Research Nester published a report titled “Liquified Natural Gas (LNG) Tank Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global LNG tank market in terms of market segmentation by material, tank type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global LNG tank market is segmented by material and tank type. Based on material, the steel segment is anticipated to hold the largest market share over the forecast period i.e., 2022 – 2030, owing to the durability, low thermal conductivity, stiffness and corrosion resistance of steel. Moreover, on the basis of type, the self-supporting segment is projected to grab the largest market share ascribing to the increasing import and export of LNG worldwide.
The market is anticipated to reach a CAGR of ~7% during the forecast period on the back of growing demand for LNG in end-user industries such as energy, power and steel and increase in the number of floating storage and regasification units. Apart from these, surging cargo transportation and rising natural gas production are also estimated to drive market growth in the coming years.
Geographically, the LNG tank market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific region is anticipated to hold the largest market share and witness the highest growth during the forecast period attributing to the growing usage of natural gas, surge in construction of LNG bunkering facilities and escalating manufacturing capacity of the region.
Heightened Demand for LNG from Energy Industry to Boost Market Growth
The world is shifting towards the usage of fuels that emit lesser greenhouse gases. Thus, natural gas is striking as an attractive alternative for the conventional fuels. As a result, there is a boom in demand for liquefied natural gas in energy, power and heavy-duty transport industries on account of its ability to decarbonize the industrial processes. This in turn is anticipated to drive market growth in the near future.
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However, tough competition to LNG from fossil and renewable fuels is expected to operate as key restraint to the growth of the LNG tank market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global LNG tank market which includes company profiling of McDermott International Inc., Linde Plc, Air Water Inc., IHI Corporation, Chart Industries, Inc., Cimc Enric, Isisan A.S, Carbon Energy Group, INOX India Pvt. Ltd., Wartsila Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the LNG tank market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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