South Korea LPG Fuel Supply System (LFSS) Market was valued at USD 1.9 Billion in 2022 and is projected to reach USD 2.9 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
South Korea's LPG Fuel Supply System (LFSS) market is experiencing significant growth, driven by the nation's shift towards cleaner energy solutions and the rising demand across various industries. The LFSS market encompasses the infrastructure and technologies essential for the storage, transportation, and utilization of Liquefied Petroleum Gas (LPG) as a fuel source. This surge is largely attributed to the escalating costs of Liquefied Natural Gas (LNG), prompting industries to seek more economical and efficient alternatives.In 2022, South Korea's LPG consumption reached an unprecedented 133 million barrels, marking the highest level since data collection began in 1997. This increase is primarily due to the petrochemical sector's transition from naphtha to LPG, aiming to reduce operational costs and diversify feedstock. Notably, petrochemical companies accounted for 51% of the nation's LPG consumption, a significant rise from 21.7 million barrels a decade ago to 67.7 million barrels in 2022.The transportation sector has also witnessed transformative changes. In 2019, the South Korean government lifted restrictions on LPG-powered vehicles, allowing all citizens to own such cars. This policy change aims to replace aging diesel vehicles with cleaner alternatives, thereby reducing fine dust and nitrogen oxide emissions. Given that LPG prices are approximately 64% of diesel's and 60% of gasoline's, this move is both environmentally and economically advantageous.To meet the growing demand, South Korea has increased its LPG imports. In 2023, the country imported over 7.4 million barrels of LPG from the United States, significantly outpacing imports from other countries such as Canada, which supplied around 680,000 barrels. This reliance on imports underscores the importance of a robust LFSS infrastructure to ensure efficient distribution and utilization across industries.The industrial sector is also adapting to the evolving energy landscape. Companies are exploring the integration of LPG into their operations to enhance energy efficiency and reduce costs. For instance, LPG is being considered as a supplement to LNG to boost the calorific value of regasified LNG, particularly in heavy industries and utilities. This strategy is driven by the elevated LNG prices and the need for alternative fuels to meet energy demands.The expansion of the LFSS market necessitates adherence to stringent safety and environmental standards. Implementing advanced technologies and systems is crucial to ensure the safe storage, transportation, and utilization of LPG. Companies are investing in innovative solutions to enhance operational efficiency and support environmental sustainability.In summary, South Korea's LFSS market is experiencing dynamic growth, propelled by the increasing adoption of LPG across various sectors. The petrochemical and transportation industries are at the forefront of this shift, driven by economic and environmental considerations. As the demand for LPG continues to rise, the development of a robust and efficient LFSS infrastructure will be pivotal in supporting the nation's energy transition and sustainability goals.
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LGM Engineering (Gloryholders)
Wartsila
DongHwa Entec
MAN Energy Solutions
Høglund Marine Solutions
Mitsubishi Shipbuilding
TGE Marine Gas Engineering
Kongsberg Maritime
CSSC
Headway Technology Group (Qingdao) Co.
Ltd.
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea LPG Fuel Supply System (LFSS) Market
Liquefied Petroleum Gas (LPG)
Natural Gas (CNG)
Industrial Use
Residential Use
Commercial Use
Automotive Use
Retail
Wholesale
Storage Tanks
Piping Systems
Regulators
Dispensing Units
Residential
Commercial
Industrial
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea LPG Fuel Supply System (LFSS) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea LPG Fuel Supply System (LFSS) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea LPG Fuel Supply System (LFSS) Market, By Type
6. South Korea LPG Fuel Supply System (LFSS) Market, By Application
7. South Korea LPG Fuel Supply System (LFSS) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea LPG Fuel Supply System (LFSS) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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