The coal to gas switching in energy and power sector is expected to provide opportunities for the LNG storage tank market growth
The global LNG storage tank market size is projected to reach more than USD 22 billion by 2028. In addition, it is projected to gather a CAGR of above 7.0% over the forecast years 2020-2028. Rising LNG trade followed by rapid industrialization in emerging economics is expected to open new avenues for LNG storage tank industry over the coming years.
Over the past few years, global natural gas consumption has increased tremendously and the trend is expected to continue over the coming years. The increasing demand from large markets such as China and India coupled with increasing adoption in smaller market has induced the development of new liquified natural gas facilities all over the world. Increasing exploration activities followed by significant natural gas reserves are further expected increase demand for LNG storage tanks over the coming years.
The report also outlines the various aspects of the global LNG storage tank industry by assessing the market from its value chain analysis. Moreover, the LNG storage tank market report comprises various qualitative parts of the LNG storage tank industry in market restraints, essential industry drivers, opportunities, Porter’s Five Forces Model, and PESTEL analysis. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The LNG storage tank market has solid competition amongst the already well-known and new market players. Also, the LNG storage tank industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the materials, the market is bifurcated into steel, 9% nickel steel, aluminum alloy, and others. In the year 2019, the steel material segment gathered the major growth and it is likely to maintain its position during the forecast years. Easy raw material availability and economical aspects of steel material is expected to increase its market traction over the coming years. Apart from steel, and 9% nickel steel, aluminum alloys are increasingly utilized for the manufacturing of LNG storage tanks. Lightweight, safe, corrosion resistant, and temperature resistant properties of aluminum alloys are expected to increase its market concentration over the coming years.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The market growth in this region is mainly ascribed to the growing LNG trades in China, Japan, India, South Korea, and Southeast Asia over the past few years. Besides, the increasing investment in manufacturing industry will further add market growth. The Middle East & Africa region is the base of nearly 50% of the global natural gas reserves. Yet, the region is facing gas shortage problems over the past few years. Wealthy GCC countries are expected to be the fastest growing countries in energy demand by virtue of increasing energy and power consumption followed by strong industrial growth over the past few years. Which in turns is expected to open new opportunities for LNG storage tank manufacturers over the coming years.
The major players of the global LNG storage tank market are Vijay Tanks and Vessels Ltd., Corban Energy Group, Luxi New Energy Equipment Group Co. Ltd., Vinci Construction, MHI Engineering and International Project India Ltd., Lloyds Energy, Transtech Energy Llc., Cryocan, Cryogas Equipment Pvt. Ltd., and Whessoe. Moreover, the market comprises several other prominent players in the LNG storage tank market that are Bechtel, Karbonsan, Sener Group, Maverick Engineering Inc., and Cryoteknik. The LNG storage tank market consists of well-established global as well as local players. In addition, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global LNG Storage Tank Market
Type Overview, 2018-2028 (USD Million)
- Non Self-Supportin
Material Overview, 2018-2028 (USD Million)
- 9% Nickel Steel
- Aluminum Alloy
Regional Overview, 2018-2028 (USD Million)
- Rest of Europ
- Rest of Asia-Pacifi
Middle East and Africa
- South Africa
- Rest of Middle East and Afric
- Rest of South America