LNG Storage Tank Market Is Likely To Up Demand At A USD 26.2 Billion By 2030

Posted by Neha Bora on January 7th, 2025

San Francisco, 7 January 2025: The Report LNG Storage Tank Market Size, Share & Trends Analysis Report By Type (Self-Supporting, Non-Self Supporting), By Material (Steel, 9% Nickel Steel, Aluminum Alloy), By Region, And Segment Forecasts, 2024 – 2030

The global LNG storage tank market to reach USD 26.2 billion in 2030 and is expected to grow at a CAGR of 7.3% from 2024 to 2030. The increasing global demand for liquefied natural gas (LNG) as a cleaner energy source, particularly in power generation, transportation, and industrial applications, is a major driver. Expanding LNG production capacity, investments in liquefaction and regasification facilities, and growing LNG trade volumes are propelling the need for more storage infrastructure. Supportive government policies and regulations promoting the adoption of LNG to reduce carbon emissions are also propelling market growth.

Technological advancements in LNG storage tank design, materials, and construction techniques that enhance safety, efficiency, and reliability are further driving investments in new storage capacity. The rising focus on energy security and diversification of energy sources is another key factor underpinning the increasing demand for LNG storage tanks globally. 

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Recent Developments

• In May 2024, CB&I secured a contract for the development of an LNG storage tank in Port of Sohar located in Oman. The project consists of EPC services for a 165,000 m³ full containment concrete LNG storage tank.
• In November 2023, Sinopec announced the initiation of service for the world’s largest 270 000 m³LNG storage tank. The tank will increase LNG storage capacity by 165 million m³ of Qingdao LNG Receiving Terminal located in China.
• In July 2022, Bechtel announced a project for the construction of the largest LNG storage tank for the CPC Taichung Phase III LNG import terminal in Taichung, Taiwan. The project consists of two 180,000 m³of full containment LNG tanks.

Key LNG Storage Tank Company Insights

Mergers and acquisitions are on the rise to expand geographical reach and expertise. Companies are also focusing on developing innovative tank designs with improved insulation and safety features. Furthermore, the trend leans towards offering full-service solutions encompassing tank construction, maintenance, and even financing, catering to the diverse needs of LNG terminal operators and energy companies.

Key LNG Storage Tank Companies:

The following are the leading companies in the LNG storage tank market. These companies collectively hold the largest market share and dictate industry trends.

• Linde Plc
• McDermott International Inc.
• Wartsila
• IHI Corporation
• Chart Industries
• CIMC Enric
• Air Water Inc.
• Isisan A.S.
• Cryolor
• Sinopec

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

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