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Europe LNG storage tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Configuration, Type, and Material

Europe LNG storage tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Configuration, Type, and Material

  • August 2021
  • 138 pages
  • ID: 6134292
  • Format: PDF
  • The Insight Partners

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The LNG storage tank market in Europe is expected to grow from US$ 1,788.71 million in 2021 to US$ 3,069.83 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028.

The growing LNG trade in small-scale shipments is commonly transported in the same containers used on trucks for international trade, particularly outfitted with cryogenic tanks. As per the Royal Dutch Shell PLC’s latest annual LNG outlook, published on February 25, 2021, the LNG trade across the world is expected to rise by about 10 million tonnes in 2021, or increase by 2.8% compared to the record of 2020, to bring total trade to 370 Mt. According to outlook, the LNG trade growth would reach around 12 Mt in 2022 and ~15 Mt in 2023. Further, Shell announced that the lack of final investment decisions last year for new natural gas liquefaction capacity; therefore, this is anticipated to fill the supply-demand gap in mid-2020. Additionally, Shell published that the Europe LNG trade will be increased to 360 Mt by 2021 from 358 Mt in 2020. Therefore, this rise in the international LNG trade is driving the growth of the LNG storage tanks market. Additionally, availability of large number of market players is among the other factors expected to fuel the demand for LNG storage tank system in Europe.

Based on type, the LNG carrier tank segment led the Europe LNG storage tank system market in 2020.LNG carrier is a ship that is designed for the transportation of LNG in its tanks.

To accelerate the transportation services efficiently, the natural gas is cooled down to ~-163 C (-261 F) at atmospheric pressure to condense the gas and convert into liquid form.The tanks inside the LNG carrier essentially function as massive flasks to keep the liquid gas cold during storage.

There are different types of LNG carrier present in the market, namely, IMO tank type-A, IMO tank type-B, and IMO tank type-C.The LNG carriers has enhanced efficiency about 30% more compared to conventional vessels and has high resistance to mechanical and thermal stress & strain.

Moreover, these carriers are equipped with advanced gas & fire detection and suppression systems to efficiently detect the leak which might result in a catastrophic fire on LNG carrier.

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.

The overall Europe LNG storage tank system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the Europe LNG storage tank system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe. 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 key players operating in the Europe LNG storage tank system market.

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