Shuttle Tanker Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Loading Facility (Floating Storage and Offloading Vessels, Single Point Mooring, Tandem Loading System, Submerged Turret Loading, Single Anchor Loading), By Application (Stability, Extraction, Vessel Manoeuvring), By Fuel (Crude Oil, Refined Products, Liquified Natural Gas), and By Region

The Global Shuttle Tanker Market is anticipated to grow at a steady CAGR for the forecast period, 2022-2026. Increasing power requirements, the development of emerging economies, and favorable government policies encouraging efficient oil generation, extraction, and transportation are the primary driving factors for the high market demand worldwide.

Shuttle Tanker is an alternative to the construction of oil pipes and is a type of ship designed to transport oil from the offshore segment. The Shuttle Tanker is equipped with compatible off-loading equipment used in the oil field. To avoid the chances of mishappening and ensure efficient crude oil handling in a tough environment, a Shuttle Tanker consists of an off-loading arrangement of pipes, safety systems, and taut hawser arrangement. Shuttle tankers are extremely feasible than oil extraction pipes. Operation in oil extraction pipes has to be halted in case of maintenance and technical problems, which causes unwanted delays in the oil transportation process.

Increasing Energy Requirement Boosts the Market Demand

Growing industrialization in developing economies and rapid urbanization fuels the demand for energy generation, transmission, and storage worldwide. The development of the automotive industry and the proliferation of consumer electronic devices due to the growing disposable income of consumers are bolstering the need for energy generation. An increasing number of vehicles on the road and growing expenditure capacity of the consumers leading to high vehicle production and selling is accelerating the growth of the automotive market, which is expected to fuel the demand for petroleum and conventional energy sources. The growing demand for electricity generation and distribution and the government initiatives to spread electrification in the rural areas to boost the development and provide comfort to the rural people are expected to bolster the demand for crude oil to produce electricity.

Improvement In the Global Economy Fuels Market Growth

The government is promoting infrastructure development and adopting measures and policies to stabilize and boost the economy of their respective countries. With the improvement in the country's economic status, the demand for oil and gas by-products is expected to witness significant growth. The need for import and export of oil and gas from the major oil and gas producing countries to places with energy demands is influencing the demand of the global Shuttle Tankers market. The fluctuation in the crude oil prices and the growing oil demand due to the continuous rise in the population and construction of industries are expected to create potential growth for the global Shuttle Tankers market. The change in the economic conditions is bolstering the offshore activities comprising of ultra-deep-water, and deep-water production and development are anticipated to propel the demand for the techniques supporting efficient oil and gas storage, and transportation which is expected to fuel market growth.

Flourishing Automotive Industry Boosts the Market Growth

Automotive market players invest heavily in research and development activities to invest innovative features such as the integration of internet of things technology and automation technology in automobiles to attract more customers and fuel their sales. Increasing demand for vehicle ownership and the launch of novel models in attractive designs, mileage, fuel efficiency, storage, seating capacity is fostering the demand for automobiles across the globe.

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Market Segmentation

The Global Shuttle Tanker Market is segmented by loading facility, application, fuel, regional distribution, and competition landscape. Based on the loading facility, the market is divided into floating storage and offloading vessels, single point mooring, tandem loading system, submerged turret loading, single anchor loading. Based on the application, the market is divided into stability, extraction, vessel manoeuvring. Based on the fuel, the market is divided into crude oil, refined products, liquified natural gas. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific region, North American region, European region, South American region, and Middle East & African region.

Market Players

Tsakos Energy Navigation Limited, Teekay Shuttle Tankers L.L.C, Knutsen NYK Offshore Tankers, AET Tanker Holdings, Nordic American Tankers Limited are among the major market players in the global platform that lead the market growth of the Global Shuttle Tanker Market.