“Increasing demand from steel, energy, and power end-use industries to drive the overall growth of the LNG storage tank market.”
The LNG storage tank market size is expected to grow from USD 12.5 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 7.0%, during the forecast period. The LNG storage tank market is driven by various factors, such as increasing demand for LNG from steel, power, and energy end-use industries, and growing transportation of LNG on ships. The growth of these industries is expected to further propel the growth of the market during the forecast period. However, the high construction cost, and installation cost of LNG storage tank are likely to hinder the growth of the market.
Self-supporting segment to drive the global market during the forecast period
The LNG storage tank market has been segmented on the basis of types as self-supporting and non self-supporting. Among these types, the self-supporting segment accounted for the larger share of the market during the forecast period. The market growth in this segment is attributed to growing LNG trade and increase in LNG liquefaction and regasification facilities. These factors are expected to drive demand during the forecast period.
Steel segment expected to account for the largest market share during the forecast period
The steel segment is growing rapidly owing to the various properties of steel such as durability, resistance to corrosion, excellent toughness, and low thermal conductivity at cryogenic temperatures, which will drive the demand for steel. Furthermore, steel is used for applications requiring refrigeration or the creation of low-temperature conditions for the storage of liquefied natural gas.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to have the highest growth rate during the forecast period due to significant developments in energy and power end-use industries, and the growing trade of LNG, which drives the LNG storage tank market in the region. On the other hand, North America is projected to have the second-largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the LNG storage tank marketplace.
- By Company Type - Tier 1: 30%, Tier 2: 30%, and Tier 3: 40%
- By Designation - C Level: 30%, Directors: 50%, Others: 20%
- By Region – North America: 30%, Europe: 40%, APAC: 10%, Middle East & Africa: 10% and South America: 10%
The LNG storage tank market comprises major solution providers, such as Linde Plc (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), Cimc Enric (China), Chart Industries (US), Isisan A.S (Turkey), Cryolor (France), Inox (India), Carbon Energy Group (US), and TransTech Energy Llc. (US). The study includes an in-depth competitive analysis of these key players in the LNG storage tank market, with their company profiles, recent developments, and key market strategies.
The report covers the LNG storage tank market based on type, material, and region. This study aims at estimating the size and future growth potential of the market across various segmentation types. It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall LNG storage tank market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.