Dublin, Aug. 27, 2021 (GLOBE NEWSWIRE) -- The "LNG Storage Tank Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Configuration, Type, and Material" report has been added to ResearchAndMarkets.com's offering.
According to the new research report titled "LNG storage tanks Market Forecast to 2028 - COVID-19 Impact and Global Analysis," the market is expected to reach US$ 14,224.27 million by 2028, registering a CAGR of 7.9% from 2021 to 2028.
At present, the US is the largest producer of natural gas across the world. In the US, natural gas supplies nearly one third of the primary energy and is one of the key heating fuels for almost half of US households. A large volume of LNG is transported through the sea route, where LNG is loaded onto double-hulled ships and the gas is off-loaded to well-insulated storage tanks. Later it is re-gasified for admission into the pipeline distribution network. Moreover, LNG is also shipped in smaller quantities, generally for shorter ocean distances. The growing LNG trade in small-scale shipments is commonly transported in the same containers used on trucks for international trade, particularly outfitted with cryogenic tanks. As per the Royal Dutch Shell PLC's latest annual LNG outlook, published on February 25, 2021, the LNG trade across the world is expected to rise by about 10 million tonnes in 2021, or increase by 2.8% compared to the record of 2020, to bring total trade to 370 Mt. According to outlook, the LNG trade growth would reach around 12 Mt in 2022 and ~15 Mt in 2023.
Further, Shell announced that the Asian requirement for LNG was anticipated to drive the growth of the market in 2021, as the LNG trade is expected to recover from the COVID-19 impact. Shell also notified about the lack of final investment decisions last year for new natural gas liquefaction capacity; therefore, this is anticipated to fill the supply-demand gap in the mid-2020. Additionally, Shell published that the global LNG trade will be increased to 360 Mt by 2021 from 358 Mt in 2020. Therefore, this rise in the international LNG trade is driving the growth of the LNG storage tanks market.
The LNG storage tanks market is growing substantially on the back of presence of large number of players operating in the market. The LNG storage tanks market players are experiencing significant demand for their product owing to rise in LNG carriers and LNG fuelled carriers for the transportation of LNG from one place to other. Europe comprises the highest volume of LNG storage tank manufacturers followed by APAC and North America. Some of the leading European LNG storage tanks manufacturers include Cryolor (Air Liquide SA), Linde Plc, Wartsila Corporation, Vinci Construction, Sener Group, and GoLNG, among others. The players mentioned above invest noteworthy amounts in respective R&D to innovate newer models, which attracts the end users. Thus, the continuous development in the LNG storage tanks market is one of the key factors boosting the market.
The LNG storage tanks market is segmented on the bases of configuration, type, material, and geography. Based on configuration, the market is segmented into self-supporting tank and non-self-supporting tank. In 2020, the non-self-supporting tank segment accounted for a larger market share. In terms of type, the market is bifurcated into LNG carrier and LNG fuelled vessel. In 2020, the LNG carrier segment accounted for a larger share in the market. Based on material, the market is segmented into stainless steel, aluminium alloy, 9% nickel steel, invar alloy, C-MN Steel. In 2020, the stainless steel segment accounted for the largest market share. Geographically, the global LNG storage tanks market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for the significant share in the market.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. LNG Storage Tank Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe - PEST Analysis
4.2.3 Asia-Pacific - PEST Analysis
4.2.4 Middle East and Africa - PEST Analysis
4.2.5 South America - PEST Analysis
4.3 Ecosystem Analysis
5. LNG Storage Tank Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising LNG Trade across the Globe
5.1.2 Presence of Large Number of Market Players
5.2 Market Restraints
5.2.1 High Installation and Maintenance Cost
5.3 Market Opportunities
5.3.1 Growing Application of Floating Storage Regasification Unit (FSRU)
5.4 Future Trends
5.4.1 Adoption of High Manganese Steel
5.5 Impact Analysis of Drivers and Restraints
6. LNG Storage Tank - Global Market Analysis
6.1 Global LNG Storage Tank Market Overview
6.2 Global LNG Storage Tank Market Revenue Forecast and Analysis
6.3 Market Positioning - Five Key Players
7. LNG Storage Tank Market Revenue and Forecast to 2028 - By Configuration
7.1 Overview
7.2 LNG Storage Tank Market, by Configuration (2020 & 2028)
7.3 Self-Supporting Tank
7.3.1 Overview
7.3.2 Self-Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
7.4 Non-Self Supporting Tank
7.4.1 Overview
7.4.2 Non-Self Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8. LNG Storage Tank Market Analysis and Forecast to 2028 - By Type
8.1 Overview
8.2 LNG Storage Tank Market, by Type (2020 & 2028)
8.3 LNG Carrier
8.3.1 Overview
8.3.2 LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.3.2.1 IMO Type A
8.3.2.1.1 Overview
8.3.2.1.2 IMO Type A: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.3.2.2 IMO Type B
8.3.2.2.1 Overview
8.3.2.2.2 IMO Type B: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.3.2.3 IMO Type C
8.3.2.3.1 Overview
8.3.2.3.2 IMO Type C: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.4 LNG Fuelled Vessel
8.4.1 Overview
8.4.2 LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.4.2.1 IMO Type A
8.4.2.1.1 Overview
8.4.2.1.2 IMO Type A: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.4.2.2 IMO Type B
8.4.2.2.1 Overview
8.4.2.2.2 IMO Type B: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.4.2.3 IMO Type C
8.4.2.3.1 Overview
8.4.2.3.2 IMO Type C: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9. LNG Storage Tank Market Analysis and Forecast to 2028 - By Material
9.1 Overview
9.2 LNG Storage Tank Market, by Material (2020 & 2028)
9.3 Stainless Steel
9.3.1 Overview
9.3.2 Stainless Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9.4 Aluminium Alloy
9.4.1 Overview
9.4.2 Aluminium Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9.5 9% Nickel Steel
9.5.1 Overview
9.5.2 9% Nickel Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9.6 Invar Alloy
9.6.1 Overview
9.6.2 Invar Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9.7 C-MN Steel
9.7.1 Overview
9.7.2 C-MN Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
10. LNG Storage Tank Market - Geographic Analysis
11. LNG Storage Tank Market - COVID-19 Impact Analysis
11.1 North America: Impact Assessment of COVID-19 Pandemic
11.1.1 Europe: Impact Assessment of COVID-19 Pandemic
11.1.2 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
11.1.3 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
11.1.4 South America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Chart Industries, Inc.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 CIMC ENRIC
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Cryolor
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 IHI Corporation
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 INOX India Pvt Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 ISISAN A.S
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 McDermott International, Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Wartsila Corporation
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 LINDE
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 AIR WATER INC
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/kt5ld4
