Shuttle Tanker Market to be dominated by Crude Oil fuel through 2026
Technological advancements and exploration of new oil and gas
reserves are driving the growth in Global Shuttle Tanker Market in the forecast
period, 2022-2026.
According
to TechSci Research report, “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 significant CAGR for the forecast
period, 2022-2026. Shuttle tankers are used in offshore areas where
construction of subsea pipelines is not possible. They transport crude oil and
are used in areas having large water depths and facing harsh weather conditions.
Shuttle tankers are equipped with dynamic positioning systems to accelerate the
regularity during the loading operations and to prevent the occurrence of
collisions while transferring the oil. Presence of advanced ancillary systems
in the Shuttle Tankers to ensure smooth extraction and transportation process
and prevent occurrence of unwanted stoppages. The most important feature of Shuttle
Tanker is dynamic positioning systems which allows the maneuvering of the
vessel to be controlled electrically.
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The Global Shuttle Tanker Market is
segmented on the basis of loading facility, application, fuel, regional
distribution, and company.
On the basis of loading facility, the
Global Shuttle Tanker Market is divided into floating storage and offloading
vessels, single point mooring, tandem loading system, submerged turret loading,
and single anchor loading. Floating storage and offloading vessels are used by
the offshore oil and gas industry to store, process, and produce hydrocarbons.
These are mostly used in deep or remote water locations where seabed pipelines
are not recommended. Small oil industries extensively prefer to use them to
eliminate the need to lay costly long-distance pipelines from the processing
facility to an onshore terminal. Single point mooring is a loading buoy
anchored offshore used in loading or offloading liquid or gas products as a
mooring point and interconnect for tankers. Tandem loading systems are used to
transport oil and oil byproducts from the extracting facilities to the Shuttle
Tankers. These can be used for storage, deployment, full load quick release
facility, amongst others. Submerged turret loading is the technology used in
offshore applications, and it offers safe, affordable, and flexible solutions
for floating storage and offloading (FSO) units and oil loading tankers (OLT).
Single anchor loading integrates the mooring turret, pipeline end manifold, and
in-line swivel. It is preferred as the setup can be done in less time and
eliminates the risk of collision between traditional CALM buoy and tanker.
On the basis of fuel, the Global Shuttle
Tanker Market is divided into crude oil, refined products, and liquified
natural gas. The liquified natural gas is expected to witness significant
growth opportunities in the next five years. High demand for liquified natural
gas due to its cost-effective nature and lower emissions produced during the
combustion and production process contributes to increased market demand. Major
market players focus on decarbonization, supply chain optimization, downstream
market development, and advanced analytics, which is expected to create a vast
potential for market growth in the next five years. Liquified natural gas is
easy for transportation and distribution, and they are not flammable, not
explosive as liquid power sources. The rise in energy production and the
advancements in oil drilling technology are expected to boost the demand for
liquified natural gas worldwide.
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“The use of hybrid power to boost the
operational efficiency of Shuttle Tankers is expected to create lucrative
opportunities for market growth. Growing consumer awareness and the lower
carbon emissions due to the use of hybrid power and other benefits such as
lowering engine time and economic feasibility, among others. The use of
advanced and efficient oil extraction and transportation techniques to fulfill
the surging energy requirements worldwide and lower the adverse impact on
environmental conditions are expected to propel the Global Shuttle Tanker
market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“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”, has evaluated the future
growth potential of global Shuttle Tanker and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Global Shuttle Tanker Market.
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