Global LNG Storage Tank Market size and share is currently valued at USD 15,848.42 million in 2023 and is anticipated to generate an estimated revenue of USD 28,723.26 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
The LNG storage tanks market is a vital component of the liquefied natural gas (LNG) industry, enabling the safe and efficient storage of LNG across the supply chain. These specialized tanks are designed to store natural gas in its liquefied state at extremely low temperatures (-162°C) to reduce its volume for transportation and storage. LNG storage tanks are utilized in various applications, including LNG terminals, liquefaction facilities, regasification plants, and power generation stations.
With the growing demand for cleaner energy sources, LNG is playing an increasingly critical role in the global energy mix. The expansion of LNG production and trade has fueled the demand for advanced storage solutions that ensure safety, efficiency, and environmental compliance.
Key Trends in the LNG Storage Tanks Market:
- Adoption of Floating LNG Storage Systems
Floating storage and regasification units (FSRUs) and floating liquefied natural gas (FLNG) vessels are gaining popularity. These systems offer flexibility, cost-efficiency, and rapid deployment compared to land-based infrastructure. - Focus on Carbon-Neutral LNG Solutions
The market is witnessing a shift toward carbon-neutral LNG solutions, including tanks designed to minimize boil-off gas and integrate with renewable energy sources. These innovations align with global sustainability goals. - Regional Expansion in Emerging Markets
Emerging economies in Asia-Pacific, Latin America, and Africa are driving market growth with increasing investments in LNG infrastructure. These regions are focusing on LNG to meet rising energy demands and reduce dependency on conventional fuels. - Integration with Digital Technologies
LNG storage tanks are increasingly being equipped with IoT sensors and digital monitoring systems. These technologies enable real-time tracking, predictive maintenance, and enhanced safety measures.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/lng-storage-tank-market/request-for-sample
Some of the major players operating in the global market include:
- Chart Industries, Inc.
- Corban Energy Group
- CRYOCAN
- Cryolor
- IHI Corporation
- INOX India Limited
- ISISAN A.S.
- Linde plc
- Luxi Group
- McDermott International Ltd
- Shijiazhuang Enric Gas Equipment Co., Ltd.
- TransTech Energy, LLC
Recent Developments:
- April 2022: McDermott was awarded multiple storage tank contracts in Saudi Arabia, including a large contract and two sizable contracts. These agreements cover the engineering, procurement, fabrication, and construction (EPFC) of 38 storage tanks and 13 spheres across various locations in Saudi Arabia, bolstering the region’s energy infrastructure.
- January 2022: McDermott’s subsidiary, CB&I, was contracted by We Energies to construct two LNG storage tanks in southeastern Wisconsin. These tanks aim to address fluctuations in natural gas demand during winter, ensuring a reliable supply for residential and commercial needs.
- October 2023: Isısan expanded its factory area to 52,000 m² to meet growing import-export demands. This expansion enhances the company’s capacity to deliver swift solutions, improve planning efficiency, and maintain product quality for its business partners.
- May 2022: Chart Industries acquired Cryogenic Service Center AB (CSC), expanding its geographical presence and enhancing its service capabilities for transportable tanks and LNG fueling stations. This acquisition, along with government initiatives promoting storage tank infrastructure, is driving market growth in the region.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The LNG Storage Tanks Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
LNG Storage Tank Market, Product Type Outlook (Revenue – USD Million, 2019-2032)
- Self-Supporting Tanks
- Non-Self-Supporting Tanks
LNG Storage Tank Market, Material Type Outlook (Revenue – USD Million, 2019-2032)
- Steel
- 9% Nickel Steel
- Aluminum Alloys
- Other
The LNG storage tanks market is a critical enabler of the global LNG supply chain, supporting the growing adoption of LNG as a cleaner energy source. With advancements in tank technology, increasing LNG trade, and expanding infrastructure development, the market is poised for substantial growth. As industries and governments continue to invest in LNG storage solutions, the market will play a pivotal role in meeting global energy demands while promoting environmental sustainability.