Global LNG Storage Tank Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global LNG Storage Tank Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A LNG storage tank is used to store LNG in a specialized storage tank. LNG storage tanks are located on the ground, above ground or in LNG ships. The common feature of LNG storage tanks is the ability to store LNG at an extremely low temperature of -162°C (-260°F). The LNG storage tank has two containers, the inside is filled with LNG, and the outer container is filled with insulating materials.

Market Overview:

The latest research study on the global LNG Storage Tank market finds that the global LNG Storage Tank market reached a value of USD 3420.37 million in 2022. It’s expected that the market will achieve USD 4128.67 million by 2028, exhibiting a CAGR of 3.19% during the forecast period.

Opportunities and Drivers

In order to cope with global warming and protect the environment, many regions have set targets to reduce greenhouse gas emissions, and there is an increasing demand for natural gas - an efficient and clean energy. Natural gas burning does not emit smoke, dust or smoke. Compared with fuel, it produces less carbon dioxide (CO2), and has almost no environmentally harmful sulfur dioxide (SO2) emissions. LNG Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state. Cooling leads to a substantial reduction in volume, so the gas can be effectively transported and stored in LNG storage tanks on trucks and ships. LNG can be flexibly transferred from region to region, and brings the utility of natural gas. Therefore, the demand for LNG has risen, which has promoted the demand for LNG storage tanks.

With economic development, the demand for energy has increased, households have increased demand for fuel energy, and awareness of clean energy has increased. Demand for energy such as natural gas has also increased, which has also promoted the global flow of energy. LNG storage tank transportation can maximize the safety during transportation, so it has become the first choice for liquid natural gas transportation.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

The top three companies are IHI Corporation, Linde plc, McDermott with the revenue market share of 22.91%, 17.36% and 16.56% respectively.

IHI is a Japanese engineering company headquartered in Tokyo, Japan. It produces and supplies ships, space launch vehicles, aircraft engines, marine diesel engines, gas turbines, railway systems, turbocharged automobiles, factory engineering, industrial machinery, and power station boilers. Other facilities, suspension bridges and other structures.

Linde plc is a multinational chemical company registered by Virtue, Ireland, formed by the merger of Linde AG of Germany (founded in 1879) and Praxair of the US (founded in 1907). Linde’s stock is traded in Germany and the United States and is included in the major DAX 30 and S&P 500 stock indexes of these countries.

The Linde Group has more than 600 affiliated companies in more than 100 countries/regions, with customers from industry, retail, trade, science, research and the public sector.

Segmentation Overview:

Among different product types, Steel segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Non Self-Supporting segment occupied the biggest share from 2018 to 2022.

Key Companies in the global LNG Storage Tank market covered in Chapter 3:

McDermott
Inox
Isisan A.S.
Air Water Plant & Engineering
TransTech Energy Llc.
Wartsila
Linde plc
Cimc Enric
IHI Corporation
Chart Industries
Corban Energy Group

In Chapter 4 and Chapter 14.2, on the basis of types, the LNG Storage Tank market from 2018 to 2029 is primarily split into:

Steel
9% Nickel Steel
Aluminum Alloy
Others (7% nickel steel, concrete)

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the LNG Storage Tank market from 2018 to 2029 covers:

Self-Supporting
Non Self-Supporting

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)