, a refining subsidiary of Hyundai Heavy Industries Holdings Co (HHIH), is expected to import LPG from Saudi Aramco to produce blue hydrogen.
The company plans to establish 300 hydrogen charging stations across South Arabia by 2040. Such initiatives aimed at developing blue hydrogen can fuel the demand for LPG tankers used for transporting LPG.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia lpg tanker market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia lpg tanker market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia lpg tanker market size, by vessel size, 2017-2030 (US$M)
Saudi Arabia LPG Tanker Market Outlook Share, 2022 & 2030 (US$M)
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