Comparing 15 vendors in LNG Storage Tank across 0 criteria.
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The LNG Storage Tank Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for LNG Storage Tanks. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 25 companies of which the Top 15 LNG Storage Tank Companies were categorized and recognized as the quadrant leaders.
Liquefied Natural Gas (LNG) storage tanks are specialized types of storage tanks, used for LNG storage. These tanks are generally found in-ground, above ground, and in LNG carriers or vehicles. They are made in various configurations, such as horizontal, vertical, double-walled, and insulated. LNG storage tanks are constructed with thermal insulation to reduce evaporation, prevent heat transfer, and protect structures from cryogenic temperatures.
The 360 Quadrant maps the LNG Storage Tank companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the LNG Storage Tank's quadrant. While the top criteria for product footprint evaluation included Type (Self-supporting Tanks, Non-self-supporting Tanks), Material (Steel, 9% Nickel Steel, Aluminum Alloy, and Others), and Terminal (Offshore, Onshore).
Key trends highlighted in 360 Quadrants:
- The global LNG storage tank market size is projected to reach USD 20.8 billion by 2027, at a CAGR of 7.5%, between 2022 and 2027. The market is witnessing growth due to increasing imports, technological advancements, and growing demand in the Asia Pacific region. The current market growth is also owing to the high demand from various end-use industries, such as energy and power. However, the high construction and installation costs of LNG storage tanks act as a restraint to the growth of the LNG storage tank market.
- The LNG storage tank market is segmented as self-supporting tanks, non-self-supporting tanks. It was observed that the self-supporting tanks accounted for the larger share in the LNG storage tank market. This growth can be attributed to their excellent mechanical and physical properties and their ability to maintain cryogenic temperature. It is further expected to grow due to the increasing trade of small-scale LNG in emerging economies and the growing use of natural gas in the energy and power industries.
- In 2022, Asia Pacific accounted for the largest share of 35%, in terms of value, of the global LNG storage tank market. The market in Asia Pacific is mainly dominated by the growing import of small-scale LNG and significant developments in the energy and power industries, that are witnessing a significant demand for LNG, thereby driving the market in the region. The key LNG Storage Tank companies such as Linde Plc (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Chart Industries (US), and INOX India, are continuously adopting innovative strategies for strengthening their position in the LNG storage tank market.
- The LNG storage tank market is competitive owing to high market share of some major LNG storage tank companies. Where these companies have high market share due to their large worldwide presence and focus on innovation and research coupled with right mix of strategies. The North American market was the second-largest market for LNG storage tank, accounting for nearly 25% share of the global market, in terms of value in 2022. In the region the market is driven by an increase in investment in liquefaction and regasification of LNG. It is also bolstered by the growth of small-scale LNG in the region and rising demands from the energy and power industries.
- On the basis of material used for manufacturing LNG storage tanks, the market has been segmented into steel, 9% nickel steel, aluminum alloy, and others. Steel accounted for the largest and fastest-growing material for LNG storage tank, accounting for nearly 77.3%, in terms of value, in the overall market in 2022. This is mostly due to the rising usage of steel in membrane-type LNG Tanks due to its properties of high resistance to corrosion, high ductility, and and superior toughness at cryogenic temperatures. While the second most material for LNG storage tanks is 9% nickel steel, owing to its properties of cryogenic fracture toughness and corrosion resistance at low temperatures, among its other properties.
- Factors like rise in LNG trade worldwide and an increase in number of floating storage and regasification units are driving the growth of the LNG storage tank companies and market. It can be expected that in the fast-growing economies in some regions, including Asia Pacific, the Middle East, and African are expected to drive the growth of new floating storage and regasification units in the near future, which, in turn, is expected to drive the demand for LNG storage tanks. However, a major raw material that is used for the manufacturing of the LNG storage tank is nickel steel (9%) and the fluctuating prices of nickel steel might act as a restraint to market growth.
- Major LNG Storage Tank Companies have adopted strategies such as product launch, agreement, acquisition, and partnerships. The key LNG Storage Tank Companies like Linde, IHI, Wartsila, and McDermott account for a significant market share and have been working towards establishing a strong market presence globally. For instance, In May 2022, Chart Industries acquired Cryogenic Service Center AB (CSC). This acquisition broadened the company’s cryogenic service and repair presence in the Nordic region, thereby expanding its geographic presence.
- The need for LNG storage tanks is on the rise across end-use sectors, such as metal processing, particularly in steel industries. Additionally, LNG is gaining traction as a clean energy source for heavy-duty vehicles, thereby creating opportunities for the LNG storage tank companies.
- It has been observed that the surge in LNG trade is also propelled by demand from diverse industries like energy, power, and automotive, as well as for commercial fuel and power generation. This is anticipated to stimulate natural gas exploration and production, consequently bolstering the expansion of LNG storage tank companies and the market.
- The growth of the LNG Storage Tank companies was boosted by the decision made by the International Maritime Organization to enforce a 0.50% sulfur cap, aiming to reduce the environmental impact of marine fuel. This decision spurred the adoption of LNG as a marine fuel due to its sulfur oxide and particulate matter emissions being zero, along with its non-corrosive and non-toxic nature. LNG is set to offer sustainable, cost-efficient alternatives as a traditional marine fuel, thereby creating multiple opportunities for the LNG storage tank companies to prosper.
The Full List
|Elmwood Park, USA
|Ball Ground, USA
|Vijay Tanks & Vessels