Self-Supporting Tank Segment is Expected to be Fastest Growing Segment During Forecast Period for MEA Region    

According to a new market research study on “MEA LNG Storage Tank Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Configuration, Type, and Material” is expected to reach US$ 1,435.31 million by 2028 from US$ 962.80 million in 2021. The market is estimated to grow at a CAGR of 5.9% from 2021 to 2028. The report provides trends prevailing in the MEA LNG storage tank market along with the drivers and restraints pertaining to the market growth. Procurement of high manganese steel is the major factor driving the growth of the MEA LNG storage tank market. However, issues associated with high setup and running cost hinders the growth of MEA LNG storage tank market.  

 The MEA LNG storage tank market is segmented on the bases of configuration, type, material, and country. Based on configuration the MEA 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 MEA LNG storage tank market is segmented Into Saudi Arabia, South Africa, UAE, and rest of MEA.

Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the main countries facing the economic effects of COVID-19 in the MEA region. The Middle East region especially the GCC countries witnessed a notable decline in their oil & gas sector owing to sharp decline in demand of LNG from major end user countries across Asia, Europe, and North American regions as a result, the countries registered a lowered volume of LNG production as well as construction of oil & gas related projects and subsequently the demand for LNG storage tanks. Countries such as Saudi Arabia, the UAE, Qatar, and selected other members of OPEC countries also observed similar trends during the early months of the pandemic outbreak. Further, due to COVID impact the factory shutdown, business, and various major manufacturing plant shutdown as well as travel bans has negatively impacted the growth of the LNG storage tanks market in the region.

Air Water Inc.; Chart Industries, Inc.; Cryolor; IHI Corporation; Linde Plc; McDermott International, Inc.; and Wartsila Corporation are among the leading companies in the MEA 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, Chart acquires Sustainable Energy Solutions, Inc.      

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