LNG Storage Tank Companies

The LNG Storage tank market is projected to grow from USD 14.64 Billion in 2024 to USD 21.22 Billion by 2029, at a CAGR of 7.7% during the forecast period.

The key drivers of the LNG Storage Tank market are the growth of global LNG trade as a cleaner energy alternative and increasing number of floating storage and regasification units. The growing opportunities in marine transport and increasing spending on infrastructure. Companies like Linde Plc, Air Water Inc., Wartsila, and McDermott are strategically positioning themselves in the LNG Storage tank by increasing the storage capacities of LNG to fulfill the need from energy & power, industrial, and transportation & logistics end-use industries.

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LNG Storage Tank Companies

The major players active in the LNG Storage tank market are based in North America, Europe, and Asia Pacific region. Linde PLC (Ireland), McDermott (US), Wärtsilä (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), CIMC Enric Holdings Limited (China), Chart Industries (US), ISISAN A.S. (Turkey), Cryolor (France), INOX India Limited (India), and VINCI Construction (France), are among a few leading players operating in the LNG Storage tank market. Significant attention has been dedicated to developing cost-effective manufacturing technology in the LNG Storage tank market to meet evolving global demands. Key players have implemented various growth strategies to solidify their market position. These strategies encompass contracts, partnerships, mergers and acquisitions, and, production capacity expansions, all aimed at enhancing their presence in the LNG Storage tank market.

Linde Plc (Ireland)

Linde Plc is identified as one of the key players in the global LNG Storage tank market. Linde Plc is one the leading companies in the field of industrial gases and engineering equipment. The company offers its products through four major reportable segments, namely Americas, EMEA (Europe, Middle East & Africa), Asia Pacific, Linde Engineering, and Global Other.  Linde Plc caters to various end-use industries, such as gas, engineering, food & beverages, and healthcare, through its different subsidiaries. It offers LNG storage tanks through the cryogenic tanks subsegment of the Atmospheric Gases and Related product line. Other than LNG storage tanks, the group also provides a diverse range of packaged units, cryogenic columns, air-heated vaporizers, helium storage tanks, hydrogen fuelling technologies, and other products.

Linde Plc has a strong presence with operations in major regions of the world, including North America, Europe, South America, and Asia Pacific.

IHI Corporation (Japan)

IHI Corporation is one of the major players involved in heavy-industry manufacturing with a specialization in modern shipbuilding technology. The company operates its business through four reportable segments, namely, Resources, Energy & Environment; Social Infrastructure, Industrial Systems and General-purpose Machinery; and Aero Engine, Space and Defense. It offers a wide range of products for the LNG storage tanks market through the Resources, Energy, & Environment business segment. Apart from LNG products, the offerings of the aforementioned business segment also include boilers, pharmaceutical plants, nuclear energy, and equipment for plants. The Resources, Energy & Environment business segment has witnessed a major decrease in revenue during 2018, owing to a pullback from the progress of large-scale projects in the process plant business.

IHI Corporation has operations in regions like Europe, Asia Pacific, North America, and Latin America, among other regions.

Air Water Inc (Japan)

Air Water Inc. is one of the leading companies engaged in the manufacturing and sales of industrial gas and medical, chemical, and energy-related products. The company also provides logistics services. It operates its business through seven segments based on products and services offered, namely, Digital & Industry, Energy Solutions, Health & Safety, Agriculture & Foods, and Others. It offers various LNG storage tanks and transport facilities through its Energy business segment. The company recently launched a mobile power source car, in which liquefied petroleum (LP) gas is used as fuel for power generation.

Air Water Inc. has a strong presence in China, Taiwan, India, and countries in Southeast Asia, North America, and South America. The company has 67 sites located in 18 countries across the world.

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LNG Storage Tank Market by Material (Steel, 9% Nickel Steel, Aluminum, Other Materials), Type (Self-Supporting, Non-Self-Supporting), End-use Industry (Energy & Power, Industrial, and Transportation & Logistics), and Region - Global Forecast to 2029