The main component of liquefied natural gas is
methane, which is recognized as the cleanest fossil energy on earth, colorless,
odorless, non-toxic and non-corrosive. The manufacturing process is to first
purify the natural gas produced in the gas field, after a series of ultra-low
temperature liquefaction, and then transport it by liquefied natural gas ships.
After being burned, LNG has very little air pollution and emits a lot of heat,
so LNG is a relatively advanced energy source. A LNG storage tank is used to
store LNG in a specialized storage tank. LNG storage tanks are located on the
ground, above ground or in LNG ships. The common feature of LNG storage tanks
is the ability to store LNG at an extremely low temperature of -162°C (-260°F).
The LNG storage tank has two containers, the inside is filled with LNG, and the
outer container is filled with insulating materials. The liquefied gas storage
tank has strict quality appraisal for the material of the pressure components,
appearance dimensions and weld quality, operation quality, installation
quality, internal devices and safety accessories. Its welded joints, welds,
tank heads, and the geometric positions of the pressure components are strictly
inspected by X-ray non-destructive testing and magnetic particle inspection.
Testing and testing the product\'s tightness, pressure resistance, and all
technical indicators that can affect the safe operation of the product.
According to different materials, including steel, 9% Nickel Steel, Aluminum Alloy and others, altogether there are four types. Self-supporting LNG storage tank refers to a storage tank that is built on-site and cannot be transported at will. This tank usually has a larger capacity. Non Self-supporting refers to a storage tank that can be transported and requires additional platform to support. The capacity is mainly determined by demand.
The Current Situation of Global LNG Storage Tank Industry Market
Asia Pacific was the largest sales value market with a market share of 65.89% in 2015 and 69.01% in 2019, an increase of 3.11%. In 2019, the Europe market share was 18.89%, ranking second. The industry concentrate rate is moderate to high with top three companies together accounted for more than half market shares in 2019. The top three companies are IHI Corporation, Linde plc, McDermott with the revenue market share of 22.91%, 17.36% and 16.56% respectively.
As the world’s population and wealth increase, people’s demand for energy is increasing, especially in densely populated areas. In the Asia-Pacific region, benefiting from the strengthening of overall consumption capacity and the increase in the number of middle class, the increasing demand for LNG has directly promoted the development of the LNG storage tank industry. It is expected that during the forecast period, the region will continue to bring development to the industry due to urbanization and market consumption demand.
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Considered as Clean Energy, the Demand for LNG Will Continue to Grow, Driving the Development of LNG Storage Tank Market
According to our research, the Global LNG Storage Tank market has a total revenue of 2615.43 M USD back in 2015, and increased to 3452.69 M USD in 2019. We made a series of functional calculation and deduced the past 5 year’s data with scientific model. Finally, we made the prediction that the value of Global LNG Storage Tank markets can be 4128.67 M USD by 2026. The CAGR of Global LNG Storage Tank is 4.55% from 2020 to 2026.
In order to cope with global warming and protect the environment, many regions have set targets to reduce greenhouse gas emissions, and there is an increasing demand for natural gas - an efficient and clean energy. Natural gas burning does not emit smoke, dust or smoke. Compared with fuel, it produces less carbon dioxide, and has almost no environmentally harmful sulfur dioxide emissions. In the face of increasingly serious ecological environmental pollution, in order to optimize the energy consumption structure, improve the atmospheric environment, and realize the economic development strategy of sustainable development, people have chosen natural gas, a clean and efficient ecological high-quality energy and fuel. Nowadays, both industrial and civilian use have become more and more dependent on natural gas. Liquefied natural gas is the liquid form of natural gas. In some cases, choosing liquefied natural gas has more advantages than choosing gaseous natural gas. The application of LNG is actually the application of natural gas, but due to its characteristics, it has a wider range of uses than natural gas, which in turn promotes the growth of the demand for storage tanks in the LNG industry.
LNG Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state. Cooling leads to a substantial reduction in volume, so the gas can be effectively transported and stored in LNG storage tanks on trucks and ships. LNG can be flexibly transferred from region to region, and brings the utility of natural gas. Therefore, the demand for LNG has risen, which has promoted the demand for LNG storage tanks. With economic development, the demand for energy has increased, households have increased demand for fuel energy, and awareness of clean energy has increased. Demand for energy such as natural gas has also increased, which has also promoted the global flow of energy. LNG storage tank transportation can maximize the safety during transportation, so it has become the first choice for liquid natural gas transportation.
To be mentioned, large-scale LNG storage tank projects are usually built for the convenience of import and export transactions, so the initial cost required is high and the capital requirements are great. And the subsequent consumption of large amounts of funds due to wear or maintenance will limit the development of the industry.
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