15 September 2021
Visiongain has published a new report entitled the Liquefied Natural Gas (LNG) Storage Tank Market Report 2021-2031: Forecasts by Location (Onshore LNG Storage Tank, Offshore LNG Storage Tank), by Storage Type (Above Ground Storage Tank, Underground Storage Tank, Other), by Containment Storage (Single Containment Tanks, Double Containment Tanks, Full Containment Tanks, Membrane Tanks, Other), by Design (Flat-bottom Tanks, Spherical Tanks, Bullet Tanks) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global LNG storage tank market was valued at US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031. LNG Storage Tank Design Technology has been principally developed in order to enhance economic efficiency with big capacity tanks. There were therefore developed and erected 270,000 m3 (9,500,000 ft3) LNG big capacity storage tanks. In addition, together with materials that are resistant to cryogenic temperatures to build high-performance concretes new technologies are being developed for LNG storage tanks that are economical and which minimise construction time irrespective of capacity. These solutions are developed to meet different requirements, including LNG bunkering and building in polar locations.
How has COVID-19 had a significant negative impact on the LNG Storage Tank Market?
The world began to lock its economies that caused the collapse of demand at historic low oil and gas prices. That made investments in LNG plants for production and export less appealing. U.S. producers began to rethink their time limits for investment for new LNG export projects with freefall demand. Final investment choices on seven U.S. LNG projects have been delayed, with a potential capacity of roughly 14 billion cubic feet per day. However, the market fundamentals of LNG did not change despite the negative effects of COVID-19. In particular, demand from Asia is predicted to continue to expand, with a growth of 3.4 percent per year in the average LNG trading demand expected to reach 2040.
In the short term, in comparison to those prior to the pandemic, buyers in any region have lowered their forecasts of LNG demand. Most markets have seen a decrease in short-term industrial and, in some cases, gas-in-power demand due to COVID-19 shutdowns. In many key markets, the fundamental principles for LNG growth – such as falling domestic supply and increased need for energy – remain intact. In the meanwhile, cheap prices allow for extra penetration of LNG. For example, a majority of purchasers across Asia have been growing their forecasts of demand, with the strongest optimism among Chinese and South Asian customers. The future of LNG remains robust despite current market oversupply and uncertainties. Indeed many purchasers are still positive with LNG demand months after the onset of COVID-19, with some even raising forecasts. In the meanwhilst, several tendencies – such as predicted on-site and short-term market dependence and increasing preference for contract pricing based on LNG – seem to have accelerated.
How this Report Will Benefit you?
Visiongain’s 410+ page report provides 310 tables and 294 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global LNG storage tank market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for LNG Storage Tank. Get the financial analysis of the overall market and different segments including type, media, application, gas type and capture higher market share. We believe that high opportunity remains in this fast-growing LNG storage tank market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Advancements in The Scale Of LNG Storage
LNG trading has progressed as a result of improvements in the scale of LNG storage. In recent years, the LNG shipping sector has grown rapidly in tandem with the growing global LNG commerce. Buyers of LNG began to travel upstream and participate in industries such as shipping. Sellers began to migrate up the supply chain, becoming minority owners in shipping and, on rare occasions, regasification plants. The history of LNG boats demonstrates that they have continuously grown in size since the 1970s. From 70,000 m3 in the 1970s to 125,000 m3 in the 1980s and 1990s, and 145,000 m3 in the early 2000s, with some ships exceeding 200,000 m3
Primary Driver of LNG Import Capacity Expansion
China, Europe, and a group of non-OECD countries with coastline access have all increased or are about to increase their LNG imports. Following the Fukushima nuclear accident in 2011, Japan's government set out to expand LNG imports while also bolstering electric power supplies, and this has been a primary driver of LNG import capacity expansion. As of May 2020, Japan accounted for 24% of global LNG import capacity. China is the fastest-growing market, with policymakers offering gas as a cleaner energy source in an attempt to assuage public uproar over local coal-related air pollution levels. Economic strategists in the United States considered gas shipments to China as a solution to minimise the country's trade deficit. China accounts for only 9% of current LNG import capacity, but 40% of capacity now under construction or in the planning stages.
Where are the market opportunities?
The Modular LNG Tank Is Designed To Lower The Unit Cost Of Smaller LNG Tanks
The small to midscale LNG market, which supplies power plants or the marine fuels industry, necessitates a smaller LNG storage tank with a capacity of 10,000m3 to 100,000m3. Stick-built on-site is the classic approach, which is based on 9 percent Ni steel technology. It is commonly known that as the size of a single tank increases, the unit price of LNG stored decreases. However, production volume might also help to create economies of scale. By focusing on offshore manufacturing productivity levels, the modular LNG tank aims to lower the unit cost for smaller LNG storage volumes. Economies of scale are dependent on the number of units produced to meet the needed volume, not on the amount of a single tank. The fabrication of 25,000 m3 tanks in South Carolina is a good example. The interpolated productivity improvements from the given productivity for the first ten tanks.
Development In LNG Infrastructure
In the last five years, LNG storage has spread dramatically from its base in Norway to northwest Europe. Due to the greater deployment of LNG bunkering vessels, which can serve a maritime area rather than a single port and bunker much larger ships than in the past, it has also become much more flexible and less connected to specialised small LNG supply chains. By the middle of 2020, the capacity of LNG bunkering vessels based in the Netherlands had nearly equaled that of Norway. These bunker ships are mostly used in the Amsterdam-Rotterdam-Antwerp corridor, which is the busiest shipping area in northern Europe. They are far larger than their forerunners. The world's largest bunkering vessel, the Gas Agility, for example, can deliver enough fuel for a 23,000-teu containership to make a round trip from Europe to Asia.
The major players operating in the LNG storage tank market are Linde plc., McDermott, Wartsila Oyj Abp, IHI Corporation, Air Water Inc, CIMC Enric Holdings Limited, Chart Industries, Inc, ISISAN Engineering, Air Liquide Group, INOX India, Lloyds Energy, Vijay Tanks & Vessels, TransTech Energy, Mitsubishi Heavy Industries Engineering and Industrial Projects India Pvt Ltd., Whessoe, Maverick Engineering, Inc, Bechtel, Ancillare, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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