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

Non-Self-Supporting Tank Segment to Dominate North America LNG Storage Tank Market during 2020-2028

According to a new market research study on “North America LNG Storage Tank Market to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Configuration, Type, and Material” is expected to reach US$ 3,539.85 million by 2028 from 2,186.14 US$ million in 2021. The market is estimated to grow at a CAGR of 7.1% from 2021 to 2028. The report provides trends prevailing in the North America LNG storage tank market along with the drivers and restraints pertaining to the market growth. Rising LNG trade across North America is the major factor driving the growth of the North America LNG storage tank market. However, issues associated with high installation and maintenance expenses hinders the growth of North America LNG storage tank market.

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.

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.

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 leading companies in the North America 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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