The global LNG storage tank market size is projected to reach USD 17.5 billion by 2025, at a CAGR of 7.0% during the forecast period. The global LNG storage tank market is driven mainly by its increasing import, technological advancements, and growing demand in the APAC region. Furthermore, the growing demand for LNG from various industries such as, steel, energy and power will drive the demand during the forecast period.
Emerging economies, such as China, India, Japan, and South Korea are witnessing a high demand for LNG storage tanks. The growth in APAC region can be attributed to significant developments in energy, power, technologies, and the growing trade of LNG, which is expected to drive the LNG storage tank market in the region. Moreover, APAC being the largest producer of steel and availability of raw materials, for instance, iron ore, and cost-effective labor will also drive the demand during the forecast period.
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Linde Plc (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), Cimc Enric (China), Chart (US), Isisan A.S (Turkey), Cryolor (France), Inox (India), Carbon Energy Group (US), and Trans Tech Energy llc. (US) among others, are the leading LNG storage tank manufacturers, globally. These companies adopted new product development, merger & acquisition, agreement, and expansion as their strategies between January 2015 and January 2020 to earn a competitive advantage in the LNG storage tank market.
Wartsila (Finland) is one of the leading players in the LNG storage tank market. In September 2019, the technology Group Wartsila designed a new LNG storage and supply system for ships. This new LNG storage and supply system has In Line Tank Connection Space (ILTCS), which contains process equipment – two 640 m3 single polyurethane insulated storage tanks. This innovative LNG storage system provides fuel storage volume efficiency and simplifies the installation of the LNG system in ships. This development will help the company in expanding its reach across the globe and explore the untapped market.
McDermott International, Inc. (US), is another major player in the LNG storage tank market. The company has been focusing on both organic and inorganic strategies to maintain its leading position in the market. For example, in May 2018, the company acquired Chicago Bridge and Iron Company (CB&I) (Texas) and merged their businesses to form a fully integrated provider of technology, engineering, and construction solutions to the energy industry. This merger will help McDermott to increase its global reach in the energy industry and explore the untapped markets.
LNG Storage Tank Market by Type (Self-Supporting, Non Self-Supporting), Material (Steel, 9% Nickel Steel, Aluminum Alloy), Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2025
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