Mounting Environmental Concerns and High Adoption from Domestic Sector Likely to Propel Market Growth
Liquefied petroleum gas has emerged as a clean, efficient, and portage energy source that has garnered considerable popularity around the world. Although liquefied petroleum gas is primarily obtained during oil production and natural gas, in the current scenario, it is increasingly being produced from an array of renewable resources. The exponential rise in the demand for liquefied petroleum gas can be largely attributed to its unique properties due to which, in the current day and age, it can potentially be used in a broad spectrum of industrial spheres for multiple applications. Liquefied petroleum gas is predominantly used across the residential sector, particularly in the Asia Pacific region as a clean-burning smoke-free fuel for indoor cooking.
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Due to soaring environmental concerns across the world, governments in various nations are encouraging the use of liquefied petroleum gas by offering subsidies and tax concessions to suppliers and launching favorable policies. The growing awareness pertaining to climate change and global warming has further boosted the demand for liquefied petroleum gas, as it emits negligible quantities of black carbon. The liquefied petroleum gas market is one of the key drivers of economic growth, particularly in rural regions and developing nations due to which, the global liquefied petroleum gas market is expected to grow during the forecast period.
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Apart from commercial and residential sectors, transportation, industrial, petrochemical, and refinery sectors are some of the most prominent end users of liquefied petroleum gas. Liquefied petroleum gas also plays a pivotal role in minimizing desertification and deforestation due to which, the demand is likely to remain strong across the world. At the back of these factors, along with a growing emphasis on creating a sustainable energy future in both, the rural as well as the urban areas of the world, the global liquefied petroleum gas market is poised to attain a market value of ~ US$307 bn by the end of 2030.
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Adoption of Liquefied Petroleum Gas as Alternative Fuel Source to Provide Lucrative Opportunities
In the current scenario, as awareness levels regarding potential environmental and health safety benefits continue to grow, liquefied petroleum gas is increasingly being used in a range of agricultural, commercial, horticultural, industrial, and manufacturing applications. The global liquefied petroleum gas production has witnessed unprecedented growth in the past decade due to considerable demand from the domestic sector wherein liquefied petroleum gas is used for heating and cooking purposes.
Liquefied petroleum gas is one of the most versatile and flexible fuels and as per current trends, it is one of the most adopted alternative fuel sources worldwide. Liquefied petroleum gas is nearly five times more efficient in comparison with traditional fuel alternatives due to which, the demand is expected to witness further growth.
Liquefied petroleum gas has tremendous potential to minimize carbon emission in transportation systems and improve environmental performance of the industry. Railway systems across the world, particularly in Europe and North America primarily rely on oil that is imported from the Middle East due to which, rising import bills and fluctuating prices of oil have led to a considerable balance of trade. Thus, several countries in the European Union are increasing in favor of diversifying their energy resources to minimize the dependence on oil.
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