North America LNG Storage Tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Configuration, Type, and Material

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 LNG storage tanks market is growing substantially on the back of presence of large number of players operating in the market.The LNG storage tanks market players are experiencing significant demand for their product owing to rise in LNG carriers and LNG fueled carriers for the transportation of LNG from one place to other.

From the North American perspective, the US dominates the market from supply and demand side.The US has noteworthy number of LNG storage tanks manufacturers as well as LNG carriers and owners.

Also, the number of marine ports in the country is higher compared to Canada and Mexico.The higher number LNG storage tanks suppliers as well as end users is one of the critical factors propelling the market growth.

Some of the leading LNG storage tanks market players in the region are Chart Industries, Inc.; McDermott International Inc.; Corban Energy Group; TransTech Energy LLC; and Maverick Engineering Inc.; among others. Additionally, rising LNG trade across North America is among the other factors expected to fuel the demand for LNG storage tank system in North America.

Based on configuration, the non-self-supporting tank segment led the North America LNG storage tank system market in 2020.Non-self-supporting tanks or integrals tanks are considered one of the structural parts of the ship hull.

These tanks handle the same loads, which stress the adjacent hull structure.The non-self-supporting tanks comprises a thin layer (membrane), which is supported through insulation in the adjacent hull structure.

The membrane is designed with thermal insulation and other contraction or expansion, which is compensated for not including excessive stressing of the membrane.Owing to its non-self-supporting nature of these tanks, the inner hull carries the loads conveyed on the tank.

Thus, the contractions and expansions get compensated, due to the presence of thermal fluctuations by not allowing the stress to be taken up by the membrane itself. These tanks are mostly being used for LNG cargo. The non-self-supporting tanks is the largest segment in the LNG storage tanks, due to its enhanced visibility and higher carrying capacity features. The market player like Gaztransport and Technigaz (GTT) is constantly developing and are employed as an LNG carrier in the ship for many years, owing to its high capacity.

Owing to favorable government policies to boost innovation and reinforce infrastructure capabilities, North America has 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.

The overall North America 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 North America 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 North America. Air Water Inc.; Chart Industries, Inc.; CIMC Enric Holding Ltd.; Cryolor; IHI Corporation; India Inox Pvt. Ltd.; ISISAN AS; Linde Plc; and Wartsila Corporation are among the key players operating in the North America LNG storage tank system market.