North America 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)

TIPRE00024118 | Pages: 125 | Manufacturing and Construction | Aug 2021 | Type: Regional | Status: Published

Market Introduction

North America is one of the significant markets for LNG storage tank providers, owing to the presence of major liquefied natural gas manufacturers such as Cheniere Energy, Royal Dutch Shell, and Total. Countries in North America have gradually boosted their LNG export capability. For instance, the United States of America's LNG export capacity expanded from less than 1 billion cubic feet per day (Bcf/d) in 2016 to ~9 billion cubic feet per day (Bcf/d) by the end of 2019. In 2019, U.S. LNG shipments to 38 nations set a new high of around 1,819 Bcf, accounting for 39% of total US natural gas exports. LNG storage tank producers such as Lockheed Martin, McDermott, and Bechtel Corporation are benefiting from the increasing trade of LNG across the continent.

Further, the shipping sector has already begun investing in the LNG market and expects to do so in the future owing to increasing availability of natural gas in the US. Domestic shipyards have developed or are amid developing LNG-transporting assets. For instance, Conrad Shipyard in Orange, Texas, built the first LNG bunker barge in North America in 2018. In addition, VT Halter is also working on a 4,000 cubic meter LNG Articulated Tug And Barge (ATB) and has signed a letter of intent to build an 8,000 cubic meter version of the vessel. LNG technology, which is currently in use at American shipyards, has been scaled up to meet customer requests, resulting in a burgeoning market for LNG storage tanks.

Owing to favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies. Any impact on industries is therefore projected to have a negative influence on the region's economic development. Currently, due to the COVID-19 outbreak, the US is the world's worst affected country, thus affecting the sudden stands still across all the industries present in the region. In North America, especially the US, witnessed an unprecedented rise in number of COVID cases, which disrupted its LNG trade activities in the oil & gas sector and subsequently impacted the demand for LNG storage tank in 2020 and is expected to continue in 2021. Additionally, as per the US Energy Information Administration (EIA) due to COVID-19, ~175 US LNG cargoes were cancelled in October 2020, out of which around 80% of the LNG cargoes cancelled, which are scheduled for the summer months. The EIA anticipated that demand of LNG will slowly increase by the end of 2021. Moreover, the considerable decline in overall global gas prices further restricted the oil & gas related projects and other activities that negatively influenced the demand for LNG storage tank. Similar trend was witnessed in other North American countries such as Canada and Mexico. However, the countries are expected to overcome the swift drop in demand as the countries continue to open their economic activities especially in the recent months for revival of business activities. However, the demand for the same could not be catered by the country due to the temporary shutdown of transportation facilities across the region, which has negatively hindered the LNG trade cross-border. Thus, owing to the above-mentioned factors, LNG storage tank market is said to be negatively affected owing to the outbreak of the COVID-19 across the region.          


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Market Overview and Dynamics

The LNG storage tank market in North America is expected to grow from US$ 2,816.14 million in 2021 to US$ 3,539.85 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028. The mounting readiness of liquefied natural gas (LNG) offers access to least carbon-intensive hydrocarbon The floating storage and regasification units (FSRU) terminal plays a significant role in the LNG value chain, developing the interface between the local gas supply infrastructure and the LNG carriers. The FSRU is convenient, adaptable, and avails natural gas to the market faster than land-based installations. The FSRU vessels are installed on ships or offshore, depending upon the design they integrate. The FSRUs are being equipped in two different ways: it is fitted either as an old gas carrier that can easily be converted into an independent unit placed in an offshore installation or installed as a separate unit aboard the LNG carrier itself. When the FSRU unit is installed in the ship, its construction is like other LNG ships undergoing LNG trading operation with regular dry-docking and complying with all the required international marine safety standards. The significant advantage of such installation is that the heating and liquefaction process is carried out within the vessel rather than unloading the fuel in its semi-frozen slushy state. Thus, the increasing application of FSRU is creating a massive opportunity for the growth of the LNG storage tanks market.  

Key Market Segments

The North America LNG storage tank market is segmented on the bases of configuration, type, material, and country. Based on configuration the North America 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 North America LNG storage tank market is segmented Into US, Canada, and Mexico.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the LNG storage tank market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Air Water Inc.; Chart Industries, Inc.; CIMC Enric Holding Ltd.; Cryolor; IHI Corporation; India Inox Pvt. Ltd.; ISISAN AS; Linde Plc; and Wartsila Corporation.     

Reasons to buy report

  • To understand the North America LNG storage tank market landscape and identify market segments that are most likely to guarantee a strong return.
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for North America LNG storage tank market.
  • Efficiently plan M&A and partnership deals in North America LNG storage tank market by identifying market segments with the most promising probable sales.
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America LNG storage tank market.
  • Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.

North America LNG Storage Tank Market Segmentation

North America LNG Storage Tank Market - By Configuration

  • Self-Supporting Tank
  • Non-Self-Supporting Tank

North America LNG Storage Tank Market - By Type

  • LNG Carrier
  • LNG Fueled Vessel

North America LNG Storage Tank Market - By Material

  • Stainless Steel
  • Aluminum Alloy
  • 9% Nickel Steel
  • Invar Alloy
  • C-MN Steel

North America LNG Storage Tank Market - By Country

  • US
  • Canada
  • Mexico

North America LNG Storage Tank Market - Company Profiles

  • Air Water Inc.
  • Chart Industries, Inc.
  • CIMC Enric Holding Ltd.
  • Cryolor
  • IHI Corporation
  • India Inox Pvt. Ltd.
  • ISISAN AS
  • Linde Plc
  • Wartsila Corporation
 

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

2.           Key Takeaways

3.           Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           North America LNG Storage Tank Market Landscape

4.1         Market Overview

4.2         North America PEST Analysis

4.3         Ecosystem Analysis

5.           North America LNG Storage Tank Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Rising LNG Trade across North America

5.1.2        Substantial Number of Market Players

5.2         Market Restraints

5.2.1        High Installation and Maintenance Expenses

5.3         Market Opportunities

5.3.1        Rising Usage of Floating Storage Regasification Unit (FSRU)

5.4         Future Trends

5.4.1        Acceptance of High Manganese Steel

5.5         Impact Analysis of Drivers and Restraints

6.           LNG Storage Tank Market – North America Analysis

6.1         North America LNG Storage Tank Market Overview

6.2         North America LNG Storage Tank Market Revenue Forecast and Analysis

7.           North America LNG Storage Tank Market Revenue and Forecast to 2028 – By Configuration

7.1         Overview

7.2         North America LNG Storage Tank Market, by Configuration (2020 & 2028)

7.3         Self-Supporting Tank

7.3.1        Overview

7.3.2        Self-Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

7.4         Non-Self Supporting Tank

7.4.1        Overview

7.4.2        Non-Self Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

8.           North America LNG Storage Tank Market Analysis and Forecast to 2028 – By Type

8.1         Overview

8.2         North America LNG Storage Tank Market, by Type (2020 & 2028)

8.3         LNG Carrier

8.3.1        Overview

8.3.2        LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

8.3.2.1          IMO Type A

8.3.2.1.1          Overview

8.3.2.1.2          IMO Type A: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

8.3.2.2          IMO Type B

8.3.2.2.1          Overview

8.3.2.2.2          IMO Type B: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

8.3.2.3          IMO Type C

8.3.2.3.1          Overview

8.3.2.3.2          IMO Type C: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

8.4         LNG Fuelled Vessel

8.4.1        Overview

8.4.2        LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

8.4.2.1          IMO Type A

8.4.2.1.1          Overview

8.4.2.1.2          IMO Type A: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

8.4.2.2          IMO Type B

8.4.2.2.1          Overview

8.4.2.2.2          IMO Type B: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

8.4.2.3          IMO Type C

8.4.2.3.1          Overview

8.4.2.3.2          IMO Type C: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

9.           North America LNG Storage Tank Market Analysis and Forecast to 2028 – By Material

9.1         Overview

9.2         North America LNG Storage Tank Market, by Material (2020 & 2028)

9.3         Stainless Steel

9.3.1        Overview

9.3.2        Stainless Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

9.4         Aluminum Alloy

9.4.1        Overview

9.4.2        Aluminum Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

9.5         9% Nickel Steel

9.5.1        Overview

9.5.2        9% Nickel Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

9.6         Invar Alloy

9.6.1        Overview

9.6.2        Invar Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

9.7         C-MN Steel

9.7.1        Overview

9.7.2        C-MN Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

10.        North America LNG Storage Tank Market – Country Analysis

10.1      Overview

10.1.1     North America: LNG Storage Tank Market, by Key Country

10.1.1.1       US: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.1.1       US: LNG Storage Tank Market, by Configuration

10.1.1.1.2       US: LNG Storage Tank Market, by Type

10.1.1.1.3       US: LNG Storage Tank Market, by Material

10.1.1.2       Canada: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.2.1       Canada: LNG Storage Tank Market, by Configuration

10.1.1.2.2       Canada: LNG Storage Tank Market, by Type

10.1.1.2.3       Canada: LNG Storage Tank Market, by Material

10.1.1.3       Mexico: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.3.1       Mexico: LNG Storage Tank Market, by Configuration

10.1.1.3.2       Mexico: LNG Storage Tank Market, by Type

10.1.1.3.3       Mexico: LNG Storage Tank Market, by Material

11.        North America LNG Storage Tank Market - COVID-19 Impact Analysis

11.1      North America: Impact Assessment of COVID-19 Pandemic

12.        Industry Landscape

12.1      Overview

12.2      Market Initiative

12.3      New Product Development

13.        Company Profiles

13.1      Chart Industries, Inc.

13.1.1     Key Facts

13.1.2     Business Description

13.1.3     Products and Services

13.1.4     Financial Overview

13.1.5     SWOT Analysis

13.1.6     Key Developments

13.2      Cryolor

13.2.1     Key Facts

13.2.2     Business Description

13.2.3     Products and Services

13.2.4     Financial Overview

13.2.5     SWOT Analysis

13.2.6     Key Developments

13.3      IHI Corporation

13.3.1     Key Facts

13.3.2     Business Description

13.3.3     Products and Services

13.3.4     Financial Overview

13.3.5     SWOT Analysis

13.3.6     Key Developments

13.4      INOX India Pvt Ltd

13.4.1     Key Facts

13.4.2     Business Description

13.4.3     Products and Services

13.4.4     Financial Overview

13.4.5     SWOT Analysis

13.4.6     Key Developments

13.5      ISISAN A.S

13.5.1     Key Facts

13.5.2     Business Description

13.5.3     Products and Services

13.5.4     Financial Overview

13.5.5     SWOT Analysis

13.5.6     Key Developments

13.6      McDermott International, Inc.

13.6.1     Key Facts

13.6.2     Business Description

13.6.3     Products and Services

13.6.4     Financial Overview

13.6.5     SWOT Analysis

13.6.6     Key Developments

13.7      Wärtsilä Corporation

13.7.1     Key Facts

13.7.2     Business Description

13.7.3     Products and Services

13.7.4     Financial Overview

13.7.5     SWOT Analysis

13.7.6     Key Developments

13.8      LINDE

13.8.1     Key Facts

13.8.2     Business Description

13.8.3     Products and Services

13.8.4     Financial Overview

13.8.5     SWOT Analysis

13.8.6     Key Developments

13.9      AIR WATER INC

13.9.1     Key Facts

13.9.2     Business Description

13.9.3     Products and Services

13.9.4     Financial Overview

13.9.5     SWOT Analysis

13.9.6     Key Developments

14.        Appendix

14.1      About The Insight Partners

14.2      Word Index

LIST OF TABLES

Table 1.             North America LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Table 2.             North America: LNG Storage Tank Market, by Country – Revenue and Forecast to 2028 (US$ Million)

Table 3.             US: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)

Table 4.             US: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 5.             US: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)

Table 6.             US: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)

Table 7.             US: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)

Table 8.             Canada: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)

Table 9.             Canada: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 10.          Canada: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)

Table 11.          Canada: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)

Table 12.          Canada: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)

Table 13.          Mexico: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)

Table 14.          Mexico: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 15.          Mexico: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)

Table 16.          Mexico: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)

Table 17.          Mexico: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)

Table 18.          List of Abbreviation

LIST OF FIGURES

Figure 1.           North America LNG Storage Tank Market Segmentation

Figure 2.           North America LNG Storage Tank Market Segmentation – By Country

Figure 3.           North America LNG Storage Tank Market Overview

Figure 4.           North America LNG Storage Tank Market, by Configuration

Figure 5.           North America LNG Storage Tank Market, By Type

Figure 6.           North America LNG Storage Tank Market, By Material

Figure 7.           North America LNG Storage Tank Market, By Country

Figure 8.           North America – PEST Analysis

Figure 9.           North America LNG Storage Tank Market: Ecosystem Analysis

Figure 10.        North America LNG Storage Tank Market Impact Analysis of Drivers and Restraints

Figure 11.        North America LNG Storage Tank Market Revenue Forecast and Analysis (US$ Million)

Figure 12.        North America LNG Storage Tank Market, by Configuration (2020 & 2028)

Figure 13.        North America Self-Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 14.        North America Non-Self Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 15.        North America LNG Storage Tank Market, by Type (2020 & 2028)

Figure 16.        North America LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 17.        North America IMO Type A: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 18.        North America IMO Type B: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 19.        North America IMO Type C: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 20.        North America LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 21.        North America IMO Type A: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 22.        North America IMO Type B: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 23.        North America IMO Type C: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 24.        North America LNG Storage Tank Market, by Material (2020 & 2028)

Figure 25.        North America Stainless Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 26.        North America Aluminum Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 27.        North America 9% Nickel Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 28.        North America Invar Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 29.        North America C-MN Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)

Figure 30.        North America: LNG Storage Tank Market, by Key Country – Revenue (2020) (US$ Million)

Figure 31.        North America: LNG Storage Tank Market Revenue Share, by Key Country (2020 & 2028)

Figure 32.        US: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)

Figure 33.        Canada: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)

Figure 34.        Mexico: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)

Figure 35.        Impact of COVID-19 Pandemic in North American Country Markets

  1. Air Water Inc.
  2. Chart Industries, Inc.
  3. CIMC Enric Holding Ltd.
  4. Cryolor
  5. IHI Corporation
  6. India Inox Pvt. Ltd.
  7. ISISAN AS
  8. Linde Plc
  9. Wartsila Corporation

 

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America LNG storage tank market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the North America LNG storage tank market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America market trends and outlook coupled with the factors driving the LNG storage tank market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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