LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global marine loading arms market to grow at a CAGR of close to 5% during the period 2018-2022, according to their latest report.
The discovery of new sources of oil and gas owing to increased demand for oil and gas. The major aim of new exploration activities is to gain a competitive edge by sustaining with a high profit margin. For instance, in 2017, Spanish oil giant Repsol along with Armstrong Energy announced the discovery of conventional energy in Alaska’s North Slope. This region was earlier considered to be an aging oil basin. However, the new discovery estimates an output of 120,000 bpd.
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In this report, Technavio analysts highlight the global rise in demand for oil and gas as a key factor contributing to the growth of the global marine loading arms market:
Global rise in demand for oil and gas
The oil and gas industry is one of the largest end-users for marine loading arms. The equipment is manufactured to efficiently transfer any liquid or gas product from river barges, ship, and ocean-going supertankers. Each terminal has three to 10 loading arms according to the capacity of the terminal and the load that needs to be transferred. The marine loading arms in the oil and gas industry are used to transfer various crude oil refined products, LNG, and LPG. According to the EIA, the global liquid fuel consumption stood at 96.90 mbpd in 2016 comparison with 85.44 mbpd in 2009.
According to a senior analyst at Technavio for unit operations research, “This increase in the global liquid fuel consumption was primarily due to the sudden reduction of crude oil prices during 2014- 2016 and the growth in automotive sales. The increase in automotive sales will intensify fuel consumption, which in turn, will increase the demand for oil during the forecast period.”
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Global marine loading arms market segmentation
This market research report segments the global marine loading arms market by application (crude oil, LG, and IG), and key regions (the Americas, APAC, and EMEA).
In 2017, APAC accounted for the highest share of more than 37%, followed by EMEA and the Americas.the global marine loading arms market. The market in APAC is expected to post the highest growth rate during the forecast period, while the other two regions are expected to exhibit a small decline in their market shares by 2022.
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