DUBLIN, August 11, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Global Oil and Gas Logistics Market 2016-2020" report to their offering.

The global oil and gas logistics market to grow at a CAGR of 6.62% during the period 2016-2020.

The report covers the present scenario and the growth prospects of the global oil and gas logistics market for 2016-2020. To calculate the market size, the report considers the evenue generated by third-party logistics for providing a full range of onshore and offshore services. The report also includes a discussion of the key vendors operating in this market.

Replacement of coal-fired power plants by natural gas-based power plants will be a key trend for market growth. The translation of low oil prices into lower gas prices is encouraging a shift toward natural gas-powered power generation systems with rapid replacement of inefficient and inflexible coal-fired power plants, especially in developed countries like the US.

The need to decrease fuel costs, which account for a major portion of the overall cost, as well as the LCOE of gas turbine to capitalize on the growing trend of natural gas-based power generation is incentivizing manufacturers to develop gas turbines with higher efficiencies.

According to the report, one of the key drivers for market growth will be surge in offshore oil and gas exploration and production activities. Exploration and production (E&P) activity is an upstream process in the oil and gas industry, which includes locating oil rigs, searching for oil and petrochemical products, underwater drilling for natural gas and crude oil fields, and operating subsea vessels.

The vessel operators and owners of oil and gas fields work with various contractors such as engineering procurement and construction (EPC) contractors and oil rig companies for the procurement of underwater natural resources. In the Middle East and the US new shale oil fields have been discovered, which will lead many oil-producing companies to place their business there, thus increasing the demand for logistics services.

Key vendors

- Agility

- BDP International

- DB Schenker

- Deutsche Post DHL

- Kuehne + Nagel

- Neovia Logistics Services

Other prominent vendors

- ASCO

- CEVA Logistics

- CH Robinson

- Expeditors International of Washington

- GAC Logistics

- Panalpina

- Ryder Systems

- UPS Supply Chain

For more information about this report visit http://www.researchandmarkets.com/research/4rwjqs/global_oil_and

Related Topics: Gas, Oil, Logistics

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SOURCE Research and Markets