Report : Europe LNG storage tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Configuration (Self-Supporting Tank and Non-Self-Supporting Tank), Type (LNG Carrier and LNG Fueled Vessel), and Material (Stainless Steel, Aluminum Alloy, 9% Nickel Steel, Invar Alloy, and C-MN Steel)
LNG Carrier Segment to Dominate Europe LNG Storage Tank Market during 2020–2028
According to a new market research study on “Europe LNG Storage Tank Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Configuration, Type, and Material” is expected to reach US$ 3,089.63 million by 2028 from 1,788.71 US$ million in 2021. The market is estimated to grow at a CAGR of 8.1% from 2021 to 2028. The report provides trends prevailing in the Europe LNG storage tank market along with the drivers and restraints pertaining to the market growth. Availability of large number of market players is the major factor driving the growth of the Europe LNG storage tank market. However, issues associated with huge installation and maintenance costs hinders the growth of Europe LNG storage tank market.
The Europe LNG storage tank market is segmented on the bases of configuration, type, material, and country. Based on configuration the Europe LNG storage tank market is segmented into self-supporting tank and non-self-supporting tank. The self-supporting tank segment is the most used configuration in the LNG storage tanks market in 2020. Based on type, the market is segmented into LNG carrier, and LNG fuelled vessel. LNG carrier segment held the largest market share in 2020. Similarly, based on materials, the market is segmented into stainless steel, aluminum alloy, 9% nickel steel, invar alloy, C-MN steel, others. Stainless steel segment held the largest market share in 2020. Based on country the Europe LNG storage tank market is segmented Into France, Germany, Italy, UK, Russia, and rest of Europe.
The impact of COVID-19 differed from country to country across the European region as selected countries witnessed an increase in the number of recorded cases and subsequently attracted strict as well as longer lockdown periods or social isolation. In Europe, several countries are expected to suffer an economic hit with a decline in business activities across the oil & gas sector due to lowering oil prices in the 2020. Many of these member states have implemented drastic measures on imports & exports, and LNG trade by partially closing their borders impacting the demand for energy in various industry verticals. This is anticipated to impact the growth of the LNG storage tanks market in Europe. The impact of COVID-19 resulted in disruption of business in many manufacturing industry verticals and subsequently the demand for LNG cargoes. Businesses in the region faced severe economic difficulties as they had either asked to suspend their operations or substantially reduce the activities. The lockdown is expected to negatively impact the LNG storage tanks market in Europe due to disruption in oil & gas sector across selected countries. However, several countries begin to reopen industry vertical and subsequently drive the demand to resume the manufacturing activities of LNG storage tanks to support the growth. Thus, the market is projected to recover steadily over the coming period and gain traction for LNG storage tanks during the forecast period.
Air Water Inc.; Chart Industries, Inc.; CIMC Enric Holding Ltd.; Cryolor; IHI Corporation; India Inox Pvt. Ltd.; ISISAN AS; Linde Plc; McDermott International, Inc.; and Wartsila Corporation are among the leading companies in the Europe LNG storage tank market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, INOXCVA commissions the first ever Multifunctional Mini LNG Terminal in UK for MOWI Scotland.
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