Global LNG Storage Tanks Market Industry Growth, Competitive Analysis, Future Prospects and Forecast 2028
The report LNG Storage Tanks Market outlines the various aspects of the global LNG storage tank industry by assessing the market from its value chain analysis.
Dallas, United States – May 26, 2021 /MarketersMedia/ —
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.LPG storage tanks are custom-made storage tanks used for storing natural gas. They are also used to provide pipeline distribution capability at peak hours when pipeline deliverability is reduced due to an increase in global natural gas demand. LPG demand has been fluctuating exponentially in recent years, and it is expected to rise dramatically in the future, as natural gas will continue to be the main fuel in both the electric power and manufacturing sectors. During the forecast era, this is expected to be a significant driving force for the global natural gas storage tanks industry. Concerns over CO2 and GHG (greenhouse gas) emissions have diverted investment to the clean energy market around the world. This technological transition is limiting natural gas demand, and the global natural gas storage tanks industry is projected to be restrained during the forecast era.
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Rising LNG demand from the steel, power, and energy end-use industries, as well as the LNG transportation on ships, are driving the LNG storage tank industry. During the projected era, the market’s growth is expected to be aided by the expansion of these industries. The high design and installation costs of the LNG storage tank, on the other hand, are likely to stifle demand development. Fuel is stored in storage tanks by producers and retailers in case gas costs rise in the future. When the price of the stored gas reaches a high degree, they sell it to make more money. Owing to the changing natural gas prices, the global LPG storage tanks market is likely to grow significantly over the forecast period.
The LNG storage tank market has been split into self-supporting as well as non-self-supporting types. However, the self-supporting segment holds the largest revenue of the industry in the coming years. Increasing LNG trade and an increase in LNG liquefaction and regasification facilities are driving this segment’s expansion. Such factors are projected to boost demand over the predicted timeframe.
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Because of its rising use in various end-use industries such as steel, water, and oil, APAC is the largest and fastest-growing LNG storage tank industry. Growing investments in LNG bunkering facilities, as well as increased LNG regasification, would also drive the demand in this area over the forecast period. Furthermore, countries like China and India have been expanding their manufacturing industries. These factors are anticipated to increase demand for LNG storage tanks in the region over the prediction period.
Segment Overview of Global LNG Storage Tank Market
Type Overview, 2018-2028 (USD Million)
• Self-Supporting
• Non Self-Supportin
Material Overview, 2018-2028 (USD Million)
• Steel
• 9% Nickel Steel
• Aluminum Alloy
• Others
Regional Overview, 2018-2028 (USD Million)
North America
• U.S.
• Canad
Europe
• UK
• Germany
• France
• Rest of Europ
Asia Pacific
• China
• Japan
• India
• Rest of Asia-Pacifi
Middle East and Africa
• UAE
• South Africa
• Rest of Middle East and Afric
South America
• Brazil
• Rest of South America
Table of Content:
Global LNG Storage Tanks Market Research Report
1. Market Overview
2. Competition Analysis by Players
3. Company (Top Players) Profiles
4. LNG Storage Tanks Market Size by Type and Application
5. US Market Status and Outlook
6. EU Development Market Status and Outlook
7. Japan Market Development Status and Outlook
8. China Market Status and Outlook
9. India Global LNG Storage Tanks Market Status and Outlook
10. Southeast Asia Market Status and Outlook
11. Market Forecast by Region, Type, and Application
12. Market Dynamics
13. Market Effect Factor Analysis
14. Research Finding/ Conclusion
15. Appendix
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Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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