Top 3 Technologies That Competitors In The Chemical Tankers Market Are Adopting To Strengthen Their Market Positions

The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032

LONDON, March 7, 2023 /PRNewswire/ -- As per The Business Research Company's Chemical Tankers Global Market Report 2023, the global chemical tankers market size grew from $32.4 billion in 2022 to $34.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The chemical tankers market size is then expected to grow to $44 billion in 2027 at a CAGR of more than 6%. Going forward, a growing petrochemical industry, an increasing demand for vegetable oils and fats and rising urbanization will drive the chemical tankers market growth.

The global chemical tankers market is fragmented, with a large number of small players. The top ten competitors in the chemical tankers market made up to 11.42% of the total market. Stolt-Nielsen Limited was the largest competitor with 3.81% share of the chemical tankers market, followed by Odfjell SE, MISC Berhad, Bahri, Navig8 Limited, Iino Kaiun Kaisha Ltd., MITSUI O.S.K. LINES, Hansa Tankers, PT Berlian Laju Tanker Tbk and Maersk Tankers.

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Competitors in the chemical tankers are adopting the following advanced technologies to improve their services:

1. Adoption Of Artificial Intelligence

The use of artificial intelligence (AI) in the chemical tankers market is a key trend to enhance operational efficiency, optimize route planning, and reduce fuel consumption. AI-powered systems can help chemical tanker operators monitor cargo conditions and detect any anomalies. AI-enabled machine vision systems are used in chemical tankers to monitor the whole chemical unloading process and identify anomalous occurrences before human error causes mishaps. For example, in July 2021, Seatrans Group, a fully integrated ship-owning company that manufactures chemical tankers, collaborated with OrbitMI, Inc., a US-based provider of AI-powered maritime software and data solutions. Through this collaboration, Seatrans leveraged AI from OrbitMI to improve its commercial operations.

2. IoT-Enabled Remote Tank Monitoring

IoT (Internet of Things)-enabled remote tank monitoring is a key chemical tankers market trend, which allows for real-time monitoring of cargo conditions, such as temperature and pressure, along with location tracking. This technology enables chemical tanker operators to optimize cargo management, reduce operational costs, and improve safety and regulatory compliance. For example, in April 2021, Infosys, an India-based information technology company, and Software AG, a Germany-based software company, launched a smart IOT-enabled remote tank monitoring solution to gain real-time insights into receipt, storage, and consumption patterns even when storage is dispersed globally.

3. Automation in Chemical Tankers

Automation in the chemical tankers market helps to optimize various operations, reduce human error, and enhance safety and efficiency, leading to a more sustainable and profitable chemical tanker industry. The automation systems are used in chemical tankers to access the operational data of the tanker through separate inputs and outputs. For example, in September 2022, Høglund Marine Solutions, a Norway-based provider of integrated power and energy solutions for the shipping industry, agreed to produce a comprehensive integrated solution, including hybrid electric, digital, fuel gas supply systems (FGSS), automation, and power management, to power four newbuild vessels for Utkilen, a Norway-based chemical tanker operator.

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According to chemical tankers market outlook, other strategies that chemical tankers companies are adopting to grow in the chemical tankers market include enhancing strengthening business capabilities through business collaborations and expanding fleet of chemical tankers through new investments.

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