LNG Storage Tank Market to grow $14,224.27 Million by 2028 Growing Sturdy at 7.9% CAGR - COVID-19 Impact and Global Analysis by TheInsightPartners.com

According to our latest market study on "LNG storage tanks Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by configuration, type and material," the market is expected to grow from US$ 8346.93 million in 2021 to US$ 14224.27 million by 2028; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.

The mounting readiness of liquefied natural gas (LNG) offers access to least carbon-intensive hydrocarbon among various coastal globally. The floating storage and regasification units (FSRU) terminal plays a significant role in the LNG value chain, developing the interface between the local gas supply infrastructure and the LNG carriers. The FSRU is convenient, adaptable, and avails natural gas to the market faster than land-based installations. The FSRU vessels are installed on ships or offshore, depending upon the design they integrate. The FSRUs are being equipped in two different ways: it is fitted either as an old gas carrier that can easily be converted into an independent unit placed in an offshore installation or installed as a separate unit aboard the LNG carrier itself. When the FSRU unit is installed in the ship, its construction is similar to other LNG ships undergoing LNG trading operation with regular dry-docking and complying with all the required international marine safety standards. The significant advantage of such installation is that the heating and liquefaction process is carried out within the vessel rather than unloading the fuel in its semi-frozen slushy state. Thus, the increasing application of FSRU is creating a massive opportunity for the growth of the LNG storage tanks market

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LNG Storage Tank Market - Company Profiles

Air Water Inc.
Chart Industries, Inc.
CIMC Enric Holding Ltd.
Cryolor (Air Liquide SA)
IHI Corporation
India Inox Pvt. Ltd.
Isisan AS
Linde Plc
McDermott International Inc.
Wartsila Corporation

The latest research report on the "LNG Storage Tank Market - Industry Analysis, Market Size, Opportunities and Forecast, 2021 - 2028" provides a comprehensive assessment of the LNG Storage Tank market for the forecast period from 2021 to 2028. The investigative report provides a detailed analysis of the impact of COVID-19 on various segments in the LNG Storage Tank market based on product type, application, and end-use across numerous countries around the world. Further, the report also provides insights into market developments, trends, supply and demand changes across various regions across the globe. Thereby, the report provides a holistic view on the LNG Storage Tank Market in order to help decision makers with various strategic insights and future outlook. The LNG Storage Tank market is expected to witness continued growth during the forecast period from 2021 to 2028.

This is a professional and in-depth study on the current state of the LNG Storage Tank Market with a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Strategic Insights and Development plans are also discussed and manufacturing processes and cost structures analyzed. LNG Storage Tank Market import/export consumption, supply and demand figures and cost price and production value gross margins are also provided.

The LNG storage tanks market is segmented on the bases of configuration, type, material, and geography. Based on configuration, the market is segmented into self-supporting tank and non-self-supporting tank. In 2020, the non-self-supporting tank segment accounted for a larger market share. In terms of type, the market is bifurcated into LNG carrier and LNG fueled vessel. In 2020, the LNG carrier segment accounted for a larger share in the market. Based on material, the market is segmented into stainless steel, aluminum alloy, 9% nickel steel, invar alloy, C-MN Steel. In 2020, the stainless steel segment accounted for the largest market share. Geographically, the global LNG storage tanks market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for the significant share in the market.

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Note - The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on 'LNG Storage Tank Market' provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2028, factoring the impact of Covid -19 Situation.

The report segments the global LNG Storage Tank Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global LNG Storage Tank Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.

The report focuses on global major leading LNG Storage Tank Market players providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. Upstream raw materials and equipment and downstream demand analysis is also carried out.

In North America, especially the US, witnessed an unprecedented rise in number of COVID-19 cases, which disrupted its LNG trade activities in the oil & gas sector and subsequently impacted the demand for LNG storage tank in 2020 and is expected to continue in 2021. Additionally, as per the US Energy Information Administration (EIA) due to COVID-19, ~175 US LNG cargoes were cancelled in October 2020, out of which around 80% of the LNG cargoes cancelled, which are scheduled for the summer months. The EIA anticipated that demand of LNG will slowly increase by the end of 2021. Moreover, the considerable decline in overall global gas prices further restricted the oil & gas related projects and other activities that negatively influenced the demand for LNG storage tank. Similar trend was witnessed in other North American countries such as Canada and Mexico. However, the countries are expected to overcome the swift drop in demand as the countries continue to open their economic activities especially in the recent months for revival of business activities.

The report segments the global LNG storage tanks market as follows:

By Configuration
Self-supporting tanks
Non self-supporting tanks

By Type
LNG Carrier
LNG fuelled vessels

By Material
Stainless steel
Aluminium alloy
9% Nickel steel
Invar alloy
C-MN Steel

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Reasons to Buy
• Highlights key business priorities to assist companies realign their business strategies.
• Features key findings and crucial progressive industry trends in the global LNG Storage Tank market, thereby allowing players to develop effective long-term strategies.
• Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
• Scrutinizes in-depth market trends as well as key market drivers and restraints.
• Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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