NEWARK, Del, March 12, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global LNG storage tank market is anticipated to reach a valuation of US$ 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 US$ 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.
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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.
“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).
Key Takeaways from the Market Study:
- Global LNG storage tank market was valued at US$ 16.7 Billion in 2024.
- From 2019 to 2023, the market demand expanded at a CAGR of 10.6%.
- The market in Japan is expected to expand at a CAGR of 9.6% through 2034.
- By product type, the self-supporting segment accounts for a CAGR of 7.8% through 2034.
- The market in Korea is expected to expand at a CAGR of 10.0% through 2034.
- In terms of material type, the steel segment to account for a CAGR of 7.6% through 2034.
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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.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global LNG storage tank market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the LNG storage tank market, the market is segmented on the basis of engine displacement (20 cc to 100 cc, 101 cc to 400 cc, 401 cc to 650 cc), equipment (lawn mower, chainsaw, string trimmer, hedge trimmer, portable generator, rotary tiller, pressure washer, concrete vibrators, concrete screed, edger, leaf blower, others), and end use (industrial, construction, gardening), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).
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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
About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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.
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