The global LNG storage tank market is anticipated to reach a valuation of USD 16.7 Billion in 2024, driven by integration with renewable energy systems. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 8.1% between 2024 and 2034, and reaching a total valuation of approximately USD 36.3 Billion by 2034.
Ongoing research and development efforts focus on enhancing LNG tank design, materials, and construction techniques to improve safety, reliability, and cost effectiveness, driving market growth. The growing demand for smaller scale LNG solutions, including modular LNG storage tanks, supports the development of niche markets and applications, such as remote power generation and transportation.
The increasing complexity and scale of LNG projects drive demand for specialized risk management and insurance services tailored to LNG storage and transportation, creating opportunities for insurance providers and risk management firms. Economic growth and urbanization in developing countries drive demand for cleaner and more efficient energy solutions, including LNG, driving investments in storage infrastructure to meet growing energy needs.
Decentralized LNG infrastructure, including small scale LNG terminals and bunkering facilities, caters to niche markets and applications, such as marine transportation, off grid power generation, and industrial use, driving demand for smaller storage tanks and modular solutions. Integration of digitalization, automation, and Internet of Things technologies in LNG storage tank operations improves monitoring, maintenance, and safety, optimizing tank performance and reducing operational costs.
Key Takeaways from the Market Study:
- Global LNG storage tank market was valued at USD 16.7 Billion in 2024.
- From 2019 to 2023, the market demand expanded at a CAGR of 6%.
- The market in Japan is expected to expand at a CAGR of 6% through 2034.
- By product type, the self supporting segment to account for a CAGR of 8% through 2034.
- The market in Korea is expected to expand at a CAGR of 0% through 2034.
- In terms of material type, the steel segment to account for a CAGR of 6% through 2034.
“Changes in regulatory frameworks, including safety standards, environmental regulations, and permitting processes, impact the design, construction, and operation of LNG storage tanks, shaping market dynamics and investment decisions,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Prominent players in the LNG storage tank market are:
- Vijay Tanks and Vessels Ltd
- Corban Energy Group
- Luxi New Energy Equipment Group Co. Ltd
- Vinci Construction
- MHI Engineering and International Project India Ltd
- Lloyds Energy
- Transtech Energy LLC
- Cryocan
- Cryogas Equipment Pvt. Ltd.
- Whessoe
Company Portfolio:
- MHI Engineering and International Project India Ltd, a subsidiary of Mitsubishi Heavy Industries, offers comprehensive engineering solutions for LNG storage tank projects. They specialize in designing and constructing LNG storage tanks using advanced technologies and methodologies.
- Lloyds Energy is involved in various aspects of the LNG value chain, including LNG storage and transportation. They provide consultancy services, project management, and investment solutions for LNG storage tank projects globally.
LNG Storage Tank Market Segmentation Analysis:
By Product Type:
- Self Supporting
- Non Self Supporting Tanks
By Material Type:
- Steel
- Nickel Steel
- Aluminum Alloys
- Other
By End User Industry:
- Logistics Hubs
- Transport
- Industries
By Business Type:
- Original Equipment Manufacturer
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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